Business Ethics Essay - 1120 Words

All businesses face ethical issues. Some, as they should, see them as an important aspect to be remembered when making a business decision, while others wrongly see them as an inconvenience. Earlier this year, the news was released that the American pharmaceutical company GlaxoSmithKline were fined $3 billion ( £1.9 billion) after bribing doctors to increase their drugs sales. The company admitted corporate misconduct over the antidepressants named Paxil and Wellbutrin as well as the asthma drug Advair. They also admitted to encouraging the prescription of these unsuitable antidepressants to children. Not only was this extremely unethical but also unsafe. Thus, generating profit for the company but also danger for those who were†¦show more content†¦Aware that they were being bribed, they ignored any conflict of moral principles, in order to allow for a spot of golf. However, some were less impressed than others. One psychiatrist complained: The style of the conference would have been suitable for a convention of cosmetics sales reps; this is supposed to be a scientific meeting. To me, the music, lights, and videos are off-putting and a distraction, even demeaning. It is all very well admitting that the events were over the top and unnecessarily extravagant but it may be argued that, by merely attending and succumbing to persuasion, this psychiatrist also played their part. The events held were described by others as â€Å"a wonderful and unforgettable night... a taste of luxury. † Perhaps instead of frittering money away on the glamorous events to attract these professionals, GlaxoSmithKline should have invested or saved the funds spent on the events, which would prevent them from being compelled to break the law unethically. On the other hand, some might say that manipulative companies like this, are always going to be driven to corruption by the prospect of generating a larger profit. GlaxoSmithKline were also expected to admit failing to report safety problems with the diabetes drug Avandia in a district court inShow MoreRelatedBusiness Ethics Essay3440 Words   |  14 PagesThe Moral Compass essay Ethics relates to given principles that govern behavior and conduct of a human being. Business ethics on the other hand is the code of a conduct that a company or an organization abides to in the day to day operations with the public (Conjecture Corporation, 2011). Making profits and high volume sales should not be the only goal of a business, a good reputation to the public is also very important for the survival of a company. This has led to companies formulating theirRead MoreEssay Business Ethics1686 Words   |  7 PagesThe stockholder and stakeholder theories are two popular frameworks used to examine the purpose of business and its ethical obligations. With reference to the quote above, both theories seem rational and enjoy strong support. 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