Ethics & Corporate Responsibility in the Workplace and the World

[Name of the Teacher]

Ethics and Corporate Responsibility in the Workplace and the World

Introduction

The world is transforming at a very fast pace. The only constant in the business world has been “change”. Recently, there has been a larger focus on it because the intensity of change as enlarged. The large companies that used to operate in isolation for its own profits only, now have to engage in corporate social responsibility acts like providing employment or taking environmental actions (Deloitte, 2013).

Hence, it is the responsibility of government and companies alike to promote a responsible behavior towards the business and general public at every level of company. They should be ethical and honest while conducting a business. It is even more relevant for pharmaceutical companies because the lives of people depend on it. The companies should comply with every law that they fall under (Regnstrom et.al, 2010).

However, the aspect of greed and earning more profits become the reason of downfall for many companies. Similar case happened with PharmaCARE which was a very reputable pharmaceutical company (Deloitte, 2013).

It was known for its high quality product and customer care. PharmaCARE was a successful ethical and well-run company that took many CSR initiatives for the underprivileged people and for the protection of environment (Regnstrom et.al, 2010).

However, at a certain point of time, it engaged in unethical acts to increase its shareholders wealth at the stake of others' health and life. This paper examines the ethical and legal practices by PharmaCARE and different situations are evaluated and analyzed accordingly.

Discussion

PharmaCARE maintained a large manufacturing facility in Colberia, which was in African nation with a dual purpose of providing them with employment and saving their own labor costs. This was beneficial for both the company and the people of Colberia. The standards of living were very low in that part of the nation because they did not have any access to proper foods, water, shelter and electricity. This was a very good opportunity for the company on which it capitalized very efficiently (Regnstrom et.al, 2010).

All the things were going very smoothly but the fact that there are new and complex challenges in today's world cannot be ignored. The organizations face different opportunities which they need to adapt and deploy in their favor.

The companies cannot overlook the fast changing events that provide a long term benefit to the company only if they pay immediate attention on it. This action can be the determinant of their leadership position in the future. Thus there is a need of instantaneous and speedy actions on the opportunities before the competitors capitalize on the idea (Deloitte, 2013).

PharmaCARE also did the same when they learned about the new breakthrough of a diabetes drug which could help to reduce the effect of a severe disease of Alzheimer's. They researched a little about the drug and setup a sister company called CompCARE which handled the manufacturing of this new drug AD23 (Regnstrom ...