Business Ethics

It is ethical for the public to have a different perception of industries since they are
unequal even in a world of free trade. Industries are treated fairly or unfairly depending on their
roles in human development. If a given industry poses a risk to the consumers, it is treated
unfairly compared to that which provides benefits. The pharmaceutical industry plays a
significant role in improving the lives of its customers throughout their life span by providing
lifesaving solutions.
I will advocate for the pharmaceutical industry. The primary aim of most industries is to
maximize profits while minimizing costs. However, the pharmaceutical industry has an
obligation to save lives and therefore provides the products, whether it is making profits or not
(Teg & Rupesh, 2019). Secondly, the industry shares intellectual property devoid of impacting
the sales of products to the people who can afford them. Relinquishing intellectual property to
the poor states does not affect profitability. Any company’s bottom line is to make profits for its
sustainability in a competitive market. Sacrificing the bottom line makes the pharmaceutical
industry special. Thirdly, the industry benefits from government funding due to the assumption
that it is prone to reciprocity standards (Teg & Rupesh, 2019). Therefore, the industry’s moral
obligation to the public makes their fair perception more relevant and legitimate.
More so, the pharmaceutical industry can cater to both its interest and that of the
customers. By creating a broader market, the companies increase their sales and profits while
helping more customers remain healthy and productive. Besides, the companies provide products
at affordable prices to all people across social classes, fulfilling the moral obligation of saving
lives and developing novel treatments (Bhide & Shetty, 2017). The pharmaceutical industry can

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also establish good relations with investors to motivate them to reduce product prices. Such
allows them to distribute medicine and fulfill consumer demands at discounted prices while
making the desired profits.

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Reference

Bhide, S. G., & Shetty, P. (2017). Productivity Analysis — Study of Indian Pharmaceutical
Industry. International Journal of Business Insights & Transformation, 11(1), 16–21.
Teg A., & Rupesh, R . (2019). Trend analysis of cost efficiency for the
Pharmaceutical industry: A DEA approach. Management Science Letters, 9(5), 749–754.