Genzyme
GENZYME´S CSR DILEMMA: HOW TO PLAY ITS HANDS
1. INTRODUCTION
Twenty years ago and earlier, with rare exceptions, the only corporate charity was a bit of gifting by the CEO, perhaps to the arts. Ten years ago, corporate philanthropy and volunteerism became popular as an a la carte add on. In these posts from the Clinton Global Initiative (CGI), I am turning the spotlight on the avant garde of CSR: companies that make community and global problem-solving part of their business platform, thus making "doing good" sustainable.
Genzyme, one of the world's leading biotechnology companies, is a good example. Through its Humanitarian Assistance for Neglected Diseases (HAND) initiative, Genzyme supports efforts to discover and advance novel treatments for neglected diseases such as malaria, Chagas disease, and sleeping sickness. According to Genzyme, "The company does not seek to profit from the commercialization of any products it helps to develop under this program."
Why would a for-profit company do this? The question was posed by an interviewer of Fast Company in 2009 to James A. Geraghty, Sr. Vice President, Corporate Development, Product Acquisition, and Partnering Transactions, Genzyme. "If we don't do it, who will?" he replied. That response mimics what I heard from speakers at CGI--Genzyme saw a global problem, and used their company's expertise to solve it.
"What's the case to shareholders, and how does your board of directors support this?" was the next question asked to Geraghty. He explained that historically, pharmaceutical companies have not had great relationships with governments in developing and emerging countries. Yet those are, of course, important markets for companies like Genzyme. "Governments are the decision makers. We want to develop their respect as partners, so that we can bring forward our commercial portfolio in the future." Genzyme's portfolio includes drugs for rare inherited disorders, renal disease, cancer, orthopedics, and
1. INTRODUCTION
Twenty years ago and earlier, with rare exceptions, the only corporate charity was a bit of gifting by the CEO, perhaps to the arts. Ten years ago, corporate philanthropy and volunteerism became popular as an a la carte add on. In these posts from the Clinton Global Initiative (CGI), I am turning the spotlight on the avant garde of CSR: companies that make community and global problem-solving part of their business platform, thus making "doing good" sustainable.
Genzyme, one of the world's leading biotechnology companies, is a good example. Through its Humanitarian Assistance for Neglected Diseases (HAND) initiative, Genzyme supports efforts to discover and advance novel treatments for neglected diseases such as malaria, Chagas disease, and sleeping sickness. According to Genzyme, "The company does not seek to profit from the commercialization of any products it helps to develop under this program."
Why would a for-profit company do this? The question was posed by an interviewer of Fast Company in 2009 to James A. Geraghty, Sr. Vice President, Corporate Development, Product Acquisition, and Partnering Transactions, Genzyme. "If we don't do it, who will?" he replied. That response mimics what I heard from speakers at CGI--Genzyme saw a global problem, and used their company's expertise to solve it.
"What's the case to shareholders, and how does your board of directors support this?" was the next question asked to Geraghty. He explained that historically, pharmaceutical companies have not had great relationships with governments in developing and emerging countries. Yet those are, of course, important markets for companies like Genzyme. "Governments are the decision makers. We want to develop their respect as partners, so that we can bring forward our commercial portfolio in the future." Genzyme's portfolio includes drugs for rare inherited disorders, renal disease, cancer, orthopedics, and