Ethical Issues Of Drug Companies - 1923 Words

â€Å"It is immoral for the drug companies to charge large sums for drugs that are cheap to manufacture.† Discuss Some of the leading pharmaceutical companies such as Novartis, AstraZeneca and GlaxoSmithKline make a large sum of profit from drugs that are cheap to manufacture, many see this as immoral and argue that these drug companies are making money at the expense of other peoples illnesses and are exploiting the most vulnerable in society, but some argue that its â€Å"business† and is ethical despite huge profits made by these drug companies. In this essay I will discuss if it is morally wrong for drug companies to charge large sums for drugs that are cheap to produce. In 2011 it was estimated that global spending on prescription drugs was around the region of $954 billion with the United States accounting for more than a third of the market. Many of these drugs companies have entered the market with the intention of making large amounts of profit rather than treating people. In 2012 the Food and Drug Administration which is a federal agency of the United States Department of Health and Human Services approved 12 cancer drugs, 11 out of the 12 were priced above an astonishing $100,000 per a year, according to Macmillan there is an estimated 2.5 million people in the UK today who have had a cancer diagnosis, this is an increase of almost half a million in the previous five years. Which coincides with the price of cancer drug prices which have virtually doubled from a decade ago,Show MoreRelatedEthical Dilemmas Of A Drug Company s Regional Sales Manager1748 Words   |  7 Pagescan be hard to make a decision, especially when an ethical dilemma is in volved. Ethical dilemmas pose a challenge because there is good to be found with both choices. The problem arises when one’s personal ethics are challenged. This paper will discuss an ethical dilemma with which a drug company’s regional sales manager was faced. It will discuss: the case and explain the ethical dilemma; the four functions of management; ethical issues; ethical relativism; four values; case resolutions; and ChristianRead MoreEthics Of The Health Care Industry995 Words   |  4 Pagescornerstones of patient care. Making ethical decisions, being vigilant in the lack of ethical decision making, and being proactive in the reporting and advancement of ethical practices are important factors for marketing professionals such as physicians and other health care professionals to be wary of. Conduct by pharmaceutical representatives and ethical practices in the marketing of pharmaceutical drugs have been revamped over several decades by the Food and Drug Adm inistration (FDA), InternationalRead MoreDrugs and Ethics Essay example1150 Words   |  5 PagesEthics and law do not always go hand in hand. Not every law is ethical, and even if a law is considered ethical on its surface, it may result in unethical outcomes. Ethics refers to well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.† The pharmaceutical industry confronts several dilemmas every year. Most of these dilemmas revolve around money or whether or not to sacrificeRead MoreThere Was An Ethical Issue Which Arose In The United States1043 Words   |  5 PagesThere 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 caseRead MoreDrug And Alcohol Testing On The Workplace1663 Words   |  7 PagesDrug and Alcohol Testing in the Workplace Due: Monday Dec 1, 2014 COMM-220-F Rebecca Walsh By Brett Tate and Brandon Bracko November 17, 14 Introduction People often question drug and alcohol testing in the work place. It is a controversial subject that has a range of mixed emotions. But where do you draw the line when it comes to crossing the boundaries of prying into one’s personal life? This report will explain the legal, and ethical issues surrounding the topic of drug and alcohol testing inRead MoreThe Role Of Ethics And Differences For Nurses1613 Words   |  7 Pagesfor their patients’ health, nurses are not met with the same high demands as doctors. The modern practice of medicine raises a plethora of complex issues, medical, ethical and legal and while the nurses is primarily focused on the patient, the doctor has much more to consider. Representatives from Industry: Insurance Companies Insurance companies are responsible for selling health care plans to people. When individuals, employers, organizations, and/or unions enroll in a health care plan, theyRead MoreModule 3 Questions Essay1299 Words   |  6 Pagesï » ¿ 1. Are drug companies that test experimental drugs in foreign countries acting ethically? Drug companies that test experimental drugs in foreign countries are not acting ethically. Testing of experimental drugs should be done in the country where the drugs are being manufactured. The major ethical dilemma is that the foreign countries that these clinical trials are not fully educated on the risks and understand what they are getting themselves into. In the article, many things stood out thatRead MoreEthics779 Words   |  4 Pagesfirst (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 goodRead MoreEthical Issue in Pharmacy1618 Words   |  7 PagesEthical issues in the retail pharmaceutical industry: An analysis of the ethical dilemmas faced within Chaguanas Drug Mart Limited Abstract: The ethical duty of a pharmacy is to promote a patient’s best interest. However, certain obvious ethical issues will arise. Within any business involved in bulk purchasing the issue of unconscious theft will also occur. The following paper focuses on the application of ethical theories that supports as well as argues the behavior within Chaguanas Drug MartRead MoreThe Unprofessional Relationship between Medical Doctors and Pharmaceutical Companies1364 Words   |  6 Pages GlaxoSmithKline’s new policy is an improvement from the ethical standpoint because the relationship between the two parties are tainted and no longer a respectable relationship. This essay reviews the aspects conspicuous relationship between medical profession and drug companies, such as GlaxoSmithKline, and its future consequences. The purpose drug companies interact with doctors is to promote their medical product. For the companies to reach out to the medical doctors and leave a memorable