Not All Companies Are Viewed as Equal- The Pharmaceutical Industry

Not All Companies Are Viewed as Equal- The Pharmaceutical Industry

Advocating for the Consumer

The pharmaceutical industry is one of a few industries that are very sensitive and most targeted. The pharmaceutical industry has many players who compete with one another, and the competition could be disadvantageous to the consumers. Owing to the sensitivity and the dangers some drugs pose, consumers are more disadvantaged in this industry. Thus, I advocate for ethical considerations that focus on protecting the consumers rather than the industry.

Reasons for Supporting the Consumer

Reason 1: The first reason why I believe that consumers need protection in the pharmaceutical industry is that it is the industry players or manufacturers who understand the chemical components of the pharmaceutical products they make. However, the consumers have no idea of the chemical components, but they rely on the experience and word of mouth about the effectiveness of certain drugs.

Supporting evidence: The industry players compete by manufacturing similar products but using different methods and components. When the products are brought to the market, the consumers do not know which products are genuine and safe. Consumers end up buying products that are unsafe and of poor quality.

Reason 2: In the pharmaceutical industry, more focus should be directed towards consumer protection than industry because some industry players “greenwash” their products to entice more consumers to buy them. Greenwashing is the act of providing false information or providing misleading information on how the firm’s products are environmentally friendly. However, only a few of these products are purely natural and have little if not no side effects.

Supporting evidence: Currently, the pharmaceutical industry is full of firms that claim to make natural pharmaceutical products that promote effectiveness. However, a few of such products are natural and safe.

Reason 3: Pharmaceutical industry is among the many industries with irresponsible players who want to take advantage of the consumers’ ignorance to make huge incomes on little investments. The ignorance of the consumers could lead to negative health effects for the consumption of unsuitable drugs.

Supportive evidence: Many court cases are awaiting a hearing concerning irresponsible behaviours that firms in this industry have committed. Many consumers have been affected health-wise just because they consumed inappropriate drugs manufactured and displayed by irresponsible people.

Is it possible for a company to cater to both its best interest and that of the consumer simultaneously, or does one always have to prevail?

            Reason 1: A company can cater to both the consumer and its interests. However, for such a company, one thing dominates, and in most cases, this is the company’s interests. No company can forego its interest at the expense of the consumers. The priority is always the company’s interests, and other stakeholders follow later.

Supporting evidence: For instance, if a company cannot sell its products at a lower price, then it will not incur a loss to please the consumers. Rather, a company would prefer to sell its products at a higher price to make profits rather than helping the consumers acquire the goods at a lower price.

Reason 2: Yes, a company can take care of both the interests of the consumers and those of the company itself. This is because either side is very important for the survival of the company.

Supporting evidence: Consumers are important stakeholders for the survival of the firm. Without consumers, the company cannot exist since there will be no market for the goods produced. Likewise, the employees, which is part of the firm’s interests, are very important because they provide the labour force needed to produce.

Reason 3: Yes, the company can fulfil its interest with consumers as long as the management understands and appreciates both. The management should understand that the main aim of the operation is to produce goods that satisfy the consumers; therefore, considering consumers’ interests should not be optional but a requirement.

Supporting evidence: Companies that put their interests and those of the consumers likely succeed. This is because the consumers would develop trust in the company’s goods, and thus, the sales will be sustainable.

References

Consumers International  (2016) Consumer protection: why it matters to you. Retrieved from https://www.consumersinternational.org/media/2049/un-consumer-protection-guidelines-english.pdf

HSU, S et al, (2020). Exploring Consumers’ Interest in Choosing Sustainable Food. Front. Psychol., https://doi.org/10.3389/fpsyg.2020.00489. Retrieved from https://www.frontiersin.org/articles/10.3389/fpsyg.2020.00489/full

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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?

Preparation
Download and review the Week 6 Assignment Template [DOCX]. Use it to assist you with the assignment.
Choose one of the following industries to frame your paper:
The pharmaceutical industry.
The payday loan industry.
Cloning for medical purposes.
Instructions
Write a paper in which you:

Describe the background of the industry and its customer base for which you are framing your argument.
Prepare a sound argument that explains the major reasons you support the industry or the customer with strong supporting evidence.
Justify your beliefs on whether it is possible for a company to simultaneously cater to both its best interest and that of the consumer or if one always must prevail.
Use at least two quality references. Note: Wikipedia and similar Websites do not qualify as academic resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

Determine the ethical considerations for balancing corporate and social responsibilities.