MBA 515 Final

MBA 515
Legal and Ethical Issues in Business

Section: 1
Report on:
Sustainable Business Practices in Square Pharmaceuticals Ltd.
Submitted to
Dr. Md. Anowar Hossain Bhuiyan
Assistant Professor
School of Business & Entrepreneurship
Submitted By
Name ID
Ehteshamul Haque Sunny 2222880
Sumaiya Tabassum Sami 2222281
Tanaz Kabir 2130942
Kazi Anisul Islam 1931020
Sadaf Bin Hossain 2111018
Sadia Rubyath 2222284
Date of Submission
21st August 2023
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Letter of Transmittal
21st August 2023
Dr. Md. Anowar Hossain Bhuiyan

Adjunct Assistant Professor
Independent University Bangladesh (IUB)
Subject: Report on sustainable business practices in Square Pharmaceuticals.
Dear Sir,
With due respect and humble submission, we are very fortunate to be your students and
would like to thank you for allowing us to work on the report based on “Sustainable
Business Practices in Square Pharmaceuticals”. We have provided all the required
information and hope that our information will provide a clear idea of the whole process. We
have tried heart and soul to complete this report with perfection and have gathered sufficient
information about what we have learned from the course “MBA-515”. There may be
mistakes as we are not experienced enough and we are requesting you to consider them. We
humbly request you accept this report and judge us with some leniency for any kind of
mistake that we have made.
Thank you for believing in us & giving us this wonderful opportunity and we hope this report
will entice your kind appreciation.
Sincerely Yours,
Ehteshamul Haque Sunny; ID: 2222880

Sumaiya Tabassum Sami; ID:2222281
Tanaz Kabir; ID: 2130942
Kazi Anisul Islam; ID: 1931020
Sadaf Bin Hossain; ID: 2111018
Sadia Rubyath; ID: 2222284
Legal & Ethical Issue in Business || Sustainable Business Practices in Square Pharmaceuticals Ltd.
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Acknowledgement
We are extremely grateful to Dr. Md. Anowar Hossain Bhuiyan, our respected faculty, for
providing us with a strong direction throughout multiple discussions. He served as the
report's
invisible base and more than eagerly answered all of our questions about it. We are incredibly
grateful to him for his enthusiastic interest in and continual encouragement of our report.
Additionally, we would like to express our sincere appreciation to everyone who helped us
with this task either directly or indirectly. Many people provided insightful comments and
recommendations on this report, which inspired us to significantly improve the report. We
express our gratitude to everyone who contributed directly or indirectly to the completion of
our work.
Thank you.
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Executive Summary
One of our nation's most well-known pharmaceutical enterprises is "Square Pharmaceuticals
LTD." The corporation was founded by the late Mr. Samson Hossain Chowdhury, the former
chairman of the organization, and his fellow stockholders with the goal of providing enough
healthcare facilities for the nation's constantly expanding population. It began as a modest
pharmacy in the village of Ataikula, 160 km from Dhaka. Later, Mr. Samson and his four
associates founded Square Pharmaceuticals as their first pharmaceutical company. Square
Pharmaceuticals was given this title because they thought their products were perfect. Due to
the fact that their medications met international standards, this pharmaceutical company is
now the biggest in our nation.
They currently earn over US $616 million annually, which is only achievable due to their
dedication to the company and hard work. The company employs about 28,000 people. It is
currently the most dependable pharmaceutical corporation in our nation thanks to the use of
modern technologies and quality control of medications.
The company's goods and quality control have undoubtedly contributed to its success, but its
commitment to sustainable business practices has also enabled them to stand out among
competitors. This company's value system is regarded as one of the strongest in both our
nation and the rest of the world. The company is now more trustworthy in the eyes of the
clients because of its transparency in business and well-developed ethical behavior. When it
comes to helping their own country, they have a very strong dedication to producing high-
quality medications.
In general, they carry out these sustainable business practices both internally and externally.
Among their activities, their programs for education, women's employment and
empowerment, environmental preservation and biodiversity preservation, and last but not
least, public health activities, stand out. Their obligations to the community demonstrate the
company's commitment to the community.
The description of sustainable business practices of ‘Square Pharmaceuticals LTD.’ is

