Introduction
The pharmaceutical industry comprises biotechnology, drug manufacturing, distribution, and wholesale businesses dealing with pharmaceutical products on the market. The primary consumers of pharmaceutical products are patients with mild or severe illnesses aiming to alleviate their conditions. As a result, upholding ethical standards while dealing with consumers is paramount for such an industry. I understand that the pharmaceutical industry is a business like all others, but it has an ethical responsibility to protect and save consumers’ lives. When companies neglect their moral duty while competing with other enterprises, consumers experience adverse effects firsthand. For these reasons, I choose to advocate for the consumers in response to ethics in the pharmaceutical industry.
Consumers View Industries as Unequal
In reality, the public can only perceive all industries as unequal. Although all sectors may share the same general characteristics in terms of size, capital, and nature of activities, they produce products that impact the public differently. Customer-oriented pharmaceutical industries create a superior public perception because of their ability to offer consumers high-quality products and services at affordable prices (Salehi et al., 2019). Moreover, industries that focus on sustainability issues by adhering to their corporate social responsibilities have a better public perception than those that focus only on profitability. In business, the customer is the king and, therefore has a moral right to view businesses differently according to their experiences.
Industries Are Not Unfairly Targeted
All industries are targeted fairly, but performance sets the difference between the successful and unsuccessful. Consumers will make purchase choices according to the attractiveness and positioning of a product in a given market. Moreover, industries that produce sub-standard products cannot have a better market share than those known for their high-quality products (DeTienne et al., 2021). Industries that invest less heavily in marketing their products to beat the competition cannot enjoy better sales and profits than those that aggressively market their products. Businesses that feel unfairly targeted should revisit their market positioning strategies and rectify their mistakes.
Consumers Cannot Protect Themselves. Unsafe Products
The pharmaceutical owes consumers a duty to ensure that the drugs and health equipment they produce and distribute to consumers are safe, genuine, and meet all the required quality standards. Noteworthy, consumers need to gain expert knowledge in determining the quality of the products they are consuming and thus fall under the mercy of the pharmaceutical business (Salehi et al., 2018). On the other hand, the pharmaceutical industry has complete knowledge of the products they release to consumers (DeTienne et al., 2021). Therefore, pharmaceutical companies need to embrace the ethical duty of ensuring the proper protection of consumers by supplying them with safe and quality products.
Companies Can Cater To Their Best Interests and Consumer Interests Simultaneously
Companies Can Focus on Customer Needs First
The pharmaceutical industry focuses on profit maximization like any other business, but it can simultaneously serve its interests and those of the consumer. Notably, consumers require high-quality products delivered within their reach at the right time and an affordable price (DeTienne et al., 2021). This way, consumers feel secure when purchasing pharmaceuticals from a company that understands their needs. As a result, the company is assured of a high sales volume because customers have no reason to move to new sellers.
Companies Can Improve Their Customer Service
Also, consumers find companies that offer exemplary customer service attractive. For instance, customers will prefer purchasing products from companies that are ready to listen to their needs. Moreover, a company that responds to customer needs quickly has the edge in the market (DeTienne et al., 2021). Therefore, when companies improve how they serve their customers, they are assured of retaining existing customers and winning new customers in the long run.
Engaging in Corporate Social Responsibility Activities
Additionally, a company can achieve profits and satisfy consumers by engaging in corporate social responsibilities, which creates a robust business-customer relationship. A business can sponsor or participate in community events such as street cleaning, sports, or environmental conservation projects. As a result, the consumers feel like a valued part of the business, and thus, an intense relationship ensues between the business and consumers (Salehi et al., 2018). Notably, engagement in community events enables a company to have a loyal customer base, which translates to sustained profitability. Therefore, the pharmaceutical industry can sustainably maximize its profits and simultaneously satisfy consumer interests by being competitive in the market.
Conclusion
In conclusion, this essay discusses reasons for advocating for consumers regarding ethics in the pharmaceutical industry. Although a business may be similar in several aspects, consumers do not perceive them as equal because they have different customer satisfaction levels. As a result, businesses with low-quality products and poor customer service do not enjoy a significant market share and thus feel unfairly targeted. The pharmaceutical industry must protect consumers by ensuring the manufacture and distribution of high-quality products because customers need more knowledge in quality assessment. A business can serve its interests and consumers by enhancing its competitiveness in the market in several ways. For instance, companies can satisfy their needs and keep customers happy by knowing and understanding their needs. In addition, pharmaceutical businesses can improve their customer service to gain a competitive advantage over their rivals. Lastly, companies can serve corporate and customer needs by involving themselves in community events, enhancing strong business-customer relationships.
References
DeTienne, K. B., Ellertson, C. F., Ingerson, M. C., & Dudley, W. R. (2021). Moral development in business ethics: An examination and critique. Journal of Business Ethics, 170(3), 429–448.
Salehi, M., Tarighi, H., & Rezanezhad, M. (2019). An empirical study on the effective factors of social responsibility disclosure of Iranian companies. Journal of Asian Business and Economic Studies, 26(1), 34–55. Web.