Pharma cos. top list of corporate gift givers

October 1, 2002

Pharmaceutical Representative

Pharmaceutical companies topped the list of corporate gift givers for 2001.

Pharmaceutical companies topped the list of corporate gift givers for 2001, according to a recent article in the July 25 issue of The Chronicle of Philanthropy. New York-based Pfizer Inc. came in first overall for the second year in a row by donating $70 million in cash and $377 million worth of drugs to various causes. This is up 31% from Pfizer's previous year's contributions, an increase the company attributes to donations made in the wake of the September 11 terrorist attacks and greater utilization of the company's pharmaceutical access programs.

"Pfizer is committed to being part of the solution to health and healthcare access," said Henry McKinnell, chairman and chief executive officer of Pfizer. "This survey makes it clear we are making good on our promise."

Other pharmaceutical companies who ranked high on the list of corporate gift givers were Whitehouse Station, NJ-based Merck & Co. ($341 million), New York-based Bristol-Myers Squibb Co. ($335 million) and New York-based Johnson & Johnson ($230 million).

Product donations

Product contributions accounted for most of the donations made by pharmaceutical companies. Eighty-six percent of donations made by BMS were pharmaceuticals and consumer products. Pfizer, Merck and J&J also made the majority of their donations in product (84%, 83% and 66%, respectively).

The list of corporate gift givers was based on Fortune magazine's Fortune 500. The 150 largest companies were asked to provide figures on their charitable giving in 2000, 2001 and 2002. Each company filled out a questionnaire, or The Chronicle of Philanthropy obtained a copy of the company foundation's fiscal year 2001 Form 990-PF.

If a Fortune 500 company did not make the list of corporate gift givers, this does not mean the company does not make charitable donations. Many companies, including Abbott Park, IL-based Abbott Laboratories and Madison, NJ-based Wyeth, did not respond to requests for information. PR

Related Content:

News