In the recent times a lot of focus is being given to the emerging markets. As the developed markets have become competitive as well as saturated firms are focusing in emerging markets to increase their growth. Here too the same principle can be applied. Firm can start here by organizing health seminars and free health check up. This can help the firm to market and also increase its reputation.
Firms like GSK after getting caught in all wrong cases have tried to build up their reputation by CSR activities. It is one of the best options available with the firm to rebuild its reputation. In the year 2011 it decreased many patented drugs price by 20-25 percent. In the year 2010 GSK CEO was awarded an award for turning around GSK towards CSR. Thus it created many positive reviews for the firm. Society has again started to look GSK in a positive attitudeafter it was hit by so many accusations (Tolve, 2011).
The same model can be applied for the Pharmco. Pharmco needs to take lessons from this incident. Since media and information flow has become very strong if any incident of unethical practice gets reported then it can damage the reputation of the firm. Hence the firm needs to careful and have positive reputation.