Ethics and Morals helpus in making the correct decisions which are suitable for us and the people aroundus. Ethics in business are equally important and provide the guidelines of howa company must act. For easier decision, there are 4 ethical theories which canbe considered namely Kantianism, Egoism, Utilitarianism and Virtue Ethics This scandal also violates thetheory of Utilitarianism as Mylan only thought about its profit and did notconsider the needs of American people who need the EpiPen.
It did not do whatwas best for the interest of majority of people and instead only took advantageof people by charging them exorbitant prices. Mylan’s EpiPen is a medicinefor those suffering an anaphylactic allergic reaction. It’s a very common diseasein America hence, it’s a very crucial drug for these patients. However, Mylan sellsa pack of 2 EpiPens for $600 even though its retail cost is $10.The government supportsMylan and does not let any other company come out with a cheaper alternativeand tries everything from rejecting their proposal to banning them for 30months for patent infringement to prevent them from entering the market. Many Americanfamilies are stuck between a rock and a hard place as Mylan has a near monopolyon such products (Paul 2016).
Despite these benefits manybusinesses resort to unethical business practices. One such scandal was the EpiPenscandal which is the perfect example of Capitalism. Capitalism is when acompany owns all the economic resources and is capable of taking all the decisionsin its own self-interest. Businesses often indulge in capitalism because itallows them private ownership of their goods, control over the market and highprofits (Vitez 2017). But ethical business behavior has its own benefitslike it attracts customers, makes employees want to continue to work in thecompany thereby saving recruitment cost and increases the goodwill of thecompany thereby attracting investors (Business Case Studies 2017).Acting ethically doesn’tensure a profitable outcome whereas unethical business act doesn’t mean thebusiness will be punished (Luu 2015, p6).But what is business ethics exactly?Business ethics gives what is right and wrong combined with the studies of moralstandard, philosophy, politics and law.It acts as a guideline for businesses toact ethically towards people and environment.
There is lot of talk about businessethics nowadays. Businesses have started to recognize the responsibility theyhave towards people and environment. I remember that once in school there was oncea Hindi extempore competition and a person of the team which was supposed torepresent our school fell sick on the day of the competition. The team asked meto replace that person since I was the Hindi topper of my section.
Even thoughI had a test next day, I agreed to join the team and go for the competition asit was in the best interest of the school, teachers and students. Thus,following the theory of Utilitarianism. The other 3 theories don’t make sense to me asin the theory of Virtue Ethics, there is no proper definition of what virtues areand its quite difficult to identify the virtues in a person. Similarly, Kantianismis not a viable theory because this theory is violated at every stage of ourlife as in this competitive world we need to keep other persons goals belowours to succeed.
On the contrary the theory of Egoism only focuses on selfinterest which can be at many times harmful to the people around us. Among the 4 theories, thetheory which speaks to me the most is Utilitarianism since it focuses on what’sbest for the majority of people. In today’s world if everyone follows Utilitarianismand thinks about public interest before themselves, the world can be abeautiful place to live in where everyone thinks about each other At last, the fourth theory is Egoismwhich focuses on self-interest and specifies that we don’t have any obligationtowards anyone else’s interest (Westacott 2017).The third theory of ethics isKantianism which says that we should treat people as human beings and not as a meansto complete our goals. To put it simply, Kantianism doesn’t allow anything thatdefies another human being’s goals (Sirotkin 2014). According to Filip et al. (2016),the first theory is Utilitarianism which says that an action is morally correctonly if it is in the best interest of the majority of people.
The second theoryis called Virtue-based ethics which foster virtue as a way of shaping one’scharacter and ethical behavior. Virtues are learned behaviors and virtues suchas accountability, bravery, commitment, compassion, courage, dignity,determination, endurance, fairness, loyalty, moderation, reliability,thankfulness, and trustworthiness support the moral excellence and anticipatethe societal wellbeing. Ethics and morals are thebasis of life and define right and wrong for us.
There are 4 ethical theorieswhich are the basis of decision making and can greatly influence our decisions.So often ethics and morals areconfused as the same thing. However, ethics are the rules of conduct for aparticular individual, culture or class and morality is what defines right andwrong according to an individual’s perspective (Diffen n.d.).”If you don’t have integrity,you have nothing. You can’t buy it.
You can have all the money in the world,but if you are not a moral and ethical person, you really have nothing” (Kravis n.d.).Essay Ethicsand Morals are the very basis of our existence and the same thing also appliesto a business. In this essay I highlight the importance of ethics and morals inbusiness and why businesses should follow them.
To support the idea of ethics Ihave given the 4 ethical theories and exemplified the one that speaks to me themost. However, there are companies who still don’t understand the idea andcontinue to run unethically defying the ethical norms and morals.