Posted at 12.16.2018
The term 'Big Pharma' is a terminology used to make reference to the pharmaceutical industry. The name relates to people's strong perception that it has played a dynamic role in the ever increasing complicity and costs of health care. There is a crisis in medical care sector and it is thought that the Pharmaceutical Companies have empty science and resorted to salesmanship. No reasonable progress happens to be being manufactured in the industry due to the negative perception created by unscrupulous marketing strategies being employed (Archie 2009). Doctors should suggest drugs to patients but are never likely to do advertising with their products and services. The other reality in the event study is the fact that unethical business techniques such as Pfizer's off-label marketing routines and undue affect to medicines that needs to be prescribed by doctors to patient, normally lead to a likely upsurge in the expense of medical services because of the unfair and unleveled competition. The assumption among most people, which is not the truth, is that all pharmaceutical companies take part in dubious marketing practices. The other assumption is usually that the Big Pharma companies sell unethical drugs. However, the truth is that the business sells ethical drugs even although marketing strategies utilized by the business are of questionable standards.
There are lots of problems in the event study. Among the overriding issues is the fact Pfizer Company illegally does the marketing of Neurontin anti-seizer medication. The fact that pharmaceutical industry has decided to lay a lot of emphasis in the marketing of pills and other related drugs rather than developing new essential ones can be an issue of concern too. Drugs businesses have also been accused of marketing drugs for purposes that have not been approved by the renowned medicine and food administration division. Accusations of off-labeling unlawful marketing procedures and other related marketing wrongs also have emerged as a major problem on the market. This is an extremely serious problem which has jeopardized the integrity and moral standards of doctors and the entire pharmaceutical industry.
The 'Big Pharma' companies have been accused of participating in unethical business practices. Medical students have been chosen to companies even before they graduate from their medical schools. This is a likely act of poaching talented skills in the market without following the right recruitment process and laid down types of procedures and policies on the market. Furthermore, methods such as offering doctors underserved holiday packages, expensive gifts and other kickbacks, have been used to compromise the integrity of the industry as doctors who are given these favours are expected to recommend the precise company's drugs thus increasing the performance of the business's in your competition. The expenses of drugs have continuing to skyrocket scheduled to insufficient control of the market practices.
Medical professionals such as doctors, pharmaceuticals, governments and other police businesses, pharmaceutical companies, and the entire community that seek medical services will be the major stakeholders on the market. The government's stake in the case is its responsibility and obligation to ensure that their subject matter receive the right medical services they are entitled to. People have a right to a healthy life and proper medical services. The government also profit through the fees paid by other stakeholders in the pharmaceutical industry.
The doctors' stake in the industry is based on the actual fact that to allow them to develop in their profession and attain do it yourself fulfillment, they have to ensure that the tired people get proper health care. Their incomes and duration of being employed would also be established to a larger degree by the expectations they maintain in the market. Expensive medical serviced would lead to a drop in customers anticipated to very costly services hence low income. The pharmaceutical industry, research institutes and shareholders in the company have an interest of maximizing earnings and making the best profits possible in their various investment funds manufactured in the industry. Unscrupulous and corrupt means working by the pharmaceutical companies and some doctors compromises the integrity and honest benchmarks of the industry. It also leads to decline in the performance of all pharmaceuticals organizations.
Pfizer Company gets the responsibility of making certain it regulates the costs of medical services and products under its type of operation. Good prices would also make more people to get better medical care services since they would be in a position to cover the approved drugs. It also has the ethical responsibility of using moral marketing tactics that would benefit both the company and the city of persons who uses its products. Legally, the business must ensure so it follows the scheduled marketing process, price regulation standards, marketing insurance policies hence fully adhering to the rule of regulation. Such efforts would lead to reasonable competition in the marketing thus other pharmaceutical companies (challengers) on the market could have an chance to compete on a good platform. The government would have the necessary taxes while doctors would live a far more satisfied life with good incomes and pay being received. Proper CSR would assist in facilitating efforts to attain a remedy to medical care and attention problem.
The circumstance mainly involves Pfizer Pharmaceutical Company in its use of very questionable marketing tactics. The business used very unscrupulous methods in marketing the Neurontin anti-seizer drugs and doing off label-marketing of the painkiller Bextra and other medications to be able to lure more customers into using their medicines. Rather than using such unfair and unethical marketing tactics, the business should instead have implemented the standard marketing route of producing medicine and alerting the remedies practitioners through various existing hospital departments of the lifestyle of their medications. It is indeed the discretion of the doctors, upon their lab tests and knowledge, to choose which drugs to prescribe to the patients without the undue external influence.
Various relevant laws and regulations and policies have to be apply. This might ensure easier market control options designed to ensure that any unethical techniques in the industry are curbed. Guidelines about how marketing by pharmaceutical companies should be taken ought to be clearly stipulated. To be able to ensure ethical tactics are honored, education and general population awareness message boards should be carried to the stakeholders. Doctors should also be protected against selfish companies that demand, threaten and push them into prescribing certain company drugs. Control mechanisms of the cost of healthcare also have to be put into place in order to ensure that customers are not exploited by selfish and unscrupulous medical practitioners. Moreover, serious fines and in some instances, nullification of trade licenses should be enforced to companies and specific individuals who use unethical marketing practices.
Archie B. C. Business Ethics: A Brief Readings on Vital Matters, a collection of his columns. Athens Banner-Herald Publishers, 2009