The rise of globalization increases managerial pressures of integrating the country standards of moral codes and conduct in decision-making process (Deresky, 2014). They should understand the influence of culture on such ethical standards and train employees on this subject to avoid future conflicts due to misinterpretation (Deresky, 2014). Further, companies must value social responsibility towards stakeholders, customers and environment in order to sustain in the marketplace (Deresky, 2014).
It is appropriate for Novo Nordisk to conduct clinical trials as first, in terms of economical aspect; clinical trials in India an emerging economy would save the company costs due to cheap labor and provide them a diverse market with different genetics …show more content…
As, ethical issues often relate to violation of legal requirements as per different countries laws and procedures. In terms of business ethics, the company should be able to provide for its stakeholders however, it should not use unethical standards associated with it (pg.8). For example, with the Helsinki declaration, a company is able to perform its ethical duty of informing patients and attaining their approval (pg.4). By doing this, the company avoids future issues associated with restraining information from patients. The company would not face any legal issues as the patient provided consent of performing the trail and was aware of the potential dangers. Further, when a company markets drugs proved scientifically effective with valid data and approval from professional bodies, they provide safety to customers through accuracy and awareness of successful tests conducted on the particular drug (pg.5). Eventually, the company prevents itself from losing its license to operate in the market by avoiding conducting tests that do not meet the ethics standards (pg.5). In the end, when a company follows ethical standards and aligns them with the business strategy it avoids future legal issues for the
It is appropriate for Novo Nordisk to conduct clinical trials as first, in terms of economical aspect; clinical trials in India an emerging economy would save the company costs due to cheap labor and provide them a diverse market with different genetics …show more content…
As, ethical issues often relate to violation of legal requirements as per different countries laws and procedures. In terms of business ethics, the company should be able to provide for its stakeholders however, it should not use unethical standards associated with it (pg.8). For example, with the Helsinki declaration, a company is able to perform its ethical duty of informing patients and attaining their approval (pg.4). By doing this, the company avoids future issues associated with restraining information from patients. The company would not face any legal issues as the patient provided consent of performing the trail and was aware of the potential dangers. Further, when a company markets drugs proved scientifically effective with valid data and approval from professional bodies, they provide safety to customers through accuracy and awareness of successful tests conducted on the particular drug (pg.5). Eventually, the company prevents itself from losing its license to operate in the market by avoiding conducting tests that do not meet the ethics standards (pg.5). In the end, when a company follows ethical standards and aligns them with the business strategy it avoids future legal issues for the