Ethics in society are very important, especially in the pharmaceutical industry. One well known ethical issue in the pharmaceutical industry is the cost of products (drugs, tests, etc.) Billions of dollars have been used in pharmaceutical research, and the ethical issues lies with whether or not the money being used for the research actually profits the economy by producing an actual product, without all trial-and-error or by taking advantage of the money and skewing test results. Along with that, another ethical issue involves whether pharmaceutical research is made toward further knowledge or to produce future profit. This is a concern in the pharmaceutical industry because companies with the intent of only making profit can possibly leave out vital information about their product, which in turn, can seriously hinder the reputation of both the product and the company itself (Helsom, 2010). Another problem in the industry relates to experimental testing and recruitment of participants of these tests. Participants of experimental testing must be informed of the purpose of the research, and any possible effects the test can leave on the participant. Unfortunately, some participants come from low-income areas and will participate in an experiment regardless in exchange for food or money (Dogra, 2012). Other ethical issues involved in the industry are bias relationships between physicians and pharmaceutical companies. A physician with a good relationship with one company may be more influenced to prescribe their patients with that company's product, even if there are other products better suited for the patient. While there is some bias, the physician is required to choose products approved by the FDA. By being approved by the FDA, this insures that the product has been researched and tested by multiple groups and provides benefits (Helsom, 2010). By following ethical code, ethical issues can be relieved in the pharmaceutical industry and society.
Dogra, Aastha (February 2012). Ethical Issues in Healthcare. Retrieved from
http://www.buzzle.com/articles/ethical-issues-in-healthcare.html.
Helsom, Larina (January 2010). Ethical Issues Regarding Pharmaceutical Research. Retrieved from
http://healthmad.com/medicine/ethical-issues-regarding-pharmaceutical-research/.
Do you think that ethical issues can really be solved in the long run? To solve these issues, would this hurt the pharmaceutical industry? Say, the drug company didn't influence a doctor to recommend it, how do you think they would ever be bought?
ReplyDeleteDo you think that ethical issues can really be solved in the long run? To solve these issues, would this hurt the pharmaceutical industry? Say, the drug company didn't influence a doctor to recommend it, how do you think they would ever be bought?
ReplyDeleteIt really is scary how in the Pharmaceutical industry a small ethical mistake can lead to big problems. Like not labeling something properly, or inadequately informing testing participants, both can lead to harsh lawsuits. Lawsuits which would mean big compensations from the companies.
ReplyDeleteI agree that by following the ethical code, ethical issues can be relieved from the industry. However, that is never going to happen in my opinion. Companies, especially in the pharmaceutical industry, are always competing with each other. Sometimes it is very difficult to compete with a brand because they are selling the exact same product as you with a different name. Companies feel the need to promote themselves in a different way to distinguish them from their competitors. A lot of companies choose to make unethical decisions in order to get themselves ahead in the industry. They will sometimes prey on low-income people to test their products because they know that these people will do almost anything for food and money. They will use many different means of persuasion to get doctors to prescribe their medication, as oppose to their competitors. Although it is not considered the right thing to do, it is how many companies function especially in pharmaceuticals to get themselves ahead.
ReplyDeleteI think that ethics is important to the industry and may help the corporate image just like the situation that unfolded with Johnson and Johnson regarding the Tylenol recall. It is important only to the degree of which company we are going to recommend, if it is a market leader and would insure the highest returns than I don't believe we should focus too much on the ethical stronghold of the company. However, if we end up recommending a smaller company with greater ethics we could emphasize the benefits of a good public image regarding its ethical policies. It should also suggest that any company that follows or goes beyond the industry regulations and still makes a reasonable return should be considered as they would respond better should there be change in regulations.
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