Explain the causes of a problem or a dilemma

Assignment Help Management Information Sys

Reference no: EM133797128 , Length: word count:3000

Assessment:

Learning Outcome 1: Explain ethical and professional issues related to business information systems.

Learning Outcome 2: Compare, contrast and report on the behavior of IS professionals with those required by relevant codes of professional conduct.

Learning Outcome 3: Demonstrate an ability to use ethical theories to explain the causes of a problem or a dilemma.

Learning Outcome 4: Critically evaluate alternatives to create ethical and professional recommendations in an organisational setting.

Theranos Case Study

In 2003, Stanford University student Elizabeth Holmes founded the health care company Theranos. The goal of the company was to revolutionize health care. Beginning with the goal of creating a patch to deliver drugs, the company instead shifted focus to developing a simple and effective method for blood diagnosis. Holmes dropped out of Stanford and began raising millions of dollars in funding. The company claimed that its technology could offer over 240 tests from just a prick of the finger. Test results could be delivered to a patient's phone in hours, and a single test would cost less than half of the reimbursement rate of Medicare and Medicaid. Blood could be diagnosed easily without the need for many vials of blood drawn from patients' veins or expensive lab work.

Question
Drawing on any of the ethical theories and/or ACS professional code of conduct, critically analyse the ethical issues surrounding the actions of Elizabeth Holmes and Ramesh Balwani. Your report should cover the health, economic, legal, and societal implications of Theranos' actions.

This is what ChatGPT produces on the question above:
The case of Theranos and its founders, Elizabeth Holmes and Ramesh Balwani, raises several ethical issues that can be analyzed using various ethical theories and the ACS (American Chemical Society) professional code of conduct. Here are some of the key ethical issues:
**Deception and False Claims**:
*Ethical Theories*: Virtue Ethics, Deontology, Consequentialism
*ACS Code of Conduct*: Integrity, Honesty, Accuracy
Theranos and its founders made false and misleading statements about the capabilities of their technology. They claimed to offer comprehensive blood tests from a small drop of blood, which was not substantiated by reliable evidence. This deception led to significant financial investments and put patients' health at risk.

**Patient Safety and Health Impact**:
*Ethical Theories*: Utilitarianism, Virtue Ethics
*ACS Code of Conduct*: Public Safety, Health and Environment, Responsibility to Society

The inaccurate blood tests conducted by Theranos could have serious implications for patient health. Misdiagnoses or delayed diagnoses can have life-threatening consequences. This jeopardizes the well-being and safety of individuals who relied on the test results for medical decisions.

**Financial and Economic Implications**:
*Ethical Theories*: Utilitarianism, Distributive Justice
*ACS Code of Conduct*: Financial Responsibility, Avoiding Conflicts of Interest

The false claims and misrepresentations made by Theranos led to massive financial investments from individuals, institutions, and pharmaceutical partners. These investments were made under false pretenses and resulted in substantial financial losses, impacting both individual investors and the broader financial community.

**Legal Violations and Accountability**:
*Ethical Theories*: Deontology, Virtue Ethics
*ACS Code of Conduct*: Compliance with Laws and Regulations, Professionalism

Theranos and its founders faced legal consequences for their fraudulent activities. They were charged with massive fraud by the SEC and indicted on criminal charges. This highlights the importance of adhering to legal and regulatory standards in conducting business and research.

**Societal Trust and Reputation**:
*Ethical Theories*: Virtue Ethics, Social Contract Theory
*ACS Code of Conduct*: Professionalism, Integrity, Honesty

The actions of Theranos and its founders eroded trust in the healthcare industry and the technology sector. This case serves as a cautionary tale about the importance of maintaining trust, credibility, and integrity in professional endeavors.

**Responsibility to Stakeholders**:
*Ethical Theories*: Stakeholder Theory, Virtue Ethics
*ACS Code of Conduct*: Responsibility to Society, Honesty, Integrity
Theranos had a responsibility to its investors, employees, and the wider community. The false claims and subsequent legal actions had a detrimental impact on stakeholders who had placed trust and resources in the company.

In conclusion, the Theranos case is a stark reminder of the ethical responsibilities that individuals and organizations have in the fields of healthcare and technology. The actions of Elizabeth Holmes and Ramesh Balwani violated fundamental ethical principles, resulting in serious consequences for both individuals and society at large. It underscores the critical importance of transparency, integrity, and accountability in professional conduct.

Your task:

Please answer the question:

Drawing on any of the ethical theories and/or ACS professional code of conduct, critically analyse the ethical issues surrounding the actions of Elizabeth Holmes and Ramesh Balwani. Your report should cover the health, economic, legal, and societal implications of Theranos' actions. Book Our Assignment Help Service Now!

Your response must highlight differences from ChatGPT showing your team as a more advanced thinker than what ChatGPT produced. Reinforce the response using credible sources such as journal and conference articles and books. And don't forget to Draw on ethical theories and/or ACS professional code of conduct.

You are expected to use references in the normal APA referencing style.

Reference no: EM133797128

Questions Cloud

What is the role of police officers in the community : What is the role of police officers in the community?

Which theory relates to social division through echo chamber : Which theory relates to social division through echo chambers?

How does the aguirre and turner unified model : How does the Aguirre and Turner Unified Model or other ethnic model apply to the population being served at the agency of Hennepin County, MN?

Compare the regression results of the two plots : MGMT 650 Compare the regression results of the two plots. What does the outlier do to the regression line? What does the regression line do when the outlier

Explain the causes of a problem or a dilemma : Critically evaluate alternatives to create ethical and professional recommendations in an organisational setting and Compare, contrast and report

Overview of current family lifestyles in the us : What do you think about cohabitation? The US Census Bureau information provides an overview of current family lifestyles in the US.

What does the schematic design stage entail : RIICWD534E Prepare detailed design of civil steel structures - What does the schematic design stage entail, including management roles and deliverables

Discuss gender as political power system is disparate to men : Create an open and safe dialogue about the connections between gender and power amongst people in your community with opposing ideas.

How are native americans presented in the mainstream : Do you think this group gets enough attention or respect in the larger American culture? How are Native Americans presented in the mainstream?

User Account

All Pages