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The Principle of the Medical Industry - Term Paper Example

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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…
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The Principle of the Medical Industry
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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
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