Vegimind
Your essay will focus on 5 major theories of business ethics: Ethical Fundamentalism
Utilitarianism
Rawl’s Social Justice Theory
Ethical Relativism
Kantian Ethics
You may select any one of these 5 theories to state your position about the following business ethics question/issue.
You will decide whether you want to use your selected theory to determine whether the business in question has behaved ethically or if the business has not behaved ethically.
THE FACTS:
A publically traded, pharmaceutical company has miraculously found a medication that extends the life of elderly people by 5 years. This medication only works on people who are over the age of 90.
Once someone reaches the age of 90, if they do not have any type of malignant cancer, the company guarantees that by taking their medication, Vegimind, regardless of the health of the person, they will live to be at least 95 years of age.
Because the United States Food & Drug Administration (“FDA”) will not approve the drug, patients must get a prescription from a doctor practicing outside of the (most patients use an online video appointment to see an international doctor).
Once prescribed the patient needs to order the medication from an online pharmacy or visit another country to buy the medication.
A 5 year supply of the medication costs $5,000. Insurance companies won’t cover the cost because it’s not FDA approved.
The company backs their product with a $2,000 guarantee that if the person doesn’t survive until at least age 90, they will pay the person’s fa5mily the money.
What the company has failed to disclose to buyers is that their actuary staff has generated statistics that establisj, if someone reaches the age of 90 and doesn’t have a malignant cancer, on average 50% of those people will live to be 95, even if they don’t take the medication and on average, if taking Vegimind, on average 75% of people live to be 95.
However, the health care costs for people between the age of 90 to 95 taking Vegimind is 50% higher than healthcare for that same group not taking the medication. This extra cost is tens of millions of dollars and as a result health insurance for everyone in the US continues to increase by one-half of one cent for every new person that takes this medication.
The company is making a fortune selling this medication and their shareholders stock value continues to increase.
The company runs TV commercials every day during the times of day when elderly people watch TV. Their motto is, “only Vegimind can
Discuss your opinion regarding the ethics of selling this product, the company’s duty to their shareholders, the company’s duty to the elderly and their families, the company’s overall social responsibility, the increasing cost of insurance for everyone if 10,000 people take this medication and any other issue that you can find.
