Corporate Responsibility | Homework Helpers

Corporate Responsibility

Aim: Students are to demonstrate a sound understanding of the three viewpoints on corporate responsibility: the classical economic view (exemplified by Milton Friedman), the socio-economic view (the duty to prevent harm within the Kew Garden Principles) and the broad social view (the duty to contribute to society within the KGP). Students should also demonstrate knowledge of the literature on corporate responsibility (including the required readings for this topic shown in the Companion) and its application to business practice.

Don't use plagiarized sources. Get Your Custom Essay on
Corporate Responsibility | Homework Helpers
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

Question Notes :Read the case study, Drug Company Monopolies and Profits (see below).
Firstly, what do the three viewpoints of corporate responsibility (CR) imply with respect to the ethical obligations of the pharmaceutical companies and the extent to which they met these obligations?

Secondly, review the website of the pharmaceutical company, Pfizer, (http://www.pfizer.com/home/) or Johnson & Johnson http://www.jnj.com/responsibility/esg and comment on Pfizer’s or Johnson & Johnson’s initiatives regarding corporate responsibility. Your comments should be of an analytical nature, not descriptive. There are no marks for simply re-tying passages from the website. Your analysis should consider how well Pfizer or Johnson & Johnson meet the responsibilities advocated by the three viewpoints (and literature) on CR through their corporate ethics programs as advocated in their corporate responsibility reports and websites.

Finally, given your review of the literature and analysis of the case, what do you think is the social responsibility of business?

Notes:
Your application of theory to business practice must demonstrate strong skills in analysis. Application requires more than simply describing an example.
you must use references in your essay and you must cite those references both in the text and in an end reference list. Please use the author-date method. Be sure to express the ideas you read about in your own words, but acknowledge their source by citing the reference.
Your essay should have a brief introduction (an introduction should be more than a summary in the future tense) and a solid conclusion (note a conclusion is not a summary in the past tense). The conclusion can relate back to the introduction.
Be sure to read the required readings for the topic of CSR/CR and to make use of the recommended reading as well as the numerous articles as well as the numerous journal articles

 

Case study:
Drug Company Monopolies and Profits
Sources:
Velasquez, M.G. 2012. Business Ethics: Concepts & Cases (7th ed.). Pearson Education Inc., Upper SaIDle River, N.J. (p212).
http://www.guardian.co.uk/society/2006/nov/14/internationalaidanIDevelopment.medicineandhealth (accessed January 17, 2013).
Drug companies in the United States are granted a patent on any new pharmaceutical drug they develop, which gives them a monopoly on that drug for 20 years. Not surprisingly, high monopoly profits (i.e., profits well beyond the average rate of profits in other industries) are characteristic of the pharmaceutical industry. In a 2003 study entitled The Other Drug War II, Public Citizen’s Congress Watch noted that during the 1970s and 1980s, drug companies in the Fortune 500 had average profit rates (as a percent of revenues) that were double the average for all other industries in the Fortune 500. During the 1990s, drug company profit rates averaged 4 times the average profit rates of all other industries, and during the first years of the twenty-first century, drug company profit rates were about 3 times the rates of other industries.
According to the U.S. Census Bureau’s Quarterly Financial Reports, in the first quarter of 2007 and 2008, average drug company profit rates were about 3 times the average for all other manufacturing companies. In the first quarter of 2009, average drug company profit rates were close to 7 times the average for all other manufacturing companies, and in the first quarter of 2010, they averaged close to 3 times the average of other manufacturing companies. In 2010, Johnson & Johnson made a profit of $13.3 billion, the highest in the U.s. pharmaceutical industry.
Drug companies say they need these profits to cover the costs of research for new drugs. But while drug companies put only 14 percent of their revenues into research, they siphon off 17 percent of their revenues into dividends they hand out to shareholders and plow 31 percent into advertising and administration.
A study of drug manufacturing costs (see www.rense.com/general54/preco.htm) found that prescription drugs have mark-ups of 5,000 percent, 30,000 percent and 500,000 percent over the cost of their ingredients. The ingredients in 100 tablets of Norvasc, which sold for $220, cost 14 cents; of Prozac, which sold for $247. 11 cents; of Tenormin, which sold for $104, 13 cents; of Xanax, which sold for $136, 3 cents and so on.
The UK Guardian newspaper reported that people in developing countries are needlessly dying because drug companies and the governments of rich countries are blocking the developing world from obtaining affordable medicines. The reports states that Indian generics firms make most of the cheap drug cocktails that are now being rolled out to people with HIV in Africa and are keeping more than a million people alive. They brought the price of a basic three-drug cocktail down from $10,000 (£5,250) a year to less than $150 (£79). However, new Aids drugs will soon be needed because the virus will become resistant to the basic ones now in use €“ as has happened in the EU and the US. Those newer Aids drugs, together with drugs for cancer and diabetes, are under patent.
The US has pursued its own free trade agreements with developing countries, tying them into tight observance of patent rights. A report by Oxfam says that, the US has also pressured countries for greater patent protection through threats of trade sanctions and that drug firms are fighting to have patents observed. For example, Pfizer is challenging the Philippines government in a bid to extend its monopoly on Norvasc, a drug pressure drug. Novartis is engaged in litigation in India to enforce a patent for Glivec, a cancer drug, which could save many lives if it were available at generic prices and three-quarters of HIV drugs are still under monopoly and unaffordable in poor countries. Oxfam also reported that more than 75% of those who need HIV treatment urgently in developing countries, are still not getting it. Only 8% of children with HIV are on drugs, which cost four times more than those for adults.

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Top quality papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional academic writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

Free revisions

If you feel that we missed something, send the order for a free revision. You will have 10 days to send the order for revision after you receive the final paper. You can either do it on your own after signing in to your personal account or by contacting our support.

On-time delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & confidential

We use several checkers to make sure that all papers you receive are plagiarism-free. Our editors carefully go through all in-text citations. We also promise full confidentiality in all our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

You are welcome to choose your academic level and the type of your paper. Our academic experts will gladly help you with essays, case studies, research papers and other assignments.

Admissions

Admission help & business writing

You can be positive that we will be here 24/7 to help you get accepted to the Master’s program at the TOP-universities or help you get a well-paid position.

Reviews

Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.

Reviews

Revising your paper

Our academic writers and editors will help you with unlimited number of revisions in case you need any customization of your academic papers