Nobody downloaded yet

The Principle of the Medical Industry - Term Paper Example

Comments (0)
The paper 'The Principle of the Medical Industry' concerns the medical industry which is one in which there exists a great deal of competition that has a rather peculiar nature. Companies manufacturing medicines, drugs, and supplements cannot and surely should not, compete with others on prices…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
The Principle of the Medical Industry
Read TextPreview

Extract of sample "The Principle of the Medical Industry"

Download file to see previous pages The practices of recommendations through incentives is a major ethical issue that needs to be curtailed. It is important for the three firms to reorganize their acts and put on a higher degree of professionalism when it comes to competitiveness. It is this way that will lead to lesser unethical practices where there will be lesser stealing of product formula and incentive recommendation practices by the three firms leading to a civilized pharmaceutical industry that other firms will look up to as their model industry.
The three companies selected for this discussion are Novartis AG, GlaxoSmithKline Plc and Pfizer Inc. These companies are the three largest pharmaceutical companies in the world employing over 300,000 people across the world and sharing more than $150 billion in revenues between them. The three firms are very innovative and compete with each other on their brand equity and image.
Ethics is defined as the standards that enable one to tell the difference between right and wrong. Thus, ethics is a standard that can vary for each individual, company or entity. The ethical standards of a truthful and honest person will be higher than that of a regular liar. Ethics is what enables one to judge something as right or wrong. It is highly qualitative and as mentioned earlier, can differ greatly for two entities (Framework for ethical thinking, 2009).
Focusing constantly on innovation and quality, it is not possible for any of these firms to engage in quality compromise as it would not only be detrimental to human life but would also endanger their future existence in the market. Thus, ethics is one of the most important pillars of operations in the pharmaceutical industry. However, this quality is not religiously practiced when it comes to competition. Novartis, Pfizer, and Glaxo manufacture a wide variety of medicines and drugs that are cures for the same diagnosis: the only differences lie in the names of the drugs.  ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Principle of the Medical Industry

Microeconomy principle

... + 3Qa 400= 3Qb + Qa (-3) 250 = Qb + 3Qa -1200= -9Qb -3Qa -950= -8Qb Qb= 118.75 400= 3(118.75) + Qa Qa= 43.75 Price A 250- 43.75= 206.25 Price B 400-118.75= 281.25 Total revenue PaQa+PbQb 206.25*43.75 + 281.25*118.75= 42421.9 The Quantity for each country: Qa= 250 – Pa Qb= 400-Pb References Chakravarty, SR 2009, Microeconomics, Allied Publishers, Mumbai. Mukherjee, S 2007, Modern Economic Theory, New Age International, New Delhi. Schmalensee, R, Armstrong, M & Porter, RH 2007, Handbook of industrial organization, Volume 3, Elsevier, Amsterdam.... Answers: a) First degree price discrimination refers to the type of price discrimination in which the buyer isable to pay the price the seller demands. The buyers are willing to pay the price fixed...
4 Pages(1000 words)Essay

Medical Aesthetics Devices Industry

...To ascertain the reasons for such an urgent change in segmentation niches in the industry. Background of the Research The aesthetics medical industry did not start as an independent industry. It was solidly part of the larger pharmaceutical industry that carries a larger section of the medical industry as a whole. Some of the market segmentation and operations in this industry have been adopted from the larger pharmaceutical industry and therefore the principles used are pharmaceutical principles. For instance, markets for Over the Counter Medicines...
10 Pages(2500 words)Assignment

Economic principle

...? Economic Principle Table of Data   Australia USA Qatar Total population  23,298,022  313900000  2051000 GDP/capita 23945.72 USD  49965.27 USD  102700 Labour force  11639200  154839000  1320000 % of population working in agriculture  3.3  0.7  2.3% % of population working in industry  21.6  20  51.8% % of population working in service  75.1  79.3  45.7% % of population living below the poverty line  12.5  14.8  0% Exports commodities  coal, crude petroleum, copper, liquefied natural gas, iron ore, meat, gold, wool, wheat, alumina   Industrial Supplies, automotive vehicles, Consumer goods, capital goods Capital Goods and components Food and beverages  Liquefied Natural Gas Petroleum...
6 Pages(1500 words)Essay