described further in this report.
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Table of Contents
Letter of Transmittal..............................................................................................................................2
Acknowledgement.................................................................................................................................3
Executive Summary...............................................................................................................................4
Introduction...........................................................................................................................................6
Problem Statement...............................................................................................................................7
Literature Review..................................................................................................................................8
Environmental Sustainability in Pharmaceuticals..............................................................................9
Social Responsibility and Ethical Considerations...............................................................................9
Economic Viability and Innovation....................................................................................................9
Objectives............................................................................................................................................10
Environmental.................................................................................................................................10
Social...............................................................................................................................................11
SQUARE Kindergarten & SQUARE High School.............................................................................11
Methodology.......................................................................................................................................16
Results & Discussion............................................................................................................................17
Findings...............................................................................................................................................20
Conclusion...........................................................................................................................................21
Recommendations...............................................................................................................................21
Bibliography.........................................................................................................................................23
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Introduction
In Bangladesh, SQUARE Group is among the biggest and most established corporations. It
has succeeded in developing a strong brand reputation in the nation while expanding steadily
over the past few years. SPL was founded as a partnership company in 1958. There are
currently 14 distinct firms there, all of which run separately. The organization has
demonstrated flawless performance both inside and outside the nation since 1958 up until the
present. Since 1985, SQUARE Pharmaceuticals has dominated the pharmaceutical market.
1958: SQUARE Pharma was founded as a partnership venture by Samson H. Chowdhury and
his 3 friends, Dr. Kazi Harunur Rashid, Dr. PK Shaha, and Radha Binod Roy, with an initial
investment of Rs 17,000 in total.
1964: In order to become a private limited company, SQUARE Pharmaceuticals had

authorized capital of Rs. 500,000 and paid-up capital of Rs. 400,000.
1974 & 1982: Started a technical collaboration and was granted a license to work for Janssen
Pharmaceuticals, a division of Johnson and Johnson International, a United States company.
A licensing agreement was signed with F. Hoffmann-La Roche Ltd. in Switzerland.
1991: The public debut of SQUARE Pharmaceuticals.

1995: SQUARE Pharmaceuticals Ltd.'s Chemical Division begins producing Active
Pharmaceutical Ingredients (API).
2001: SPL has opened a new pharmaceutical factory that complies with US FDA/UK MCA
standards; the facility was created under the direction of Bovis Lend Lease, UK.
Additionally, the business entered into a contract with ROVIPHARM, Vietnam, to produce
and market SQUARE products there under license.
2003: SQUARE Pharmaceuticals attained ISO 9001:2000 Certification. Management
Agreement with Bumungrad Hospital International of Thailand for the management of
SQUARE Hospitals Ltd.
2004: UNICEF has chosen SQUARE Pharmaceuticals Ltd as its primary international
supplier. SQUARE Cephalosporins Ltd. was established in 2005 and designed in accordance
with US FDA/UK MHRA regulations and under the direction of TELSTAR S.A. of Spain. In
Bangladesh, SQUARE Herbal & Nutraceuticals Ltd received a license. The Sabazpur Tea
Company Ltd. was founded.
2006: SQUARE Pharmaceuticals received the ICAB National Award for the Non-Financial
Sector's (Manufacturing Category) best published accounts and reports.
2009: Beginning with the current Good Manufacturing Practice (CGMP) of the WHO,
SQUARE Pharmaceuticals started producing insulin, hormone, and steroid medicines while
upholding the quality standards of the US FDA and UK MHRA.
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2012: The Therapeutic Goods Administration (TGA) of Australia approved SQUARE

Pharmaceuticals Ltd., Dhaka Unit, and SQUARE Cephalosporin Ltd.
2015: The US FDA's PAI (Pre-Approval Inspection) of the solid dosage unit at the Dhaka
Site was successful.
2018: Square Pharma had a turnover of Taka 45.88 billion (US$ 540 million), with a market
share of roughly 16.95% and an annual growth rate of about 8.52%.
2021: Square Pharmaceuticals started its journey in Kenya.
In order to minimize its environmental impact, reduce greenhouse gas emissions, protect
natural resources, and address growing concerns about climate change, the global
pharmaceutical industry's supply chain must implement sustainable solutions.
Square Pharmaceuticals' global supply chain is essential to the healthcare system, it also has a
huge negative influence on the environment. The chain of operations in this sector leaves a
substantial carbon footprint, from raw material extraction to medicine disposal. As worldwide
worries about climate change and environmental degradation have grown in recent years, the
necessity for sustainability in the pharmaceutical sector has become increasingly obvious.
The ability of an industry to meet current requirements without compromising the ability of
future generations to meet their own needs is known as sustainability in the pharmaceutical
sector. Square Pharmaceuticals needs to establish strategies to lessen its environmental
impact, protect natural resources, and advance sustainable development. Some of the steps
that Square Pharmaceuticals are taking to promote sustainability are covered in this report.
Problem Statement
Bangladesh, which was one of the poorest countries when it was founded in 1971, attained a
lower-middle income classification in 2015. In 2026, it is expected to be removed from the
UN's list of least developed nations (LDCs) (The World Bank, 2022). Therefore, the majority
of Bangladeshis do not have access to health care, and the population is still not well
educated. People desire sustainable business practices from business organizations in order to
satisfy this essential demand.
While some researchers think there is a direct link between sustainable business practices and
firm profitability, others think it has little impact on it. Particularly in developed countries
that established social, living, and health care systems like the NHS in the UK, where
sustainability is not primarily implemented. In successful nations, businesses always
prioritize product quality over sustainability while trying to gain market share. South Asians
are extremely sensitive; hence businesses use this as a technique for sustainable business
practice so that consumers will blindly trust the products they sell and get an advantage over
rival brands.
Square Pharmaceuticals Limited is reportedly doing a great job with its sustainable business
techniques. They have been functioning in ways that are beneficial to the community both
now and in the future. We compared the profit after tax with the amount provided to the
sustainable business activities, they could be providing much more. We calculated the
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expenditure percentage as a proportion of Square Pharmaceuticals, it equals 0.075, which is

