Social Responsibilities of the Global Pharmaceuticals Companies: Towards an Ethical Health Care Paradigm

Abstract

Although the pharmaceutical industry is a multi-billion-dollar business, it fails to save the lives of millions. Astronomical drug prices are not just an economic problem that can be settled through clever market strategies but a significant ethical issue. This article delves into the ethical health care paradigm, which can supplant the present economistic paradigm. Grounded in the ethical-philosophical argument for recognising an individual’s right to be healthy, it asserts the practical proposal of cost rationalisation and universal availability of essential and lifesaving drugs. This is achievable by supporting research and development funding for drug innovation by the business establishment, and as such falls within the scope of corporate social responsibility.

Keywords: health; drug; corporate social responsibility; ethics; multinational corporations; weak economies; human rights; development