In the world we live in two of the most important things are business and ethics. Most people think it is contradicting to use business and ethics in the same sentence. People thing business is all about making money that if you are not making money than the business is not successful, such as in the case of Arthur’s Ethical Dilemma. Also, people think that ethics is just about doing the right thing. Business and ethics together is what is the driving force to product a successful business. Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently” (Brainy Quotes). In the case of Arthur’s Ethical Dilemma, Arthur was a man trying to save his dying wife.
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Questions are, is the pharmacist morally and ethically wrong for selling his product for that particular high price. Morally and ethically it is wrong to raise prices during a crisis that is called price gouging. In the case of the pharmacist and Arthur this would not be price gouging. One of the main reasons that the pharmaceutical market has high prices is for research and development of new products to put on the market. The pharmaceutical markets are the majority ones taking all of the risk. They are the one testing the prototype products, which take many years and funds to do. Plus after the final product hits the market they might have to have expensive for legal fees also. For example, if I were to turn on the television during commercials many of the commercials are advertising new drugs on the market or advertising for an attorney for lawsuits against any of those pharmaceutical companies. Additionally, other factors that lead to increased is uninsured or underinsured people. Although we can only assume this might have an effect in the case of Arthur’s Ethical Dilemma, this would definitely make an impact on the pharmaceutical market. As the Bill White states, “those who lack adequate insurance … creates the blow-back effect of those who can afford medical coverage being charged more to make up for those who can’t” (White). Some of this blowback effect is set up by past presidential administrations and the Affordable Care Act. This act turned out to harm Arthur by hiking up the price to pick up the tab for others who are uninsured or underinsured, which to me is another ethical issue. It is unethical to have a governmental package to force someone like Arthur to pay for any pharmaceutical to pay a higher rate just to pay for someone else’s pharmaceuticals also. Finally, one of the last main things that can affect drug prices is a company or person who invents the
Questions are, is the pharmacist morally and ethically wrong for selling his product for that particular high price. Morally and ethically it is wrong to raise prices during a crisis that is called price gouging. In the case of the pharmacist and Arthur this would not be price gouging. One of the main reasons that the pharmaceutical market has high prices is for research and development of new products to put on the market. The pharmaceutical markets are the majority ones taking all of the risk. They are the one testing the prototype products, which take many years and funds to do. Plus after the final product hits the market they might have to have expensive for legal fees also. For example, if I were to turn on the television during commercials many of the commercials are advertising new drugs on the market or advertising for an attorney for lawsuits against any of those pharmaceutical companies. Additionally, other factors that lead to increased is uninsured or underinsured people. Although we can only assume this might have an effect in the case of Arthur’s Ethical Dilemma, this would definitely make an impact on the pharmaceutical market. As the Bill White states, “those who lack adequate insurance … creates the blow-back effect of those who can afford medical coverage being charged more to make up for those who can’t” (White). Some of this blowback effect is set up by past presidential administrations and the Affordable Care Act. This act turned out to harm Arthur by hiking up the price to pick up the tab for others who are uninsured or underinsured, which to me is another ethical issue. It is unethical to have a governmental package to force someone like Arthur to pay for any pharmaceutical to pay a higher rate just to pay for someone else’s pharmaceuticals also. Finally, one of the last main things that can affect drug prices is a company or person who invents the