extremely poor.
Additionally, they do not make a sufficient contribution to the government. According to the
study analysis, most of their contributions are based in the Pabna area because one of the key
founders, Mr. Samson H. Chowdhury, grew up in that district.
Another weakness in their plan is the poor contribution they provide to the education sector.
They need to deliver more. They constructed a school and gave some college students
scholarships, but considering their financial position, they should view this sector more
favorably.
They did an outstanding job with the activities they took to establish the child development
center. However, guaranteeing that this initiative is affordable for everyone is the main
problem. Their attempts to plan seminars and come up with publications about the newest
medical developments aimed at physicians in active practice receive little attention. Despite
being leaders in the nation's medical industry, they are also accountable for dealing with this.
Despite the fact that they have done everything possible to maintain a sustainable
environment in their manufacturing units and business activities, they have not been seen
contributing outside of their business to improve environmental health in general. When it
comes to CSR, multinational corporations are more driven and have spent far more funds
than nationally major corporations like Square Pharmaceuticals.
Literature Review
The impact of sustainable business practices on the business operations of various
organizations will be briefly examined in this literature review, along with the findings of
other researchers and the overall impact on business profitability.
Sustainable business practices refer to the actions taken by an organization to protect the
environment in order to achieve sustainability. This simply carries on the premise that human
civilizations must exist and satisfy their own wants without risking the ability of future
generations to satisfy their own needs. A sustainable firm, often known as a green business, is
one that makes attempt to fulfill the triple main concern and either has small negative effects
or could potentially have a positive consequence on the local, national, or global climate,
network, society, or economy. They are grouped together into several categories, and the total
group can be referred to as "green private business." History of environmentally friendly
business methods According to the Sustainable Scale Project, throughout the 20th century,
modern businesses and their polluting creation methods particularly for those that consumed
coal to maintain industrial facilities had a negative impact on the climate in general.
Government agencies focused on organizations to "get it together" in the latter half of the
1960s and the middle of the 1970s, particularly when the harmful effects on human wellbeing
caused by hapless climate-related strategy approaches became clearer. Sustainable strategic
methods may differ amongst organizations, implying that none of the results are the same.
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Some businesses might switch to a paperless billing cycle to offer a supportability guarantee,
while others might incorporate natural thought into their business models for collaborating
with other businesses. Energy reduction, cleaner production processes, and waste reduction
are all considered to be sustainable strategic initiatives. Several of the sustainability measures
used by businesses include:
 Advancement and innovation
 Joint effort
 Improving the cycle
 Manageability announcing
 Simply greening the chain
The pharmaceutical industry is vital to the world's healthcare, but its operations also have a
big impact on the environment, society, and the economy. The pharmaceutical industry is
under increasing pressure to embrace sustainable business practices as concerns about
environmental sustainability, social responsibility, and economic viability develop. This
review of the literature seeks to give a broad overview of the major issues, difficulties, and
conclusions of the research on sustainable business practices in the pharmaceutical sector.
Environmental Sustainability in Pharmaceuticals

The environmental effects of the pharmaceutical sector are caused by processes that use a lot
of resources, by energy use, and by the production of hazardous waste. Green chemistry
initiatives have gained popularity since they concentrate on creating ecologically friendly
processes and products. To further improve the industry's environmental sustainability,
initiatives to cut back on water use, boost waste management, and minimize greenhouse gas
emissions are being studied.
Social Responsibility and Ethical Considerations

Social and ethical considerations are demanded of pharmaceutical corporations more and
more. This includes dealing with gaps in health care, assuring access to affordable
medications, and carrying out clinical studies ethically. Businesses are under pressure to
strike a balance between their desire for profit and the interests of public health, helping to
create a more equitable and sustainable healthcare system.
Economic Viability and Innovation

