Social Impact is the New Black: Changing Big Pharma's Mindset
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Social Impact is one of those buzzword terms that has seemed to get quite a bit “buzzier” over the past couple of years. As a social impact company, we could not be more excited to see the social-impact trend embraced! We hope that this trend leads to meaningful change in how organizations and entrepreneurs approach social impact moving forward.
Due to hidden fees, these “discount” programs perpetuate the same problems, eventually resulting in higher costs and less access to affordable prescription medications.
Unlike Corporate Social Responsibility, Social Impact is not simply an “add on” objective that organizations use when it becomes financially viable. Rather, Social Impact is a commitment to social change that is fundamentally linked to an organization’s core objectives. When one looks at Social Impact from this perspective, they can begin to see just how different this model is from traditional for-profit and nonprofit models.
Of the many differences, one key difference, in particular, stands out to us: Social Impact is changing how we view the “P” word - profit. Increasingly, the words profit and greed are often synonomized. This is especially true in the pharmaceutical industry. While traditional big pharma companies continue to rake in record profits, millions of Americans struggle to afford their medication. This focus on profits over people has fueled consumer support towards companies that address social injustices.
Enter Social Impact organizations. As consumer outcry has grown, so has the pressure to develop new business models to better strike the balance between people and profits. Take again the pharmaceutical industry. As drug prices continue to increase at alarming rates, prescription discount programs have become more popular. The problem with the majority of these “discount” programs is that they are powered by the same traditional big pharma companies that are generating record profits. Due to hidden fees, these “discount” programs perpetuate the same problems, eventually resulting in higher costs and less access to affordable prescription medications. As a result, consumers see the same problem in the end: the imbalance between people and profit.
At Scriptly Rx, we take a different approach. Our position as a Social Impact organization is much more than a label. It is a dedication to creating a prescription discount platform that is free of the hidden fees that plague our system today. Our commitment to Social Impact is what makes us different. It is what powers our mission to fight the rising cost of prescription medications here in the U.S. Sure, this fight might result in lower margins, but the bottom line is beautifully balanced by the greater good.
If you would like to learn more about us and our commitment to drug pricing transparency, click here.