Due Week 6 And Worth 125 Points In The Land Of Free Trade

Due Week 6 And Worth 125 Pointsin The Land Of Free Trade The Public D

Due Week 6 and worth 125 points In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Should it be consumers’ choice to partake in products that are not healthy for them, or do those companies have an ethical obligation to protect people? In this assignment, you will choose from one (1) of the following industries to write about: The pharmaceutical industry The payday loan industry Cloning for medical purposes. Write a paper in which you: Become an advocate for either the consumer or the industry. Prepare an argument explaining the major reasons why you support either the consumer or the industry. Discuss if you believe it is possible for a company to cater to both its best interest and that of the consumer conjointly or if one always has to prevail. Justify your response. Use at least two (2) quality references. Note : Wikipedia and similar Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: This course requires use of Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

Paper For Above instruction

The ethical landscape of industries operating within the framework of free trade is complex and multifaceted. Public perception often varies based on the nature of the industry, cultural values, and the perceived impact on societal well-being. This paper advocates for the consumer perspective within the context of the pharmaceutical industry, emphasizing ethical responsibilities companies hold towards public health and safety, while also discussing the potential for balancing corporate interests with consumer protection.

Advocacy for Consumers in the Pharmaceutical Industry

The pharmaceutical industry plays a pivotal role in the health and well-being of populations worldwide. However, it has often been scrutinized for prioritizing profits over patient safety. Ethical concerns arise around issues such as drug pricing, transparency in clinical trials, and marketing practices. Advocates for consumers argue that pharmaceutical companies have an ethical obligation to prioritize public health above profits, especially given their influence over life-saving medications and treatments (Miller & Joffe, 2018).

One of the principal ethical issues in this industry is drug affordability. High drug prices limit access for vulnerable populations, raising questions about the industry's social responsibility. Ethical standards suggest that companies should serve a purpose that benefits society, not just shareholders. Transparency in clinical research is another critical aspect; undisclosed adverse effects or selective reporting can harm patients and erode public trust (Lembke et al., 2018).

Moreover, the marketing practices of pharmaceutical companies can influence physicians and consumers, sometimes leading to over-prescription or the use of unnecessary medications. Such practices challenge the ethical principle of beneficence—doing good—and non-maleficence—avoiding harm. The industry must balance innovation and profitability with a genuine commitment to patient safety and informed decision-making (Miller & Joffe, 2018).

Balancing Corporate Interests and Consumer Welfare

While some argue that companies must prioritize their profitability for innovation and sustainability, a sustainable model increasingly relies on ethical conduct that aligns corporate interests with societal needs. It is possible for pharmaceutical companies to pursue profit while maintaining ethical standards by adopting transparent practices, fair pricing strategies, and prioritizing patient safety. For instance, initiatives like differential pricing for essential medicines in developing countries exemplify efforts to balance profitability with social responsibility (World Health Organization, 2020).

However, conflicts often arise when profits are prioritized over patient welfare. Regulatory frameworks, such as the FDA and EMA, exist to mitigate such conflicts, ensuring that companies adhere to safety standards. Ethical corporate behavior necessitates a commitment to transparency, responsible marketing, and equitable access to medicines, which ultimately benefits both the industry and society (Kaiser & O'Neill, 2021).

In conclusion, advocating for consumers emphasizes the importance of ethical practices that protect public health and ensure access to necessary medicines. While companies naturally aim to maximize profits, integrating ethical principles into their operations can create a sustainable environment where both corporate interests and consumer welfare coexist. Ultimately, ethical responsibility should guide industry practices to foster trust and improve health outcomes globally.

References

• Kaiser, J., & O'Neill, P. (2021). Ethical standards in pharmaceutical marketing. Journal of Medical Ethics, 47(4), 251-256.
• Lembke, A., Humphreys, K., & Lembke, S. (2018). Ethical considerations in prescription drug marketing and usage. American Journal of Psychiatry, 175(12), 1143-1145.
• Miller, F. G., & Joffe, S. (2018). Scientific, ethical, and legal issues in clinical research: A review. Bioethics, 32(6), 389-396.
• World Health Organization. (2020). Access to medicines: Ethical challenges and solutions. WHO Bulletin, 98(2), 10-15.