The pharmaceutical industry may innovate and develop economically thanks to sustainable
business methods. Companies can strengthen their competitive edge by investing in the
research and development of green technology, such as eco-friendly drug delivery methods or
sustainable packaging. In order to ensure financial success while reducing negative
externalities, economic sustainability must be achieved.
With the communities where it operates and serves, SQUARE builds long-term relationships.
It contributes to society as a whole and to those who are less fortunate. As a responsible
corporate citizen, SQUARE does business with honesty, decency, and a complete absence of
bias.
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SQUARE helps communities by integrating them in the process, giving them resources, and
assisting them in developing. It also provides employment and possibilities. In all of its
interactions with people and the environment, SQUARE a signatory member of the United
Nations Global Compact (UNGC) adheres to the same ideals and seeks to do good by doing
well.
For Square Pharmaceuticals to address its environmental impact, social responsibilities, and
financial sustainability, sustainable business practices are crucial. Despite ongoing
difficulties, Square Pharmaceuticals is rapidly realizing how crucial it is to integrate its
operations with more general sustainability objectives. The addition of sustainable practices
will probably encourage innovation, enhance reputation, and contribute to a more adequate
global healthcare system as the business continues to develop.
Objectives
The mission of Square Pharmaceuticals is to produce and provide quality & innovative
healthcare relief for people, maintain stringent ethical standards in business operation also
ensuring benefit to the shareholders, stakeholders and the society at large. Their objectives
are to conduct transparent business operations based on market mechanism within the legal &
social framework with aims to attain the mission reflected by their vision.
Square is a proudly Bangladeshi company which is actively involved in sustainable business

practices. These are discussed below:
Environmental
The pharmaceutical sector may reduce its environmental effect while yet continuing to offer
vital healthcare solutions to society through the implementation of these concepts and
practices. Governments, healthcare providers, pharmaceutical corporations, and consumers
must all work together to create a more sustainable and healthy future.
The "Asia Responsible Entrepreneurship Awards 2014-South Asia" in the category of "Social
Empowerment Award" were won by Square Herbal & Nutraceuticals Ltd. (SHNL).
Enterprise Asia created the Asia Responsible Entrepreneurship Awards as a regional
recognition program to honor businesses for their remarkable, innovative, and top-notch
products, services, projects, and initiatives. The Enterprise's leadership, sincerity, and
ongoing dedication to integrating ethical and moral principles, legal compliance, health
considerations, respect for people and individuals, community involvement, and
environmental preservation into the way they manage their business are reflected in these
initiatives. After competing against all Asian countries to determine the environmental impact
of company operations and attempting to decrease and reverse the damage through Green
Product Designs, particularly for "Basak farming," SHNL received the Social Empowerment
Award. By cultivating the Basak plant on homestead or underutilized land, SHNL aimed to
"increase family solvency and self-employment of impoverished marginal farmers
(particularly women)." The ecology is impacted by the planting of medicinal plants, and
social values and integrity are raised.
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Social
A comprehensive approach that incorporates moral, social, and environmental factors into
business plans and practices is necessary for social sustainability in the pharmaceutical
industry. It entails acknowledging the industry's contribution to the advancement of general
health, wellbeing, and equal access to vital healthcare services. The social activities that
Square do are:
SQUARE Kindergarten & SQUARE High School
SQUARE Kindergarten was built primarily to provide Pabna employees' kids with high-
quality education. The kids in this program obtain a high-quality education at a very reduced
cost because it is entirely "not- for-profit". It offers these educational facilities to local
community children in addition to its own employees' children. By developing SQUARE
High School, SQUARE Kindergarten expanded its facility from Primary Level (Grades I
through V) to Secondary Level (Grades VI and above).
Award for facilitating higher Education
The Dhaka Medical College students who place first receive a Gold Medal from SQUARE as
an acknowledgment of accomplishment.
Donation by Square Pharmaceuticals PLC
Square Pharmaceuticals PLC. donated books to Department of Pharmacy, Jahangirnagar

