What
is ethics? We know that ethics is a moral standards of society on how we should
act toward the people. In business, ethics is a moral standards applied to
business policies, institutions and behavior. How can ethics help good business
perform better? Good Ethics is Good Business. Companies with strong business
ethics programs have positively affect their employees’ commitment to work and
enhance customer loyal. They maintain a higher degree of stakeholder
satisfaction and positively financial results.
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In our
discussion, Merck & Co., Inc., the leading pharmaceutical company in US
spends a lot of its resources to discover cure on river blindness. The company
realized that majority would not be able to afford the cost of medicine. In
spite of this, Merck’s continue its ethical practice to complete the final
product and decided to give the medicine away for free to victims of the
disease. A large and very successful business seems to have chosen ethics over
profits. Not all companies operate like Merck. Most likely, companies will not
invest in a research and development project that will probably be
unprofitable. Good ethics and social responsibility are usually guided by moral
values that point them in an ethical direction. I hope that all businessman and
future leaders of corporations will learn in this lesson.
“Never
Forget, Medicine is for the People, not for the Profits” – George Merck
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