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Ethics in the Pharmaceutical Industry Business Law Ivy Tech Community College Tamara Baxter September 20, 2013 The pharmaceutical industry has a difficult task when it comes to doing the right thing, put people or profits first (Weber, 2006). To keep their operations operating they must approach a duties-based ethical approach because the lives of their stakeholders are literally at risk. A religious ethical standard would mean not to falsely proclaim that a drug does something that it does not. An example would be to say that a drug would help you lose weight quicker without diet or exercise. Pharmaceutical companies claim that they approach ethics determined by outcome based ethics, meaning the greatest…show more content…
Crawford was charged with making fraudulent statements and conflict of interest (Negron, 2009). The charges came from his failure to accurately disclose stock and option holdings in companies regulated by the FDA (Negron, 2009). Pharmaceutical companies must have ethical responsibility to its stakeholders (Weber, 2006). Stakeholders are those that will either benefit or be injured from the pharmaceutical companies decisions (Weber, 2006). In this case the largest stakeholders are the patients that are prescribed the medications that the pharmaceutical companies produce; because the patients take the biggest risk by taking the medication that the company produces (Weber, 2006). The pharmaceutical industry urges the consumer by direct advertisement of their products on television, radio and printed material (Smith, 2008). This is breaking the pharmaceutical industry social responsibility. By their elusive messages, they cause consumers to self-diagnosis (Smith, 2008). An example would be give symptoms for depression and the consumer may think that is what is wrong with them, but it could be something different. The pharmaceutical industry thinks that they are following outcomes-based ethics by advertising because they are able to reach the consumer directly about cures for their disorders. The employees of the pharmaceutical company would also be a large stakeholder because their jobs are threatened

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