Introduction
Celgene Corp, a drug maker used to treat cancer, faced an ethical dilemma that required establishing a company’s ethical responsibilities and balancing earnings and the public good. This paper will examine the philosophical views of private property and the need to share this property for public prosperity. The main goal of any company is financial health, but to achieve this goal, businesses should produce a product that benefits their customers and society as a whole.
Discussion
Celgene Corp has been accused of steadily raising the price of the thalidomide pill since it proved to be a promising cancer drug. From 1998 to 2004, the cost of the 50-milligram drug increased almost fivefold, while the 200-milligram dosage tripled (Anand, 2004). The public is concerned that cancer patients are forced to pay nearly $30 for a dose of a life-saving drug, even though its components are not expensive (Anand, 2004). The issue of pricing is related to the concept of property.
In a liberal society, a person has three fundamental rights: the right to life, the right to liberty, and the property right. Locke’s view of property is closely related to labor since, in his opinion, initially, everything around was familiar, but labor changed it (Layman, 2020).
For example, a hunter who killed a deer acquired the property as animal meat and skin. He could use or sell his property, and nobody would demand that the hunter set a price equal to his hunting expenses. However, this is precisely what happens when the public requires the manufacturer to charge low fees. Moreover, price cuts can lead to financial problems for the company since Celgene Corp was unprofitable before the price increase.
The logic built on protecting private property should not work to the detriment of the public interest. Commitment to these concepts poses a complex ethical problem for the company, which makes it necessary to choose between earning money and benefiting society. Carnegie believed that wealthy people and companies should give money to benefit society (Reavis & Orr, 2021). In his opinion, charity should help people who can help themselves and others (Reavis & Orr, 2021). This approach can include support for business, education, science, and any activity that will be useful.
Supporting Carnegie’s vision, Celgene Corp is spending millions of dollars on cancer research, helping scientists find better drugs with fewer side effects. In addition, the company gives away medicines free to people who cannot afford them. I believe these measures are insufficient, and the company is not abiding by its ethical responsibilities. Patients continue to suffer from poverty due to high cancer treatment prices, and pharmaceutical companies make impressive profits.
In my opinion, the main goal of any business is to earn and maintain financial health. At the same time, the only way to increase the company’s wealth is to satisfy customers’ needs. Producing goods and services that benefit patients is the company’s mission, and its primary concern is serving people and society. In the case of Celgene Corp, the company has to consider the public benefit and implications for patients when making decisions related to pricing, expansion, and new drug launches.
Conclusion
Making money and the company’s financial health are the primary goals of any business. However, methods to achieve this goal should not be predatory. The company must care for the public good in social, environmental, and moral aspects. Thus, companies are not required to operate at a loss for their interests but can incorporate the social and community agenda into their decision-making process.
References
Anand, G. (2004). How drug’s rebirth as treatment for cancer fueled price rises. The Wall Street Jurnal, 15. Web.
Layman, D. (2020). Locke among the radicals: Liberty and property in the nineteenth century. Oxford University Press.
Reavis, M. R., & Orr, D. W. (2021). The journey of American capitalism: from stockholders to stakeholders. American Journal of Management, 21(4), 1-15. Web.