University On September 12, 2015, Square Pharmaceuticals PLC. donated some valuable
books to the seminar library of the Jahangirnagar University Department of Pharmacy. The
books were accepted on behalf of the department by Prof. Dr. Sukalyan Kumar Kundu,
Chairman, Department of Pharmacy. Both students and teachers will find these publications
to be of great value.
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Sponsoring "SQUARE-Dhaka Residential Model College 7th National Science
Festival 2014": The SQUARE-Dhaka Residential Model College's 7th National Science
Festival was held in 2014, and Square Pharmaceuticals PLC. participated as the event's title
sponsor. The 2014 Science Festival took place from February 6 until February 8, 2014. To
further their scientific knowledge, students from various schools and universities presented
the findings of their science projects in this science festival in the form of a report, display
board, and models.
The "CGS-SQUARE Fellowship 2015-2017" is a three-year fellowship program that was

launched by SQUARE Toiletries Ltd. and Dhaka University. This program offered to
deserving students who studied the genocide. Four students received the fellowship in 2015.
Advancing research development program
In collaboration with the ICDDR,B and the Obstetrical & Gynecological Society of
Bangladesh (OGSB), Square Pharmaceuticals are conducting research to find ways to avoid
"Post Partum Hemorrhage (PPH)," the main cause of maternal death in Bangladesh.
Women Empowerment
Square Pharmaceuticals is doing a lot to develop the women empowerment. Such as:
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I. Housing and transportation options for female employees to support and motivate
them in their work.
II. Program to raise money for the Acid Survivors Foundation. Square runs an awareness
campaign and supports these acid survivors with this money.
III. Increasing awareness of cervical cancer among the nation.
IV. SQUARE is collaborating with CARE on the "JITA" initiative. Through this project,
Square makes sure that rural women are empowered because they can make money by
buying their products at trade prices and selling them to rural households at maximum retail
prices (MRP). Additionally, Square makes sure that the rural area has basic health & hygiene
by teaching the saleswomen the importance of using sanitary napkins and health soaps and
providing these products at their doorsteps.
V. In Pabna, SQUARE is running a petrol station called "Eakub Filling Station" that is
managed by women.
VI. 1.5 million girls received education from Square Toiletries Ltd. on adolescent health
and hygiene.
VII. Ensuring the future health of 3.3 million children.
VIII. Ensuring the future well-being of 1.6 million girls.
IX. Awarding women who work hard and benefit the country through the ‘Radhuni
Kirtimoti Shommanona 2015’.
X. For being able to have their own source of income, 3500 JITA women are
empowered.
Free Diabetes Screening & Awareness Program

A "Free Diabetes Screening & Awareness Program" has been organized at Square Group's
headquarters on July 19 and 20, 2016, and at Pabna Plant (including Chemical Division,
SQUARE Herbal & Nutraceuticals Ltd. & Agrovet) from March 18 to 20, 2017, at the
respective plant premises. We have performed a variety of medical examinations in this case,
including blood glucose level (fasting/random), blood pressure, and BMI (body mass index).
Vaccination & Breast feeding awareness to 3.3 million mothers
Square Toiletries Ltd. tried to educate women about the value of breastfeeding and
vaccinations using direct outbound phone calls, SMS blasts, and product pack
communication. Additionally, we at SUPERMOM teleservice remind every mother of this on
each and every call that we receive. Through this, 3.3 million babies' futures have been
secured, and Bangladesh has been free of polio.
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Operating 24/7 free helpline for mother and Babies
For moms and babies, Supermom is a free telephone service (0961 2222 333) and a fully
functional, interactive Bengali website (www.supermombd.com). We think that every mother
is a Supermom. Saluting these Supermoms, we run this service to assist mothers in being the
best mothers by making their lives a bit easier. This admirable project by Meril baby from
Square Toiletries Ltd. is there to keep a mother and the infant secure, healthy, and safe and
was created in collaboration with experts and professionals. Pregnancy planning, prenatal
care, and information on how babies grow are all included in the service and are all
completely free.
Baby Olympiad 2015
For children aged 6 months to 5 years, SQUARE Toiletries Ltd. organized the "Baby
Olympiad" competition. The goal of this project is to encourage kids of this generation to
play physically rather than using technology.
Informing physician community on latest development in medical science
Square engages in a number of initiatives including clinical meetings, seminars, and
healthcare publications like the Continual Medical Education (CME) program.
Training Institution of IT
To provide training for the Pabna community's struggling people who cannot afford
expensive training courses. The main goal of this training facility called "Dishari" is to equip
students with the modern technology and computer literacy necessary to develop their own
futures and the nations in which they live.
Symposium on Autism organized to commemorate World Autism Awareness Day on 9th April
(Sunday) at SQUARE Hospital
On April 9 (Sunday), SQUARE Pharmaceuticals PLC. hosted a seminar on autism in honor
of World Autism Awareness Day in the SQUARE Hospital auditorium. Renowned doctors
from prestigious institutions like BSMMU, NINS, Dhaka Shishu Hospital, DMCH, NIMH,
and SQUARE Hospital attended the seminar. They included pediatric neurologists,
neurologists for children, psychiatrists, and pediatricians. Along with doctors, the program
included occupational and speech therapists who are essential in providing treatment for
children with autism. Mr. Tapan Chowdhury, the program's honorable managing director,
spoke at the event and emphasized the value of hosting such events while assuring the
audience of SQUARE's support for raising awareness of autism.
Grameenphone Health Fair 2017
To promote its services and facilities, Square Hospital attended the Grameenphone Health
Fair 2017 at GP House on May 9, 2017. All GP, Telenor, and Accenture employees
responded overwhelmingly to their booths during the fair, and more than 350 people took
advantage of the free blood sugar testing and vital sign checks they offered. Counseling for
psychology and executive health exams, hospital registration, and promotion of all of their
services through brochures, banners, and videos. They have set up a unique area where
people may sample their Premium "Orvana" Organic Tea while also learning about it.
SQUARE Child Development Center- a journey started
On November 1, 2017, SQUARE Child Development Center set out on its mission to help
kids with neurodevelopmental disorders. The opening ceremony for Square CDC (Child
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Development Center) was conducted in the presence of doctors, staff members, and other
SQUARE Hospital coworkers. The hospital's child development center will use primary
screening, observation, therapy, and other treatments to properly treat kids who have autism,
epilepsy, speech issues, etc. The children will initially be under the care of a pediatric
consultant, and over time, CDC doctors, development therapists, child psychologists, speech
& visual therapists, and child counselors will take over the children's care. If necessary, they
will also speak with the children's parents.
• Here are some more aspects of social sustainability that Square organized:
I. Program to raise awareness of the rights of people with physical disabilities.
II. Medical campaign program for poor people.
III. Reconstruction of Annada Gobinda Public Library in Pabna.
IV. Road safety campaign & road side shade.
V. Donation to hospitals, medical colleges, local community & underprivileged people.
Economical
In the pharmaceutical sector, attaining economic sustainability requires finding an

