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Running Head: THE ETHICS OF GLOBAL DRUG PRICING 1The Ethics of Global Drug PricingStudent NameInstitutional AffiliationsCourseDate
THE ETHICS OF GLOBAL DRUG PRICING 2IntroductionUnethical pricing of drugs has raised a lot of concern from the U.S media and the public. Pharmaceutical companies have been blamed for raising the prices of drugs far much beyond the rate of inflation. It not only in the US but this happens around the world as well. This paper looked into unethical pricing of drugs using a case study of Turing Pharmaceuticals Ltd. The company was blamed for increasing the price of Daraprim, a drug used to treat toxoplasmosis, from $13.50 to $750. This represented a 5000 percent increase. The company’s CEO Martin Shkreli was accused for being at the center of the massive price change without providing a validreason for doing so. Overall, the price of drugs increases by 10 percent every year in the United States, and various other countries which is 9 percent more than the rate of inflation. Such increases have made the public and other stakeholders to question the moral standards of U.S pharmaceutical companies. There is need to stop this unethical behavior in order to enable Americans access drugs at affordable rates.Recognize Decision RequirementWith the numerous cases of unethical increase in drug prices by pharmaceutical companies in the United States, it is imperative for the government, regulatory bodies and all stakeholders to brainstorm decisions regarding ethics of drug pricing. This will include key decisions that might not gain acceptance by some pharmaceutical companies. However, these decisions have to be made for the good of the public.A criterion is required in order to come up with good decisions. First, the purpose of the decision making process will be explained to all parties involved. In this case, the purpose of the decision process will be to stop unethical drug pricing by pharmaceutical companies using
THE ETHICS OF GLOBAL DRUG PRICING 3Turing as a case example. Once the purpose of the decision making process has been established and clarified, a research will be conducted by each party to determine some of the ethical issues surrounding drug pricing and their overall impact on the populace. This research should be conducted within a period of one month. Each party will be required to give a full report at the end of the research period. These reports will be discussed by a panel consisting of all parties and decisions brainstormed thereafter. The decisions will be subjected to cost-benefit analysis to ensure they have optimal impact during implementation.

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