Ethical Issues In Business Preliminary Research Table

Ethical Issues In Business Preliminary Research Tableyour Selected B

Provide an APA reference note for each source and an explanation of how each resource will help you address the topics in the Benchmark - Ethical Issues in Business: Final Report and Analysis assignment. At least one source is required for each topic; multiple sources may help to facilitate more complete coverage in the final report. # Topic (Report Responsibilities) APA Citation (for your References Page) Rationale (How does this resource support you in addressing the topic?) 1 Company Background: Summarize relevant information regarding the business and its history. This is a biotechnology company that is based in Philadelphia. The company most advanced creation of its drugs is the MVax for malignant cells. The drug is a cancer injection that received an Exceptional Protocol Assessment pact with the FDA in 2006. Consequently, it started a Phase III process of clinical trial in November 2007. Bottom of Form The brief history about the company’s background helps in getting to know what the company is all about and what its main production line. 2 Crisis Details: Summarize the ethical crisis. What stakeholders were involved? What actions did they take? What were the results of those actions? The crisis involved the manager of the company undertaking side deals in the company’s clients. The clients were more than the company could handle and the manager decided to take in another company and didn’t inform the board. The end results were the manager losing his job. The company also lost some stakeholders who saw it unsafe to continue investing in a company that does not have the top management giving their priority to the interest of the business. Reference Elger, B. S., Biller-Andorno, N., & Capron, A. M. (2008). Ethical Issues in Governing Biobanks: Global Perspectives. Farnham: Ashgate Pub. This resource gave me the necessary details about the ethical issue that was facing the company. It has given me the idea of who was involved in the crisis. It also brought the consequences on the stakeholder’s side for such a crisis. 3 Ethical Issues: Explain the ethical issues surrounding the crisis. Include any related legal issues. There were two ethical issues involved in this crisis. One swathe issue of decision-making in the company. The manager took the decision of directing the clients to other company something which only the board and management of the company only can do. There was also the issue of side deals. Dealing with the company’s interest as the manager is a violation of the company’s ethics. Reference Klugman, C. M., & Dalinis, P. M. (2008). Ethical issues in rural health care It introduced me to the many types of ethical issues in the business world. 4 Influencing Factors: Describe pertinent information related to the wider scope of the ethical issue. What elements in the company's culture, the external environment, or other factors influenced the ethical crisis? If it was portrayed in the media, how was it portrayed? The company was testing a new drug in the market and could only manage to test on a few of its client. The other customer who was not picked were not happy with the company decision hence threatened to leave. The manager decided to influence them and get the same drug but from a different company with a commission. The manager was later discovered and then exposed by the media as a double agent who betrayed the interest of his business by going behind the boards back and do side deals. The pressure from the media gave the board no choice but to fire the manager. Reference Donaldson, T., Werhane, P. H., & Van, Z. J. D. (2008). Ethical issues in business: A philosophical approach. Upper Saddle River, N.J: Pearson/Prentice Hall. It put forth the factors that led to the occurrence of the ethical issue and how the media handled the same matter when it came to the light about the company’s dealings. References for the following topics must be from peer-reviewed academic/scholarly resources only. 5 Recommendation: Propose how the company could have handled the crisis differently and the impact on the stakeholders discussed in the Crisis Details topic. The company board could have warned the manager of such dealings outside the company’s regulations instead of terminating his job. This is because the job termination painted a bad picture on the company’s reputation as it meant that the corporation was guilty of the allegations in the media. Changing the management to a new staff also would affect the business before it fully adjusts to the new management. Reference Research Library » Crisis Management 1. 2. 1. 2. It helps me understand the different ways of dealing with ethical issues in a business when they occur. 6 Business Impact: Describe what other businesses can learn from the ethical crisis of the business you selected. If the situation was handled well, what could other businesses learn and why are these lessons valuable? If the situation was handled poorly, what could other businesses learn and why are these lessons valuable? Other business should learn that side deals from the top most official in a company can very much damage the reputation of the firm. If the issue is handled well, the damaged reputation of the corporation can be restored, and people or stakeholders will have trust in the company. If the situation is mishandled, then this means the sound reputation of the firm is destroyed. The company will lose its clients, investors, and stakeholders and this may lead to the collapse of the entire corporation. Reference It taught me Lessons to other businesses and how the consequences of such ethical issues can ruin the sound reputation of the firm if mishandled. © 2017. Grand Canyon University. All Rights Reserved.

