Ethical Theories Essay Example | Topics and Well Written Essays - 1750 words

Ethical Theories - Essay Example The researcher will analyse this case using Consequentialist (Utilitarian) and Deontological theories of business ethics; also I would provide a discussion over possible decisions that could be taken in the light of arguments raised by proponents about the importance of these two ethical theories. The key stakeholders in the above mentioned case Star Alpha Medicines, a multinational pharmaceutical company headquartered in the UK and a leading supplier of insulin for diabetics, are the organisational customers, top management and employees, shareholders, government authorities of country X (southern-European country), industry analysts and governments of all nations where Star Alpha Medicines is operational other than country X. In addition, there are two main ethical issues as revealed in this case. The first issue is whether Star Alpha Medicines should withdraw its easy-to-use insulin pen injection product from country X to avoid financial losses and put lives of diabetes patients at stake. The second main ethical issue is whether governments of other nations (other than southern-European country) would use 25% price cut as a basis for setting drug prices and force Star Alpha to reduce the prices in all nations as well to provide relief to customers. It is worthwhile to point out that Utilitarian theory is actually developed by Consequential school of thought. This theory, in fact, talks the consequences / outcomes of various solutions and alternatives developed by organisations, individuals, governtments etc. to resolve the ethical dilemmas and scenarios. For instance, Utilitarian principle endorses the idea of providing greater welfare to greatest number in society by conducting a cost – benefit analysis. Consequentialists also use point system to analyse viability of different alternatives and to conclude which choice may lead to greatest good for society (Faculty Washington, n.d). As far as the implementation of Utilitarian ethical