There was an ethical issue which arose in the United States of America regarding Turing Pharmaceuticals messed up drug pricing (Timmerman 2015) that has gained a lot of attention in recent times. Ethics is the rules of conduct acknowledged in respect to a class of human actions or a group (Diffen 2016). Ethics is important as it affects not only the organization but the community and society at large (Spooner n.d.). This essay will discuss about how unethical Turing Pharmaceuticals acted in the case of price hiked in a 62-year-old AIDS drug. This is not the first time a drug price has hiked, but it is undeniably one of the largest hikes. Especially when the drug can make a difference between life and death, it is a serious ethical issue …show more content…
The stakeholders that were impacted by the ethical issue would certainly be the patients. Due to the expensive price of the drug, their cost of living and expenses would subsequently increase and the drug would become a luxury good. For those who were not able to afford it, their health conditions’ might deteriorate and death might have come their way. Next, the company and its’ shareholders. The reputation of the company might be greatly affected and even worse, destroyed. Thus, the share price of the company might drop drastically after receiving various negative feedbacks and criticisms from the public. The company and the shareholders might suffer a huge loss. Furthermore, the government played a part in this issue. The government was expected to outlaw and bring Turing Pharmaceuticals to justice to ease the anxiousness of the public. The government might also be expected to try to maintain and regulate the price of the drug to an extent and prevent issues like this from happening again in near future.
The decision made by the involved parties might be ethical from Turing Pharmaceuticals and Martin Shkreli’s point of view. The positive impact by the decision was the company’s profit may have spiked in a
1. I feel CVS handled it ethical challenges very well. The decisions that CVS is putting in place is making the company a more ethical and stronger company. With CVS being a pharmaceutical company, it must deal with lots of ethical challenges. CVS must follow strict laws and regulations and must act ethically when dealing with its patient’s medical information.
The “Cold Feet” dilemma had seven people that would be affected by my decision: The shareholders, the Chief Legal Officer, the Marketing Director, the Division Medical Director, the National Institute of Health, the future purchasers of the drug, and the Journal. The reputation lens and the relationship lens were used to help me make a decision. The relationship lens helped me identify that people involved are entitled to a number of limited rights, people without power must be protected, and the right to a fair process. This led me to choose to have a committee with the appropriate authority and representation
There are many ethical dilemmas that occur daily in our hospitals across the world. Not everyone agrees with standards and policies that are required in hospitals or even with the law. If not everyone obeys the law, ethical cases form. In Springfield, Missouri, a holistic nurse got fired for fighting against Cox South hospital policies. Carla Brock has been a nurse at Cox South hospital and not only refused the flu shot, but also refused to wear a mask. She refused due to religious beliefs, she gets short of breath while wearing the mask, and she feels the mask is meant to intimidate and humiliate those who refuse the shot. The ethical question in this case study is to decide if Carla should have been fired for not wearing a mask after refusing the flu shot and what are other potential proposals. The four-way method will separate out what are the truths, consequences, fairness, and character, of this ethical case study.
On the fateful May day of 1846, America, under President James Polk, declared war on Mexico. By the end of the war in 1848, Mexico lost nearly almost half its territory to the United States. Do you think this was justified? Taking another’s land through 2 long years of war? Is it worth it? I believe that Polk and Congress’s decision was wrongful for the following reasons: Polk had provoked war, [American but Amerishouldn’t] and finally the United States was committing a robbery by stealing Texas.
An article was chosen from the University Library to evaluate the issue of unethical business research conduct. The article chose is called Flacking for Big Pharma: Drugmakers Don't Just Compromise Doctors; They Also Undermine the Top Medical Journals and Skew the Findings of Medical Research . The identification of the unethical business research involved in the article is given. The parties involved along with effected party is mentioned. The evaluation of the article also identifies how the unethical behavior affected the organization, injured party, and society. A proposition of
In this brief response to the business ethics case study, I will highlight findings that question the integrity of Next Step Herbal Health Company according to Ramona Alexander’s research on the company and her observations of the CEO’s engagement and the recruiter’s response to her raised concerns. There were three major issues I found that were questionable in making a final decision of accepting any offers from Next Step. I will elaborate on the following points:
Wigand was a tobacco researcher who exposed industry deceptions and secrets to hook people” (Higgs) on the habit-forming drug, nicotine. He morally struggled with the information that he learned while employed at B&W. If he took the high salary and kept his mouth shut, how many deaths from tobacco would have resulted? He devoted the rest of his life to battling the tobacco industry and educating the world on the dangers. While he went through a personal hell, he made a significant impact to the field of corporate ethics. At that time, he was the highest paid executive to blow the whistle on unethical practices. This is a relatively new practice in business, and Wigand paved the way for other executives to blow the whistle on unethical behavior when it causes significant harm or death because of a company’s irresponsible action. Perhaps the famous whistle blowers from the early 2000s may not have reported their findings if Dr. Wigand did not pave the way in the mid-1990s. It also shows companies “what can and should be done if they wish to be both moral and successful” (DeGeorge 317). Most importantly, he opened the eyes of the public to more than just the dangers of tobacco. He taught the world that you need to use your own moral compass, and it is a personal choice on whether you decide to blow the whistle or remain
The Mythical Norm is a set of attributes that are advantageous in what one seeks to have. These advantages vary in race, class, physical features, sex, sexual orientation, gender, age, and religion. Lorde (2001) describes these norms in America being “defined as white, thin, male, young, heterosexual, Christian, and finally secure” (p. 178). People who seek the Mythical Norm fail to recognize their privilege from those who lack them.
