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Business Ethics and American Corporations

Business Ethics and American Corporations. Group III- Bhagaloo, Estrada, Meacham, Raghunauth, Villa. Can You Trust Your Pharmaceutical Company?. Merck Where patients come first?. F a c t s. FACT: Merck was aware of the risks before launching product . F a c t s .

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Business Ethics and American Corporations

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  1. Business Ethics and American Corporations • Group III- Bhagaloo, Estrada, Meacham, Raghunauth, Villa Can You Trust Your Pharmaceutical Company?

  2. MerckWhere patients come first?

  3. F a c t s • FACT: Merck was aware of the risks before launching product

  4. F a c t s • FACT: Merck invented a game called “dodge ball” to teach drug representatives how to evade doctors’ tough questions about the safety of Vioxx.

  5. F a c t s • FACT: delayed strengthening Vioxx’s warning label to make an extra $229 million in profits.

  6. Result • 88,000-139,000people suffered from heart attacks or stroke • As many as 40 percent of these people, or about55,000diedas a result • On September 30, 2004 Merck announced the “voluntarily” worldwide withdrawal of VIOXX from the market

  7. Catholic Social Teaching: • “It is imperative that no one, out of indifference to the course of events or because of inertia, would indulge in a merely individualistic morality. The best way to fulfill one's obligations of justice and love is to contribute to the common good according to one's means and the needs of others, and also to promote and help public and private organizations devoted to bettering the conditions of life.” - Gaudium et Spes:Second Vatican Council, 1965 • “Primary goal of any business enterprise should be the well-being of the human person, not the pursuit of profit.” • Companies should make choices to protect and promote the interests of others, not just their own.

  8. Making an Ethical Decision • After being presented with various documents emphasizing the negative side effects, Vioxx should not have been released • If Merck considered their consumers rather than increasing revenue, 55,000 people would still be among us.

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