The current event I will be using is an excellent representation of how business ethics and morals can conflict with the pursuit of profits. Martin Shkreli, CEO of Turing Pharmaceuticals, recently raised the price of a drug relied upon by AIDS patients. This was not a small raise in price; Shkreli raised the price astronomically, from $13.50 to $700 a pill. The instant question I had when reading of this, was what makes Shkreli thinks that this is okay? For as quick as the mainstream media was to crucify him, this was not a clear-cut case of greed as it may appear. Shkreli claims that the extra money received from the rise in price will mostly be used for research and development in order to make improvements to the drug. Additionally, the
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As I mentioned earlier, Shkreli beliefs society will benefit from R&D. However, Utilitarianism is supposed to provide the most benefit to the largest number of people. This is certainly not the case. The medication will cost patients more and restrict a large number of patients. Additionally, the added financial stress from the medication accentuates whatever illness the patient may be facing. Also when faced with the question of why such a steep price raise, Shkreli is arrogant and has an “in your face mentality” which leads me to believe he does not care about the net benefit for society. However, there are some similarities between Shkreli’s decision to raise the price and Utilitarianism. First, Shkreli is spending money to improve the medication, which will still benefit society. Also, Shkreli claims that the pill will be provided for free to those who need it and can’t afford this. If this were somehow true, the benefit to society, especially those of low income would be …show more content…
This allows us to benchmark how in line the standards are with the actions of the individual. When simply evaluating morals, there is no basis for determining how well the decision was made. We all have our predispositions, were brought up differently, and have certain beliefs that were developed as we grew. For this reason, there is no decision made specifically off of your moral beliefs that is the “wrong decision”. However, with ethical standards this does not hold true being that there is a standard outline of each ethical behavior standard, which can be evaluated. Contrary this, ethical standards do not take in to account our beliefs on what is the best decision with regard to how we are raised. A decision may be ethical in the traditional sense, but can go against our morals and what we think is right. For that is why ethical standards are more applicable in the business setting, where they can be followed by every employee whereas with morals, it varies from employee to employee and is harder to analyze decisions that were solely based off of an individual’s
As I mentioned earlier, Shkreli beliefs society will benefit from R&D. However, Utilitarianism is supposed to provide the most benefit to the largest number of people. This is certainly not the case. The medication will cost patients more and restrict a large number of patients. Additionally, the added financial stress from the medication accentuates whatever illness the patient may be facing. Also when faced with the question of why such a steep price raise, Shkreli is arrogant and has an “in your face mentality” which leads me to believe he does not care about the net benefit for society. However, there are some similarities between Shkreli’s decision to raise the price and Utilitarianism. First, Shkreli is spending money to improve the medication, which will still benefit society. Also, Shkreli claims that the pill will be provided for free to those who need it and can’t afford this. If this were somehow true, the benefit to society, especially those of low income would be …show more content…
This allows us to benchmark how in line the standards are with the actions of the individual. When simply evaluating morals, there is no basis for determining how well the decision was made. We all have our predispositions, were brought up differently, and have certain beliefs that were developed as we grew. For this reason, there is no decision made specifically off of your moral beliefs that is the “wrong decision”. However, with ethical standards this does not hold true being that there is a standard outline of each ethical behavior standard, which can be evaluated. Contrary this, ethical standards do not take in to account our beliefs on what is the best decision with regard to how we are raised. A decision may be ethical in the traditional sense, but can go against our morals and what we think is right. For that is why ethical standards are more applicable in the business setting, where they can be followed by every employee whereas with morals, it varies from employee to employee and is harder to analyze decisions that were solely based off of an individual’s