3D Printing In the Medical Industry

...? 3D Printing In the Medical Industry Content Content 2 Key Words 4 Introduction 5 Development of 3D Printing 5 2 Dominant Companies in the 3D Printing Industry 10 3 Specific Application of 3D Printing in the Medical Industry 11 Conclusion 12 Bibliography 13 Appendices 14 Abstract Since the invention of 3D printing technology in the 1980s, there have been tremendous contributions to the manufacturing industry. The steady development of this technology has enabled the development of ‘ground-breaking’ prototypes in automotive, aerospace, medical and other industries. This report sought to determine the...
7 Pages(1750 words)Essay

Precautionary Principle

...Barrier Reef is on the World Heritage List). Reasoning his decision the judge also noted that although the Minister did not refer to the precautionary principle he did consider the issues mentioned in previous scientific studies. In upholding the validity of the Minister's decision to give the consent the judge also stated that "none of the grounds advanced for challenging the Minister's decision to give consents under the World Heritage Act has been made out" (55 FCA 1997). Fisheries Case Implementation of the precautionary principle in fisheries management in Australia primarily relies on the following principles: sustainable resource management, achievement of environmental goals,...
14 Pages(3500 words)Essay

Beneficiary Principle

...intended to give the said shares of stock to Joe. RSCPA is entitled to the shares in Smallco Ltd. This is in accordance with Grant's valid will, giving the rest of his estate to RSPCA, which is a registered charity. Since the state does not recognize the principle of "legitime" or "forced heirship", it is the will of the decedent that should be followed in the distribution of estate. By virtue of this provision in Grant's will which gives effect to the principle of residuary devises, all monies and properties of Grant that did not pass to some particular beneficiaries shall be given to RSPCA. c.) Grant's telephone conversation with Tom during his lifetime regarding the trust has no legal effect...
4 Pages(1000 words)Case Study

Moral Principle

...Morality of actions is one of the important aspects of moral philosophy dealing with the way we perceive morality of the actions and their consequences. There are different approaches, which deal with how we may negotiate with different actions and their morality. However, underlying principles may be different for each approach. What is also significantly important to understand that individual and collective responses to each action and to judge that action’s moral standing is deeply rooted into the generally held beliefs of rationality of individuals and the society as a whole? This paper will present a moral principle based on the moral examples of good and bad and to make its comparison with...
6 Pages(1500 words)Essay

Rhetoric Principle

...Rhetoric Principle: Invest To Avoid Dying Poor If you demand a desperate person in life from me, I will avail two; a person who is unemployed and has not ventured into business and a person who is retired and never invested when he or she was earning. It all goes without saying that employment does not solve future needs if the earned salary is not put into a system than can replicate the resources (Hassett, 2008). It does not matter how much one earns, it matters how much one saves and ploughs back after paying bills. The wisdom of saving lies in the parable of a grain of wheat where one has to willingly allow the best seed to rot underground so as to get more in harvest. It is, therefore, wise for employed people to...
1 Pages(250 words)Essay

Management principle

...Management Principles SECTION A Question ONE: Leadership and its Importance in Effective Management. Effective management of any organisation that has goals requires a visionary, focused and effective leadership. Leadership is act of being in a position of bringing different heads together and guiding them towards a particular way in order to achieve a given goal. It involves the leader stepping up to a higher position and setting up a common objective, convincing the followers to follow and structuring strategies of achieving that set vision. This is a very key component in effective management as good leadership unites the diverse members and contradicting interests can be brought at a common level ground so that the...
3 Pages(750 words)Essay

Subsidiarity Principle

...that the principle is labeled a “success”, it does have a long way to go. Federalism: The policies that a decentralized political arrangement has to offer, is found to be quite attractive among especially among the multi – ethnic nations including the likes of South Africa, Nigeria, Rwanda to name a few. The reason being, such political arrangements allow the people belonging to culturally diverse nations, the liberty to live a good public life as well as the freedom develop and maintain their own distinct communities within the context of a larger and more powerful political economy. With the emerging trends of globalization and industrialization whereby the nations such as United States of America as...
16 Pages(4000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic The Principle of the Medical Industry for FREE!

Contact Us