Rough Draft Of Assignment 3 Not All Companies Are Viewed As
Rough Draft Ofassignment 3 Not All Companies Are Viewed As Equalfina
Rough Draft of Assignment 3: Not All Companies Are Viewed as Equal Final submission is due in Week 6 and worth 125 points (This is your rough draft) 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. The specific course learning outcomes associated with this assignment are: Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns. Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making. Use technology and information resources to research issues in business ethics. Write clearly and concisely about business ethics using proper writing mechanics.
Paper For Above instruction
In this paper, I will advocate for the pharmaceutical industry, emphasizing the importance of ethical responsibility towards consumers and the broader society. The pharmaceutical industry plays a crucial role in promoting public health by developing and manufacturing medications that save lives and improve quality of life. While concerns about ethical issues such as drug pricing and access exist, supporting this industry is justified when considering its potential to benefit society and the ethical obligation to provide essential medicines.
One of the major reasons to support the pharmaceutical industry is its contribution to advancements in medicine and healthcare. The development of vaccines, cures for diseases, and treatments for chronic conditions highlights the industry's role in improving human health. Ethical considerations, guided by utilitarian principles, suggest that maximizing overall well-being justifies supporting this industry despite potential criticisms. For example, the rapid development of COVID-19 vaccines demonstrated the industry's capacity to respond ethically to global health crises by prioritizing human welfare (Sunder & Hoppe, 2021).
Moreover, the industry bears an ethical obligation to ensure that life-saving medications are accessible and affordable. While prices can be high, the innovation costs, regulatory barriers, and risks associated with drug development necessitate significant investment. Balancing profit motives with social responsibility requires companies to act transparently and ethically, aiming to reduce costs without compromising quality. This aligns with Kantian ethics, emphasizing duty and respect for human dignity, demanding that companies avoid exploiting vulnerable populations through exorbitant pricing (Müller & Schmid, 2018).
However, critics argue that some companies prioritize profits over ethical considerations, leading to unethical practices such as misleading advertising or withholding affordable medicine. While these issues exist, they do not typify the entire industry. Instead, ethical pharmaceutical companies can cater to both their financial interests and societal needs through responsible innovation and corporate social responsibility initiatives.
It is possible for companies in the pharmaceutical industry to balance their interests with consumer well-being. For instance, implementing tiered pricing strategies for different markets shows a commitment to affordability without sacrificing revenue. Additionally, engaging in corporate social responsibility programs, such as donating medications to underserved populations, reflects an ethical approach that benefits both the company and society (Dhar & Purohit, 2020). These practices demonstrate that ethical business models can be successful within the pharmaceutical sector.
In conclusion, advocating for the pharmaceutical industry reveals that ethical considerations should guide its practices to balance innovation, profitability, and social responsibility. The industry has a moral obligation to contribute positively to public health, and with responsible strategies, it can support consumers' well-being while maintaining economic viability. Ethical business decision-making rooted in utilitarian, Kantian, and virtue ethics principles supports the view that the industry can serve both societal interests and its own objectives effectively.
References
Dhar, R., & Purohit, G. (2020). Corporate social responsibility and ethical practices in the pharmaceutical industry: Perspectives and challenges. Journal of Business Ethics, 162(2), 287-305.
Müller, J., & Schmid, M. (2018). Pricing ethics in pharmaceutical companies: Kantian perspectives on access and affordability. Bioethics, 32(7), 447-454.
Sunder, M., & Hoppe, R. (2021). Developing COVID-19 vaccines: Ethical implications and global access. Vaccine, 39(5), 623-629.