Paper Example on Valeant CEOs' Unethical Practices: Price Gouging, Corporate Corruption & More

The “Drug Short”, a dirty money series features corporate corruption and immoral games played by Valeant Pharmaceuticals to get money in an immoral way. Valeant CEO’s had a drug price strategy, growth model, as well as accounting approaches that are not ethical in all aspects, especially to its patients. The first ethical concern, from Valeant’s practices of price gouging, is the unlawful exploitation to the patients. For instance, patients used to take Syprine, a drug made by Merck Pharmaceuticals, with a price of only $1,395 within a whole year in 2013 (Erin, 2018). However, after Valeant purchased Merck Pharmaceuticals, the cost hiked to a whopping price of $21,267 in 2017 (Erin, 2018). The vital apprehension is that it is totally unfair for a seller, like Valeant Pharmaceuticals, to take advantage of the patient’s vulnerability in deriving lopsided profits to its management.

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Additionally, Valeant Pharmaceuticals CEO’s violated their ethics by attempting to rip-off health insurance companies by damaging the integrity of insurance paying system (Erin, 2018). The company intended to again gain disproportional benefits from the suffering patients. The attempt could put suffering patients who were unable to pay in danger of fatal outcomes and eventually, more deaths, which was a perfect violation of company ethics.

Role of the Government Towards the Pharmaceuticals Business

Pharmaceuticals business is intricate and requires some regulations from the governments to protect the public from the deleterious side effects of harmful drugs. Based on AAA’s Principles of Professional Responsibility State, one intervention is to do no harm (American Anthropological Association, 2012). With this regulation, the experiments regarding pharmaceuticals should avoid harm to dignity, and bodily and material well-being, as well as other consequences. The government has a role in upholding this intervention to avoid consequences such as in the case of syphilis experiments of Guatemala (Journeyman Pictures, 2011). Also, the business should involve openness and honesty. Government’s regulation regarding the principle will assist in tracking fraudulent prices as depicted in the case of Valeant Pharmaceuticals. Additionally, the principle of informed consent is beneficial, and the role of government is to ensure it gives permits to pharmaceutic business activities, and that there is informed consent for participants in case of hums experiments. Thus, all the government regulations based on AAA’s principles are dependable.

References

American Anthropological Association. (2012). Statement on Ethics: Principles of Professional Responsibilities. Arlington, VA: American Anthropological Association.

Erin, L. (2018, January 26). “Drug Short” Subject: Valeant Pharmaceuticals [Video]. Netflix. https://www.netflix.com/ke-en/title/80118100

Journeyman Pictures. (2011, July 11). The Frightening Legacy of US Syphilis Experiments in Guatemala [Video]. YouTube. https://www.youtube.com/watch?reload=9&v=nha9MsSSKvE&feature=youtu.be