Big Pharma has not had much say whether or not their ethics code would change. The pharmaceutical industry is getting a major overhaul of their sales and marketing strategies. The International Federation of Pharmaceutical Manufacturers &Associations (IFPMA), started their changes by adding into their code of ethics and by vowing to publicize all names of companies that wrongfully market their products. According to an article in Medicine, Health Care, and Philosophy, Badcott (2013) states, “Under the international group's newly revised code of ethics, pharmaceutical representatives cannot lavish expensive gifts on doctors to influence prescribing practices. Still permitted are lesser gifts such as pens or stethescopes.” In order for a code of ethics to be effective there must be repercussions when the rules are broken. This seems to be the main issue that Big Pharma is having trouble with. They made the change in policy, but who is enforcing it? An ethical code is not useful if they are not effectively implemented and communicated. Badcott (2014) goes on to say, “While PhRMA has no rule to punish violators, the IFPMA pledges to immediately post information about incidents-including the name of the company involved-on its Web site.” While public shaming is a step in the right direction for holding the industry accountable, is it enough to make a difference? The reaction of the industry to stakeholder concerns is what will have the greatest
Firms definitely need to incorporate their highest moral standards to build trust and reputation for themselves in order to better off in long run. Novo Nordisk always follows the regulation from Helsinki Declaration with other international ethical guidelines. They made sure that the interest and well-being of the trial subject should always transcend over the interest of science, society and commerce.
Over the past couple of decades, a sudden change has started to take over the way business is done. The time when no rules applied, and anyone could do what they pleased at the cost of others or the environment is rapidly ending. Instead, companies today have become aware that it is essential for them to employ ethics and morality in their actions, if not they will be heavily scrutinized and rejected by the public. This way of thinking also applies to the pharmaceutical industry, which over the past century has been rapidly expanding. Do to the fact that this industry can determine the health and lives of millions of people, it is imperative that this industry follow an ethical and moral path.
I completely agree Martin’s decision and comment were unprofessional and unethical. He has what our textbook calls moral disengagement by trying to justify why he raised the price, takes no responsibility for the harm he is causing to others, and blaming the insurance company. However, I find that he did not break any laws. Our country allows the pharmaceutical company to charge whatever price suits them. Perhaps now something will happen to regulate cost after a patent has expired. Martin could of made the news by displaying excellent leadership by balancing price and contributing to the poor some free medication and conveying compassion instead of
Turner Pharmaceuticals is dedicated to helping those patients who has serious diseased without a wide range of treatment options. This was a good ethics is only the company followed. Investor replace Shkreli with Tilles.
The pharmacy business and healthcare in general is an immensely complex subject with profound ethical, economic and political intricacies and considerations. As discuss previously in this paper a lot of the issues with Shkreli arise from his own personality and a lack of moral turpi-tude. For the purpose of generating a reasonable solution we will put Shkreli’s personality aside and examine the specific strategy and conditions in the healthcare space that allowed Shkreli to single handedly raise the price of Daraprim by over 5000%. This section will examine the practice of trolling, a strategy used by Martin Shkreli and Turing pharmaceuticals to profit off the drug Daraprim despite adding nothing to the development or improvement of the drug.
Costs of the decision included negative public perceptions of the firm and denial of treatment to economically disadvantaged and uninsured consumers. the decision was ethical because the benefits of new life saving drugs outweighed the costs of denial of treatment to the few. So GSK regarding to its primary stakeholders was social responsible.