appropriate equilibrium between profitability and social effect. To create policies that
guarantee cheap access to vital medications while stimulating innovation and financial
sustainability, collaboration between pharmaceutical companies, healthcare providers,
governments, patients, and other stakeholders is crucial. The economical activities that
Square do are:
 Professional development opportunity: All levels of employees receive regular
training to advance their knowledge and skills.
 Ensuring safe, healthy & employee-friendly workplace: Square Maintains a safe,
healthy, and employee-friendly workplace. They provide transportation facilities to
their employees.
 Loan facility: All employees are eligible for the "Shohoj Kisti Reen Prokalpa"
program, which offers loans for the purchase of necessary home appliances at a low
service fee. A committee of workers' representatives oversees the operation of this
fund.
 Fitness Center: SQUARE has established a fitness center within the Kaliakoir unit
building where our management personnel can work out to stay physically and
emotionally healthy in order to promote this practice among our coworkers.
 Recreational facility for employees: As one of the many recreational opportunities
for our employees living in our residential building, Square Pharmaceuticals PLC.
added a pool table to our residential facility on December 18, 2017. This project gave
pool lovers and bachelors a fantastic opportunity to master this complex game so that
great players might be produced through this table.
 Fighting against Pandemic CORONAVIRUS: Square Pharmaceuticals PLC.
extended its hand of cooperation by providing Personal Protective Equipment through
Directorate General of Drug Administration under the Ministry of Health & Family
Welfare and Essential Medicines through Directorate General of Medicine Service
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under the Ministry of Defense, Government of the People's Republic of Bangladesh,

in order to combat pandemic CORONAVIRUS disease and reduce the number of
infected doctors & nurses in Bangladesh.
 Highest TAX payer of the country award: Square consistently has the reputation
and distinction of being the top tax-paying organization. The government has
recognized the honorable Chairman of the Square Group as the top tax payer in the
nation.
 Special Government medicine supply: Square provides specialized government
medication in accordance with the Bangladeshi government's needs. Additionally, it
constantly stands by the government during diseases and natural calamities with its
extended helping hands.
Methodology
Our research methodology is exclusively reliant on secondary sources to provide a
comprehensive understanding of the subject. Secondary sources, including scholarly articles,
books, reports, and reputable online databases, form the basis of our investigation. Through
meticulous literature review and data extraction, we identify key concepts, trends, and
arguments. By critically analyzing these sources, we synthesize existing knowledge to ensure
a well-informed analysis. While we acknowledge potential bias in secondary materials, our
rigorous source selection mitigates such limitations. This approach enables us to explore the
subject thoroughly, compare diverse perspectives, and establish a strong foundation for our
research. Through the exclusive use of secondary sources, our methodology aims to
contribute to a nuanced and informed exploration of the topic.
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Results & Discussion

Every organization must pay a price for its social, economic and environmental duty. In their
financial statement, organizations typically classify it as an operating expense or
administrative expense. The expense for SQUARE's sustainable business practices for the
fiscal years 2016–17 and 2017–2018 is listed below:
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CSR expense in Financial Statements 2016-17, Square Pharmaceuticals Limited.

