Should pharmaceutical companies provide affordable/accessible drugs to less affluent communities? There are several downsides to ‘accommodating’ these communities-a loss of profit is almost guaranteed. However, if a company discovers a helpful drug, is it not their duty to make it available to as many people as possible? From Friedman’s point of view, the goal of the company would be to make a profit-the company would offer it’s drug to those willing to pay. Members of the company could still practice “social responsibility” by donating the drug to those in need, but with their own personal funds. If the company took a purely profit driven approach to selling/supplying the drug, those members of the company would benefit financially, which could mean more money available to assist the needy. I think this approach is effective if those who benefit from the sales use their personal earnings to help those who missed out on the drug.
In the article below, the drug was initially tested on those living in poorer countries. Should the company give test patients a glimpse of a drug that improves their health, and then not offer it in their countries because the majority cannot pay the premium price?
http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html
This is a really insightful response to quite a controversial issue! From an economic point of view, if the company wishes to maximize its profits, they would solely adhere to those who could pay. Those who aspired to practice “social responsibility” could indeed voluntarily offer the drug to those who cannot pay but who is to say that this would occur in every pharmaceutical environment? Without a doubt, there are people with generous hearts who wouldn’t mind using their own salary to help those in need. However, the issue with this is that society ends up relying on these generous individuals to follow through with providing drugs to the sick. This could result in a long-term problem because those who aren’t motivated to donate will not be viewed any differently because there is no public pressure. This may incline many members to become ignorant to this debated dilemma. My suggestion would be that there be a separate sector within the pharmaceutical field that is open to assisting the less affluent. Those want to help can work in a distinct company who works in assisting these people. It’s imperative in every society to help those who require health assistance!