Scenario: Another big issue in business today is the about the ethics of pricing

Question

Scenario:

Another big issue in business today is the about the ethics of pricing. One aspect of pricing which is discussed and is very significant with regard to drug pricing, is the impact of pricing on customer access. Briefly stated, if the price is too high, some customers may be unable to afford a drug even if it is critical to their survival. Examples would be certain types of treatments for cancer and human immunodeficiency virus (HIV). Do a brief analysis of the issue of fair pricing of such drugs, using (a) concepts from the readings to date, and (b) any ideas or information you might have relative to any aspect of the issue.

Question:

What do you think are the most important values at stake?

Explanation / Answer

Answer: The first most important value at stake because of issue of fair pricing of drugs is equality. Health care Treatment is a basic requirement of all the individuals and if some people are unable to purchase drugs for the disease like cancer and HIV because of high pricing, then it will result in inequality. The availability of advanced drugs only to the wealthy population is an example social injustice and inequality. The second value at stake is the transparency. The drugs are not priced in a transparent manner particularly the new ones and a high price is charged in the name of innovation. It is because of this reason that the patients are not able to negotiate a fair price and hence advanced treatments are moving beyond the limits of the common man.

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