From: Jennifer Tsai
Subject: Ethics of offshoring
Critical issued of the appropriateness of conducting clinical trials in emerging countries has arisen over years. Being a leading company in biopharmaceutical industry, Novo Nordisk faces the critiques of whether it is justice to offshoring their clinical trials in developing economies. With the consistency of ethical principles brought up by Novo Nordisk, the company would be able to move their trials into emerging economies with the best interest for stakeholders. I will also propose ideas to Mr, Dejgaard for possible approach to media as well as the practices that Novo Nordisk could have changed over time at the end.
Conducting Clinical Trials in Emerging Economies
With Utilitarian approach, every party has different perspectives in the outcome of an action. In this case, we have shareholders, employees, customers, supply chain, government and local communities, with secondary stakeholders of media, special interest groups and NGOs. For customers, government and local communities, they emphasize more on the proof of efficacy and safety of medical products. While shareholders, employees, supply chain care more of the profitability as a whole in general. As a result, Novo Nordisk will be better off maximizing its profits while holding their ethical justice for conducting clinical trials in emerging countries.
As the Nobel prize winner, Milton Friedman pointed out that making profit will be the first priority for business to fulfill social responsibility, Novo Nordisk has every right to maximize its best interest for its stakeholders include shareholders, employees, customers, suppliers, governments and local communities. From financial performance stand point, conducting clinical trials in emerging economies benefits Novo Nordisk from saving costs, accessing to larger demographic participant, obeying less strict rules applied, and establishing...