Ethical Frameworks of Decision Making: A Case Study on Marketing of Pharmaceutical Products. By:
Dr. Chandra Singh
L. N. Mishra Institute of Eco. Dev. & Social Change,Patna-1., Magadh University, Bodh Gaya, Bihar, India.
Dr. Chandra Singh has teaching experience of more than 22 years. His areas of interest are Marketing research Methodology, Research, Business Statistics, and Quantitative Techniques. He has published a book on the conditions of management teachers. He has completed seven sponsored research projects funded by international, national and state level organizations. Dr. Chandra has attended various national and international level seminars/ conferences/ workshops. He has attended training programme abroad also.
Adjunct Faculty and Research Scholar
L. N. Mishra Institute of Eco. Dev. & Social Change,Patna-1. Magadh University, Bodh Gaya, Bihar, India.
Mr. Pramod Kumar has experience of teaching and guiding the student of Management of master degree for more than three years. His areas of interest are Sales and Distribution Management, Marketing Management, Marketing Research and Managerial/Business Ethics. Mr. Pramod has grass root experience in industries for two years. He has worked with AVERY INDIA, ALKEM LAB’S LTD. and ICICI Bank. Mr. Pramod has participated and presented papers in National and International Seminars/ Conferences. His Papers are published in national journals and symposia. He is pursuing Ph.D. from Magadh University.
Dr. Shiv Deo Singh
L. N. Mishra Institute of Eco. Dev. & Social Change,Patna-1, Magadh University, Bodh Gaya, Bihar, India.
Dr. Shiv Deo Singh has teaching experience of more than 24 years. His areas of interest are International Business, International Marketing Management and Marketing Management. He has written a book on the condition of management teachers. Dr. Shiv Dep singh has attended many national and international seminars/ conferences/ workshops and presented his papers also. Ethical Frameworks of Decision Making: A Case Study on Marketing of Pharmaceutical Products.
This article encompasses the concepts and reasoning behind major ethical considerations that influence business decisions which can be used in pharmaceutical marketing.
An attempt is made in this paper to understand the frameworks of ethics in business decisions. Ethics is the central part of success of any business of repute. The longevity of any business is strongly influenced by values and culture, the business enterprise, and people practice.
The various parameters of ethical behaviours and decisions are examined in this paper. The main guiding frameworks of every decision are consequence based thinking, duty based thinking, and virtue based thinking. Decisions are generally influenced by individual factors, organisational setting, and available opportunities.
It is believed by various people that the word ethical equates to lawful, and that by being lawful an organization, activity, or person is automatically ethical. This is not true. Many unethical things are entirely lawful although some can only be tested when/if they get to court.
Pharmaceutical companies have a duty to uphold an ethical relationship within the marketplace. There is a duty of care to the health and safety of all. Issues are raised that as pharmaceutical companies have a large investment to protect and stakeholders to please, how we ensure that an ethical standard is upheld.
The actions of the Pharmaceutical companies should be based on Value Based Management System and the actions of the managers should be guided by the Ethical Behaviour equations. The guiding frameworks of thinking according to Culture, Context, Content and Time may help managers and decision makers to decide ethically. Moreover when prior from...
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