Business and Society Essay
The Research & Development department are working on a novel breast cancer drug to treat for millions of people in the StarAlphaMedicines company’s core market in Europe and the US. In Europe these kinds of clinical trials are rather lengthy and very costly to conduct. As a result, the company faced falling of profit and share price. Consequently, the CEO suggests carrying out the trials in country X. The government of country X not only provides more favourable conditions but also it will be relatively easy to recruit participants.
However, currently undergoing clinical trials of drug cannot yet rule out the occurrence of harmful side effects. As a board director, I need to do some analysis to prove my decision. Key stakeholders and main issues StarAlphaMedicines company: the novel breast cancer drugs are being studied in order to provide breakthrough treatment for millions of people, and to improve market competitiveness and thus to gain more profits for the company. Government: in view of the state of the company’s financial difficult, the further clinical trials have to move a developing country X in Asia.
This clinical healthcare project can help driving the comprehensive utilization of medical resources and promoting medical development. Community: the
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Therefore, it will help to relieve people from pain after the novel breast cancer drug approval. The company will gain more customers and more profit. Employees: research personnel are truly eager to conduct research. As employees they might have an interest in the prosperity of the company. Manager: I need to act a board director of company, due consideration must also be given interests of company, but I might also want to do ‘the right thing’. TWO ethical theories Consequentialism/Utilitarianism
According to Crane and Matten (2007:94), ‘utilitarianism’ may be defined as an action is morally right if it results in the greatest amount of good for the greatest amount of people affected by the action. The utilitarianism refers to the ‘greatest happiness principle’, its contribution to happiness or pleasure for the largest number of people. Because it concentrates exclusively on the consequences of an action, however, a good result is always accompanied by some bad thing. These purposes are order to maximize pleasure and minimize pain, and it must be to weigh the good results against the bad results.
Accordingly, the final result of these moral values depends on whether it will benefit the majority of people. Depends on utilitarian analysis might justify a single and correct decision by analysing two possible actions. It can help to make sure a greater number of people would benefit from this solution and be assigned each person involved. Action 1: approve of the CEO’s suggestion If these new drug are exploited successfully, it will be beneficial to help the greatest number of people that they suffer through a long illness. It will give them ‘greatest happiness’.
The company has more opportunities to make more profit and to attract more customers as a result to improve market competitiveness. The medical treatment of country X will be improved remarkably, due to the company carries out a large part of the trials in country X. However, these qualitative studies try to promote cooperation and mutual understanding and friendship between the two countries. In X a significant proportion of poor women suffer from breast cancer and therefore company will be relatively easy to recruit participants for the trial.
It will conduce to shorten the time of clinical trials and reduce costs. Above all the new breast cancer drug comes into the market as soon as possible that can help those who need it. If these drugs free from side effects, it perhaps can help to get rid of the disease for poor people. Community might not be greater harm and impact. Because government introduce to new drug clinical research technology will eventually help many people and promote the local community economy. But if these drugs were found to have side effects, the media and the community will be large harm.
As the local media is the actor the role of social criticism, so they will crack down on and criticized the StarAlphaMedicines company. Leading to the minority of people argue against the company of clinical trials into the country X. The company also might be able to lose a few unhappy customers. Therefore, there are two possibilities. As a board director who holds shares of stock in a corporation. This proposal can help company tide over this difficulty. I will get the better from it. But I might also get a guilty conscience.