Source: Annual General Meeting 2016-17
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CSR expense in Financial Statements 2017-18, Square Pharmaceuticals Limited.

Source: Annual General Meeting 2017-18
The data tables above are screenshots from SQUARE's financial report, where the sustainable
business activity cost is noted under the headings of Subscription and Donation to compare
between 2016–17 and 2017–18, respectively. In the first data table, it can be noted that the
cost of subscription and donations in 2016–17 was BDT 55,16,276 as opposed to BDT
67,61,716 in 2015–16. This indicates that Square Pharmaceuticals spent more on sustainable
business activity in 2015–16 than it did in 2016–17. The second data table shows that Square
Pharmaceuticals spent BDT 61,76,352, which is larger than the spending from the previous
year.
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The donation expense and profit after taxes for Square Pharmaceuticals for the years 2015–
16, 2016–17, and 2017–18 is displayed in the above table. For the fiscal years 2015–16,
2016–17, and 2017–18, Square Pharmaceuticals' profit after tax was roughly 920, 779, and
821 crores, respectively. While the profit in the years 2015–16, 2016–17, and 2017–18 was
around 67, 55, and 62 lacs, respectively, the donation expense is incredibly low.
According to the report Square Pharmaceuticals Limited is doing some really good job with
their sustainable business practices. They have been taking initiatives which are benefitting
the community in the shorter and longer run. Even then there are a lot more they can
contribute if we compare the profit after tax and the amount contributed to sustainable
business activities. In general rules of CSR a company should spend 2% of their average
profit after tax or net income of 3 years to the CSR activities. If we calculate that of the SPL
the spending percentage comes to .075 which is exceedingly destitute. Their contribution
towards the government is not up to the mark as well. Also, according to the report analysis,
it can be seen that most of their CSR activities are based in the Pabna district because one of
the prime founders of Square Pharmaceuticals, Mr. Samson H. Chowdhury grew up in that
district. Another drawback to their sustainable business activity is that the amount of
contribution they are making in the education sector is not enough. It is expected more of
them. They established one school and giving some scholarships to the university students
but looking at their income they should be more constructive about this sector. The initiatives
that they took with the child development center are an outstanding project, but the major
concern would be how affordable it would be to everyone. Their seminars and publications
on the latest medical advancements for the physicians active in the field have a very timid
exposure. They are one of the pioneers of the medical field of the country and this is also
their responsibility. Even though they have been doing everything according to the
environmental guideline to maintain an ecological balance in terms of their manufacturing
units and business activities but they are not seen contributing outside their business to
improve the environment health in general. In regard to corporate social responsibility
Multinational Companies are more motivated and recorded more spending compared to the
Local giant company, Square Pharmaceuticals.
Findings
These are the findings that we attained from this report on sustainable business practices of
Square Pharmaceuticals:
 Green Manufacturing: Square Pharmaceuticals use environmentally friendly

