Pfizer's mission calls for us to become the world's most valued company to a number of different stakeholders, including the communities where we work and live. A survey released today in a leading philanthropic newspaper ranks us far ahead of all other companies in corporate giving for the second year in a row.
HEADQUARTERS — According to a survey released today by The Chronicle of Philanthropy, a leading newspaper for foundations and nonprofit organizations, Pfizer is the world's leading corporate donor. The company gave nearly $450 million in money and medicines last year, up 31 percent from 2000, when Pfizer also ranked first on this survey.
The steep rise in Pfizer's corporate giving can be attributed to two factors: donations made in the wake of September 11 and increased utilization of our pharmaceutical access programs. In the U.S. alone last year, the number of patients participating in one of our drug access programs, such as Sharing the Care, jumped 40 percent to nearly one million. Pfizer has also been expanding its Diflucan Partnership Program to many countries in the developing world.
"Pfizer is committed to being part of the solution to health and health care access," says Pfizer CEO Hank McKinnell. "This survey makes it clear that we are making good on that commitment."
Pharmaceutical companies — often criticized in the media and by politicians for being greedy and heartless — dominate the Chronicle list. Following Pfizer, the next three most generous companies are Merck ($341 million), Bristol-Myers Squibb ($335 million), and Johnson & Johnson ($230 million).
"In this tough political environment, our critics need to understand that the ability of pharmaceutical companies to be so generous is dependent upon our being allowed to successfully run our businesses," says Chuck Hardwick, who was recently named senior vice president, Corporate Affairs, the division which houses Pfizer's philanthropic programs. "Legislation that hurts our industry ultimately hurts the millions of patients around the world who are helped every day by our philanthropic programs."
Corporate giving brings other benefits as well. A public opinion poll, conducted by Harris Interactive, found that nearly eight out of ten respondents said they take corporate citizenship into account when deciding whether to buy a particular company's product. About seven out of ten said that corporate citizenship is a factor in their investment decisions. A separate study, commissioned by the The Council on Foundations, found that corporate giving also increases the admiration employees have for the companies they work for, which, in turn, builds employee loyalty and reduces turnover.
For more on the Chronicle of Philanthropy survey, click here.
