Profit vs. Ethics in the Big Pharma View of Business

June 09, 2023  •  Leave a Comment

From a strictly financial perspective, it may be considered a good business strategy for a pharmaceutical company to generate billions of dollars in profits for a particular product, even if they end up paying millions of dollars in fines or lawsuits. However, this viewpoint does not take into account the ethical considerations and potential harm that may result from the company’s actions. We have seen this play out many times in recent years as some very large pharma corps have been fined substantial amounts, but are still allowed to operate and profit. I am not sure how this works exactly, so I did some research.

I would think that it is important for companies to operate with integrity and ethical principles, and to prioritize the safety and well-being of their customers. When companies engage in practices that result in harm or violate regulations, they may face legal consequences and negative publicity that can damage their reputation and erode public trust.

Furthermore, paying fines or settling lawsuits does not necessarily address the underlying issues that led to the misconduct in the first place. Companies should focus on improving their practices and ensuring that their products are safe and effective, rather than solely on maximizing profits. However, we all pretty much know that in the US world of healthcare, most of the money is gained in treating the sick rather than preventing illness. Money talks and bullshit walks.

In summary, while generating significant profits may be a goal for many companies, it is important to consider the ethical implications of their actions and prioritize the safety and well-being of their customers. Engaging in misconduct that results in fines or lawsuits may not be a sustainable or ethical business strategy in the long run. In spite of this concept, big pharma has done pretty well for itself, especially during the recent COVID-19 pandemic where record profits were reported, while being exempt from any liability from its mass distribution of products to counter its infection.

Pharmaceutical industry gets high on fat profits - BBC News

References:

https://www.bbc.com/news/business-28212223

https://www.bizjournals.com/triangle/news/2016/03/31/gsk-pfe-bms-nvs-pay-most-in-fines.html

https://www.pharmaceutical-technology.com/features/these-were-the-biggest-pharmaceutical-deals-in-early-2022/

I write often about topics that affect our health and well-being. Additionally, I teach and offer lecture about qigong, tai chi, baguazhang, and yoga. I also have hundreds of FREE education video classes, lectures and seminars available on my YouTube channel at:

https://www.youtube.com/c/MindandBodyExercises

Mind and Body Exercises on Google: https://posts.gle/aD47Qo

Jim Moltzan

407-234-0119

www.MindAndBodyExercises.com

www.Amazon.com/author/jimmoltzan


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