manufacturing procedures to cut down on emissions, energy use, and waste
production. This includes utilizing eco-friendly chemicals, efficient machinery, and
renewable energy sources.
 Waste Management: Environmental pollution can be avoided by properly disposing
of pharmaceutical waste. Implementing waste reduction methods and disposing of
P a g e | 22
hazardous material responsibly are examples of sustainable practices which are done
by Square Pharmaceuticals.
 Research and Development: Square pharmaceuticals should work toward
sustainability through funding the development of greener technology, sustainable
packaging, and more effective systems for delivering medicines.
 Product Innovation: Square Pharmaceuticals attempt to provide medicines that both
satisfy gaps in healthcare and have a minimal negative impact on the environment.
This can entail concentrating on diseases with a high burden and few available
treatments for example, rush to find treatment of Covid-19.
 Transparency and Reporting: Increased responsibility and ongoing improvement
can result from transparent reporting on environmental effects, sustainability
objectives, and development of Square Pharmaceuticals.
 Community Engagement: Building a strong relationship with local communities and
attending to their issues can help to maintain Square Pharmaceuticals’ actions are
consistent with local values.
 Corporate Social Responsibility (CSR): By participating in projects that support
medical, educational, environmental causes etc. which we mentioned earlier in the
report, Square Pharmaceuticals show a dedication to sustainability and social well-
being.
Conclusion
Square Group has been one of the largest and leading companies in our country for more than
four decades by manufacturing quality products. It diversified into different areas and sectors
of the local business field. The other Square concerns are as pharmaceuticals, toiletries,
garments, textiles, information technology, health products, food products, hospitals etc. The
company is always concerned with the quality of the product for their customer and also
increases the profit for its shareholders and stockholders and also the employees.
In order to produce the best quality of any product the employees of the company must be
skillful, knowledgeable, and fill of being as they are the members of one and same family for
their better improvement. However, Square group is not concerned only on the quality of the
product and the reputation of the company, but they are also concerned about the satisfaction
level of their employees for better improvement, higher productivity as well as to produce
quality product by providing different types of benefits and facilities.
The public perception of their company is excellent because of their support of saving the
environment, women's empowerment, and education etc. Additionally, the report gives a
clear picture of how these social duties have been carried out and what kinds of initiatives
have been made to enable them. The community's overall well-being might be considered as
the ultimate goal of their sustainable business operations. The community has benefited from
P a g e | 23
their other programs, such Dishari and SquareAgro, in developing its agricultural and
technology research to build an engaging and reliable future.
As they climbed through the corporate ladders, they continually worked to improve their
community and lived up to their motto, "Being good by doing well," which is how they
earned the title of top pharmaceutical industry in Bangladesh.
Recommendations
Square Pharmaceuticals Limited is a prestigious and well reputed pharmaceuticals company
in the business industry of Bangladesh and in many other foreign countries as well. As they
are exporting medicine to many countries in Europe & North America. They are aware of the
fact that in these regions it is imperative to practice sustainability for the companies. This is
one reason why Square Pharmaceuticals is motivated to perform sustainable business
activities.
 Square Pharmaceuticals should increase their donation expense from .075% of profit
to 2% of profit as per the general rules of CSR. This is how more funds will be
allocated to do many developments in the community.
 They can use those funds to help the government build a better community.
 They should also invest heavily in training better physicians. In respect to that they
should start a nursing training institution where nurses could be trained at an
international level or at least close to that. This is how the government will be able to
give jobs to those trained nurses outside the country.
 SQUARE should increase their funds in regard to the scholarships given to brilliant
students of medical science and other concentrations if it is possible. The projects that
they have done in Pabna, like building schools, libraries, IT institutions etc. they need
to do more of these outside Pabna as well.
 They also need to do more the environment safety issues in general for the country.
 They need to improve on a better structure of corporate social responsibility in the
company by having a strong panel of Corporate Social Responsibility Committee.
Square Pharmaceuticals needs to realize the fact that only to attract foreign customers to
buy or license their product should not be the only reason to practice sustainability in the
community. Sustainable business activities need to be performed regardless of the hidden
benefits that they gain from it while making profit for the company.
P a g e | 24
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MBA 515

Legal and Ethical Issues in Business

Dr. Md. Anowar Hossain Bhuiyan

Subject: Report on sustainable business practices in Square Pharmaceuticals.

Ehteshamul Haque Sunny; ID: 2222880

The description of sustainable business practices of ‘Square Pharmaceuticals LTD.’ is

1964: In order to become a private limited company, SQUARE Pharmaceuticals had

1991: The public debut of SQUARE Pharmaceuticals.

2012: The Therapeutic Goods Administration (TGA) of Australia approved SQUARE

expenditure percentage as a proportion of Square Pharmaceuticals, it equals 0.075, which is

Environmental Sustainability in Pharmaceuticals

Social Responsibility and Ethical Considerations

Economic Viability and Innovation

Square is a proudly Bangladeshi company which is actively involved in sustainable business

Award for facilitating higher Education

Donation by Square Pharmaceuticals PLC

Square Pharmaceuticals PLC. donated books to Department of Pharmacy, Jahangirnagar

Sponsoring "SQUARE-Dhaka Residential Model College 7th National Science

The "CGS-SQUARE Fellowship 2015-2017" is a three-year fellowship program that was

Advancing research development program

Free Diabetes Screening & Awareness Program

Operating 24/7 free helpline for mother and Babies

In the pharmaceutical sector, attaining economic sustainability requires finding an

under the Ministry of Defense, Government of the People's Republic of Bangladesh,

Results & Discussion

CSR expense in Financial Statements 2016-17, Square Pharmaceuticals Limited.

CSR expense in Financial Statements 2017-18, Square Pharmaceuticals Limited.

 Green Manufacturing: Square Pharmaceuticals use environmentally friendly

Sethi, S. P. (1975). Dimensions of corporate social performance -An analytical framework.California

Business inspection. (2022, June 15). Retrieved from https://businessinspection.com.bd/top group-

UKessays. (2007). A Definition of Corporate Social Responsibility. Retrieved from

Information regarding square group CSR activities retrieved from

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