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BUSINESS ETHICS: MANAGEMENT AND PHARMACEUTICAL INDUSTRY PERSPECTIVE
PANKAJ MUSYUNI*, PROF. (Dr.) B.P. NAGORI1, Mr. AKASH MIDHA2
*M. Pharm. (Pharma Management & Regulatory Affairs)
1 Director, Lachoo Memorial College of Science & Technology
2. Lecturer, Lachoo Memorial College of Science & Technology
Lachoo Memorial College of Science & Technology
‘Pharmacy Wing’, Jodhpur, Rajasthan
Ethics can be explained as branch of philosophy related with the implication of all aspects of human behavior and nature. The purpose of this paper is to present an overview and relevance of business ethics in management and pharmaceutical industry scenario. The rationale of business can not be only illustrated by profit maximization but also by the social concern of the organization. This paper demonstrates the concept of business ethics with various attributes, factors and impact on society and also emphasize on code of ethics and its importance. Present paper also discusses common ethical problems within a pharmaceutical organization. A practical approach as case studies related to pharmaceutical industries will identify the issues and implications for ethical development, advancement and globalization of business ethics. Concept of paper focuses attention on the development of an attitude which should be adopted to understand various terms of ethics and development for social and business concern.
Reference Id: PHARMATUTOR-ART-1146
A major attributes towards transformation in business aptitude is change. Change is a constant and definite term which also affects the fundamental style of working. The changing scenario particularly in economical, political, legal and social environment always made the business and businessman to approach towards ethical point view to business. Therefore business motto tends towards goal of maximization of profit and wealth along with ethical issues to achieve them1. This concept also leads to generate an unquestionable link in different human mechanism and intellect. The rapid changes in human living, society establish and approach towards sensible relationship for business aptitude.
It is now realized that ethics is virtually important for any business and in turn for progress and enhancement of any society. Ethics make an efficient economy and in combination with profit, it carries business towards a long run. Ethics can protect the human values and society. An ethically responsible organization always has a culture for betterment of the people and society. Ethics also influence economy and further leads to smooth functioning in an organization. Ethical behavior promotes the quality of life.
The basic purpose of business is optimization of various economic activities which is concerned for evaluation of business techniques2. Economic environment, a complex phenomenon deals the business with government, public, society and community which can influence the structure and system of country. For an organization people are stone pillars and they need and desire to be ethical in private and public life. Unethical behavior by means in any organization ultimately leads to detrimental towards business and society.
The era of business ethics is quite broad and includes various aspects of business society relationship. Social responsibility involves ethics and morality. Although it is always difficult to understand for a businessman about what is ethical and what is not ethical3. Similarly business society relationship cannot be understood without appropriate knowledge of ethics. In a normal view one can say that the business ethics is simply expectation of society from business.
What is Business ethics?
Ethics may be defined as the study of standards of good conduct and moral judgments. Ethics is the practical study of what ought to be, what is the ultimately good and how to optimize and achieve it. It is the general opinion that the primary concern of the business is to serve the society4. Business must have a social concern and commitment to enjoy social wellbeing.
Ethics can be defined as the study of human actions in respect of being right and wrong. It also formed ultimate values, goals and optimize techniques to opt the same. Thus, it has a greater impact on organization, management and society.
Ethics is a compilation of various moral principles or sets of values about what conduct ought to be achieve professional attitude. Ethics may be a written or unwritten set of codes or principles which governs business or any profession. Ethics is a study that makes good and bad conduct, including various related values. It has to do with maintaining the relationship with people and society at large and when this concept is applied in a business context, it becomes business ethics.
Business ethics has become one of the major challenging issues confronting the whole business world. To establish ethical climate in any organization is seems to like starting an endless race as it depends on individual’s behaviors also5. The very first criteria should be to modify unethical behavior and this can be considered as an ‘on going process’ which never stops. Ethics may be an agreement between the business and the served community which based upon certain standards of philosophy. An effective program always requires participation and commitment from all which constituents ethical behavior at all levels. Maximization returns in term of profit and social judgments only can be achieved ethically.
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