What are your concerns from an ethical standpoint

Assignment Help Other Subject

Reference no: EM133734845

Case: For this Discussion Board, please complete the following:

One of the reasons for the rising cost of healthcare in the United States is the cost of prescription drugs. It is a complex problem and poses many ethical dilemmas for which solutions have yet to be implemented. Pharmaceutical companies set the prices for drugs and negotiate the actual payments with insurers. Insurers do not always cover the full cost of the drugs, leaving even insured patients to pay out-of-pocket for their prescription drugs. Pharmaceutical companies spend a lot of money on developing new medications to help people. The price of the medication must cover the upfront costs of drug discovery, development and testing, and manufacturing. It must also include the cost of the clinical trials required for approval by the Food and Drug Administration (FDA) before the medication can be sold.

What may be legally permitted is not necessarily ethical. What are your concerns from an ethical standpoint about the pricing of prescription drugs and the new therapies based on precision medicine discoveries such as the gene therapy described in the first article?

Pharmaceutical companies must make a profit to stay in business, be accountable to their investors, and be able to continue developing new medications. Imagine you are responsible for drug pricing for a pharmaceutical company. The CEO has tasked you with setting a price for a newly developed drug that is profitable for the company and shareholders based on the time and resources that were used for production. If you turn a profit, you will receive a bonus as well. How would you handle the price setting in this situation? Use the resources to justify your decision.

Reference no: EM133734845

Questions Cloud

Which lab would be most appropriate to monitor : You note that Bob has been on chronic corticosteroid therapy and you plan to give a burst. Which lab would be most appropriate to monitor?

Which actions should be the next management step : He still feels short of breath several times a day despite using the medication daily as directed. Which actions should be the next management step?

Critical thinking skills are essential in mitigating : Detecting and identifying fallacies and biases in people's claims. It is not valid to describe all thinking as critical thinking

Effect on europe that europeans had on the americas : Do you think that Natives would had had the same effect on Europe that Europeans had on the Americas?

What are your concerns from an ethical standpoint : What may be legally permitted is not necessarily ethical. What are your concerns from an ethical standpoint about the pricing of prescription drugs

What are the key challenges in data reporting : What are the key challenges in data reporting within the criminal justice system? How do these challenges impact decision-making, resource allocation

Which actions should the nurse take : Temperature 38.9° C (102° F); Tympanic Apical pulse 118/min; strong and regular Respirations 20/min; even and unlabored. Which actions should the nurse take?

What was severed from russia by treaty of brest-litovsk : What areas was severed from Russia by the Treaty of Brest-Litovsk?

Briefly introduce the importance of data analysis : Briefly introduce the importance of data analysis in the field of criminal justice. - Highlight the role of data analysis in understanding crime patterns

User Account

All Pages