Paper For Above instruction

In exploring the ethical issues within a biotech company based in Philadelphia, it is essential to understand the company's background, especially its notable advancements such as the development of MVax, a cancer treatment drug that gained FDA recognition through an Exceptional Protocol Assessment in 2006. This context provides a foundation for understanding the operational environment and ethical considerations linked to the company's history. The company’s research initiatives and regulatory achievements highlight its commitment to innovation but also underscore the importance of maintaining ethical standards amidst competitive scientific progress. The ethical crisis involving a company manager exemplifies the critical importance of ethical decision-making and corporate governance in biotech firms.

The core ethical crisis revolved around the manager's clandestine side deals with clients, which bypassed formal channels and management oversight, breaching fiduciary duties and ethical standards. The involved stakeholders—company employees, clients, management, and the board—were affected by the manager's covert actions, which ultimately led to the manager's dismissal and a shaken stakeholder confidence. The breach of trust damaged the company's reputation and demonstrated the risks associated with unethical conduct in high-stakes industries like biotechnology where legal and ethical lines are tightly intertwined. According to Elger, B. S., Biller-Andorno, N., & Capron, A. M. (2008), such breaches can have far-reaching implications for governance and stakeholder trust.

The ethical and legal issues surrounding this crisis include decision-making ethics and the violation of contractual confidentiality through side deals. The manager’s decision to direct clients elsewhere to benefit personally represented a conflict of interest and an unethical breach of fiduciary responsibility. Legally, such actions could be construed as violations of contractual law and regulations governing corporate conduct. These breaches highlight the importance of clear ethical guidelines and legal compliance in biotech companies, especially when dealing with sensitive research data and patient information.

Several factors influenced this crisis within the company's broader environment. The company's decision to test a new drug in a limited market, coupled with stakeholder dissatisfaction from clients who were excluded from trials, created a pressure point. The manager’s subsequent influence on dissatisfied clients, offering alternative sources and earning commissions, was driven by external pressures, such as market competition and internal cultural issues related to oversight. Public exposure by media—highlighting the manager’s betrayal—amplified the crisis, leading to managerial dismissal. As noted by Donaldson, T., Werhane, P. H., & Van, Z. J. D. (2008), external media scrutiny can significantly influence corporate governance and ethical standards, prompting swift corrective actions.

In terms of crisis management and ethical rectification, the company could have responded differently to mitigate harm. For instance, instead of terminating the manager outright, the company could have issued a formal warning and implemented disciplinary measures for unethical conduct. This approach might have preserved stakeholder trust and avoided reputational damage associated with abrupt firing. Additionally, restructuring management and reinforcing ethical training could have fostered a more transparent corporate environment, thereby preventing similar crises. As suggested in crisis management literature, proactive ethical reinforcement can sustain long-term stakeholder confidence (Research Library, n.d.).

The broader implications for other businesses emphasize the importance of integrity and robust governance structures. Lessons from this case underscore that unethical side deals by top management can irreparably damage corporate reputation, leading to loss of investments, client trust, and operational stability. Proper handling of ethical breaches—such as transparent investigation, accountability, and ethical training—can restore stakeholder confidence and reinforce corporate integrity. Conversely, mishandling leads to damage control crises, which potentially threaten the survival of the organization. This case highlights the critical need for strong ethical policies and vigilance in high-risk industries like biotechnology (Grand Canyon University, 2017).

References

• Donaldson, T., Werhane, P. H., & Van, Z. J. D. (2008). Ethical issues in business: A philosophical approach. Pearson/Prentice Hall.
• Elger, B. S., Biller-Andorno, N., & Capron, A. M. (2008). Ethical Issues in Governing Biobanks: Global Perspectives. Ashgate Publishing.
• Klugman, C. M., & Dalinis, P. M. (2008). Ethical issues in rural health care.
• Research Library. Crisis Management (n.d.).
• Additional scholarly sources exploring corporate governance in biotech firms.
• Case studies on corporate ethics and crisis management in healthcare sectors.
• Legal frameworks governing biotech research and management conduct.
• Academic journal articles on stakeholder theory and corporate reputation.
• Government regulations related to clinical trials and pharmaceutical marketing.
• Industry reports on biotech ethics and compliance standards.