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    Pharma Companies Need Fewer Unethical Practices No Author

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    Kayle Matabalan
    1) Pharmaceutical companies prioritize profit over patient well-being through unethical pricing practices. 2) Research and development costs drive up medicine prices but companies spend more on unnecessary marketing than developing drugs for fatal diseases. 3) Reducing discretionary costs like marketing could lower drug prices and help patients with serious illnesses afford critical treatments.

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    Pharma Companies Need Fewer Unethical Practices No Author

    Uploaded by

    Kayle Matabalan
    32 views1 page
    1) Pharmaceutical companies prioritize profit over patient well-being through unethical pricing practices. 2) Research and development costs drive up medicine prices but companies spend more on unnecessary marketing than developing drugs for fatal diseases. 3) Reducing discretionary costs like marketing could lower drug prices and help patients with serious illnesses afford critical treatments.

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    Chapter 3 FINAL

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    1) Pharmaceutical companies prioritize profit over patient well-being through unethical pricing practices. 2) Research and development costs drive up medicine prices but companies spend more on unnecessary marketing than developing drugs for fatal diseases. 3) Reducing discretionary costs like marketing could lower drug prices and help patients with serious illnesses afford critical treatments.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views1 page

    Pharma Companies Need Fewer Unethical Practices No Author

    Uploaded by

    Kayle Matabalan
    1) Pharmaceutical companies prioritize profit over patient well-being through unethical pricing practices. 2) Research and development costs drive up medicine prices but companies spend more on unnecessary marketing than developing drugs for fatal diseases. 3) Reducing discretionary costs like marketing could lower drug prices and help patients with serious illnesses afford critical treatments.

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    © All Rights Reserved
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    of 1

    Chapter 3: Cost Behavior and Forecasting

    PHARMA COMPANIES NEED FEWER UNETHICAL PRACTICES


    NO AUTHOR
    April 2, 2016

    Maximizing profit is one of the vital goals a company is aiming yet some companies took
    advantage when it comes to pricing their products rather than thinking about the well-being of the users.
    Research and Development have a significant impact on the pricing of medicines and what contributes a
    lot to the cost of it is through consistent and continuous research of possible drugs used to cure benign or
    malignant diseases, encompasses the rigorous research tests that determine its therapeutic suitability, and
    the development of the essential medicine. The pharmaceutical industry could instead take more of their
    time researching and developing medicines needed to cure those diseases that are more prone to fatality
    because much of the company are spending more money on R&D, while the productivity of their R&D
    investment which is the number of drugs introduced in the market is declining. Marketing and
    Advertising costs which are considered discretionary costs are those that can be changed or avoided
    easily in the short run at the management’s discretion. Diverting these discretionary costs into other
    more beneficial rather than being stagnant with the medicines they are selling would reduce the cost of
    the products, avoid unnecessary expenses and benefit users with critical illnesses.

    Theoretical concepts are consistently applied there is emphasized the importance of the
    Discretionary cost in the costing process and how Research and Development affected the increased cost
    of the products. Costs should be wisely monitored and taken into account and as a future managerial
    accountant or consultant, being more ethical is far better than being profitable since overpricing of
    products is double jeopardy and expensive medicines used to treat malignant cases are depriving those
    who are in dire need of it and who cannot afford to buy for it. But if taking into consideration both
    ethical and profitable factors, it is much more advantageous. It should be noted that the pharmaceutical
    industry should consider adopting more ethical business strategies that benefit patients rather than Wall
    Street. The dilemma needs immediate action to resolve ethical violations and conflicts. Decision-making
    is very important with these kinds of the industry since most of the Pharmaceutical industries are only
    stressing about medicine that is already in circulation.

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