The pharmaceutical giant was ranked first for its “unmatched record for balancing scientific progress, social impact and the profit motive”
Fortune magazine and a panel of experts recently named GlaxoSmithKline the leader of 50 companies on its 2016 ‘Change the World’ List, which looks at businesses that are “taking on society’s biggest problems—and making money doing so”.
The magazine chose GSK based on its business strategy to increase medicine access for people in some of the world’s least developed countries.
“GSK has made a calculated bet on intellectual property leniency in poor nations, releasing drugs from patent protection and thus lowering their prices,” writes Fortune.
“That may depress revenue, but GSK says it doesn’t lose money in any market where it operates. And over time the approach builds goodwill and a strong market presence around the globe.”
According to the magazine, GSK also reinvests 20% of any profits it makes into training health workers and building medical infrastructure in these countries.
“Our ranking reflects the dedication and commitment of our people around the world to modernise the way we do business,” said GSK in response to the news.
“At the heart of Fortune’s ‘Change the World’ list is a belief that good business is also good for society. Our focus on improving access and affordability, regardless of where people live or their ability to pay, makes both moral and business sense.”
The top 10 also featured General Electric, Nestlé, Nike and MasterCard among others.
See the full list here.