Medication and healthcare is a regular aspect for unfortunately, quite a number of people. Just like any other basic necessities in life, any burden to its availability can severely restrict the quality of lives for those who depend on it. Just like practically everything, medication and healthcare is directly connected with the world of business. In fact, according to PricewaterhouseCoopers, the healthcare sector is one of the most impacting industries in society. (Pricewaterhouse Coopers) I mean, lives literally depend on the healthcare sector. Thus, it is crucial business ethics play a heavy role in this industry as if the industry gets too out of hand or crosses the boundary too far, lives can be held at stake. Just last year in 2016, Martin Shkreli made international headlines as his pharmaceutical business disregarded ethical business choices and skyrocketed the price of the drug Daraprim, which is used in the treatment of AIDS and cancer patients, from $13.50 to $750 overnight just because he was able to do so. (The Guardian) This decision severely impacted many Americans who were already suffering from serious illnesses and diseases as now more of their personal finances had to be directed to their basic need of medicine all for the sake of corporate greed. Sadly, some Americans were not even able to afford Daraprim either due to issues with their insurance companies or the simple fact that Shkreli increased the price of the drug by 1800%. (The New York Times) As an acquaintance of a few CEOs of Canadian mining and commodities firms, I have learned first-hand how damaging unethical business choices can be to society especially if said choices are applied to corporations associated with basic resources such as hydro and medication as since commerce connects the world together, by filling this connection with unjust practices, the consequences of unethical business choices only accumulates to affect more individuals and groups. In my opinion, it is simply absurd to value financial gains over the basic livelihoods of others. Although Mr. Shkreli’s monopoly may not suffer from the R. Edward Freeman’s Stakeholder Theory, which dictates that for a business to survive it must create value for their customers, suppliers and other partners, I believe it is still a duty as a valuable member of the commercial world to connect society through commerce and advance the progress of humanity rather than deteriorate the lives of those who are already suffering for a few extra zeros in a quarterly financial statement.
Text References:
– https://www.pwc.com/us/en/health-industries/top-health-industry-issues.html
– https://www.youtube.com/embed/bIRUaLcvPe8
Imagery Source:
http://money.cnn.com/2016/08/25/news/economy/daraprim-aids-drug-high-price/index.html