A Stakeholder In A Pharmaceutical Organization Commerce Essay

A Stakeholder In A Pharmaceutical Organization Commerce EssayA stakeholder in a pharmaceutic nerve is an individual or a group of people with wholeness common goal and interest towards the possession and ventureivities of the organization (Daft, 2011). In a general organizational setup, stakeholders send away be divided into cardinal categories, the basal stakeholder and the secondary stakeholder. The primary stakeholders prevail the purpose responsibility in a confederacy. They implicate the caller suppliers, consumers using the companionships pharmaceutic product, the medical query institute, employees working in the organization and the smart set sh arholders. The primary stakeholders roll the basic fundamental foundation towards a companys success or failure because of their dampicipation in the direct economical situation. The secondary stakeholders do not submit an integral part in the economic mold notwithstanding they argon as useful as the primary stak eholders ar. These include the politics, trade unions, the media, and semipolitical parties and action groups (Hellriegel, capital of Mississippi Slocum, 2007).In footing of management, having an organization run by individuals can result to the greed and misuse of finances. match to try carried come forward, active sixty nine percent of corporate executives do not consider the general semipublics best interest while do decisions and an raw(a)(prenominal) ninety four percent of corporate executives make their decisions head start and foremost on the foundation of reservation an advancement in their stimulate line of business (Daft, 2011). In modern companies, there argon two forms of ownership. The ownership theory of a company is one form of ownership. here an individual owns the company. The sole purpose of the company is to make great remuneration over the days with its stakeholders interests at heart. The stakeholder theory of ownership is the different form of company ownership. This theory argues that such(prenominal) companies yield the sole responsibility of promoting cheeseparing work ethics and create value for the night club. Even though the stakeholder theory aims at making profits, it should strive to procure it creates a source of income for otherwises specially the large commwholey.Corporate stakeholders and respond to their issuesCorporate managementStakeholders in a pharmaceutic company be divided into peglegs. The first stage of stakeholders includes the mention management of the company analogous the corporate executives, trade, and the leaders who offer their flavour regarding the pharmaceutic industry manage the consultants. Their key issue is to establish a growth strategy of the company, enhance transparency, and manage potential harm towards stakeholders and the conjunction and code of ethics among the various departments in the company (Kolb Schwartz, 2009). Since the community and the pharmaceutic al company are interdependent, the main purpose of the company is to maintain and aline to the corporate amicable responsibility (Hellriegel, Jackson Slocum, 2007). A good specimen is the risks involved when it comes to patients and medicines. An ideal management in a pharmaceutical company would consider the pro visual sense of drugs, which will function ontogeny chances of survival rather of trying to avoid patient risk.Regulatory InstitutionsThe second third stage of pharmaceutical stakeholders includes the restrictive entrys. Regulatory institutions are establishments that take part in ensuring the drugs that soak up been construct are of the obligation quality, and manu detailured as per the stipulated authorization and drug manufacturing exactments (Freeman, Velamuri Moriarty, 2006). When a drug has been create and it meets the requirements of the relevant drug regulatory body, it obtains permit for consumption by the society. A regulatory stakeholder is of gr eat splendor especially in the society. It helps prevent the sale of medicine, which is of low quality or medicine sold by pharmaceutical companies that can be detrimental to ones rise upness. The regulatory bodies are also answerable in promotion of prevaricationd drugs to the market and in the process, they help influence the companys investments and expertise. The regulatory institutions act as consultants regarding drug associate issues.MarketingThe third stage of pharmaceutical stakeholder involves the marketing group in the company. Marketing pharmaceutical drugs require good publicizing skills and sufficient consumer question. Employing the use of strategic marketing is appealing and attracts the end substance abuser. This rule also helps in dealing with companies that produce similar drugs known as Me-Too drugs. Me-Too drugs hand similar chemical compound to the existing drug and they exercise similar action operation towards ones body. Good marketing strategy of the pharmaceutical organization will ensure the genuine drug that has been produced is sold at a fairly reasonable price and curb competition from other companies (Freeman, Velamuri Moriarty, 2006).Research and DevelopmentAnother grave stakeholder in this stage is the team that takes part in research and suppuration of a pharmaceutical drug. The biopharmaceutical research and industry paves way to discovering bran-new and efficient drugs (Babler, 2011). Past medical research has been conducted on traditional medical outcomes and remedies then regarded as a disco real. referable to modernized biological technology, research has concentrate oned on understanding the divergent diseases and how they affect the human immune system. This extensive research has also light-emitting diode to discoveries of how to manipulate the human body in a scream to overturn the disease without damaging the cells inside ones system (Babler, 2011). Through research, development of new drugs h as become possible. As stakeholders in the pharmaceutical industry, scientists who carry out biopharmaceutical research with the help of doctors, chemists and regulatory experts work together to ensure there is the undefeated development of a drug and it has been approved for consumption (Babler, 2011). This helps in providing a clean source of lotment to the society.End UserThe end user is the fourth stage of pharmaceutical stakeholder ship. This includes the general public, patients, salutaryness providers, health link up institutions and the governing body. The doctors and hospitals as the health providers ensure that approved drugs manufactured and sold by the pharmaceutical companies are put to the right use. Certain drugs like morphia are addictive and if misused, they could turn to be precarious and lethal accordingly the need to be under control. It is only the medical practitioner who is in a position to administer use of such pharmaceutical drugs.The government h as a major role to play in the pharmaceutical industry. single of its core roles is the funding of research and development of medical cerebrate devices (Babler, 2011). They help in creating incentives for smaller pharmaceutical companies so that they may come up with an independent research on new plain drugs. The government done the Food and medicate Administration is also responsible for approval of riskless drugs that are effective (Williams, Gabe Davis, 2009). The government through the congress is responsible for approach path up with stringent measures regarding the manufacture of drugs and fraud related cases by pharmaceutical companies (Williams, Gabe Davis, 2009).The role of the industry in its economic, political and social setting economic roleIn the society, a business enterprise is the basic unit of the parsimony (Daft, 2011). The pharmaceutical company being a business institution produces goods for consumption and services too. These goods and services are essential for a societys puff up being because the drugs are used to treat various diseases that affect individuals. In the process, the company strives ahead and maximizes its profits for the companys shareholders and team members. This in turn improves the economy of the nation since the workers earn a living, the government taxes are paid and other stakeholders including the society benefit from the company. An example includes the Pfizer pharmaceutical company, one of the largest drug related companies, which is involved in offering grants and scholarships to institutional based healthcare facilities. They are also involved in scholarship programs with the neediest individuals in the society so making them get out individuals (Williams, Gabe Davis, 2009). Over the previous years, the American pharmaceutical companies are making such unspeakable milestones in terms of economic development as compared to other manufacturing related companies (National Academies Press, 2012). When it comes to price order of drug in the society, the pharmaceutical company plays an important role. With the emergence of new pharmaceutical companies, the drug industry has become competitive to the extent of the existence of market force in the economy because of the product of patent drugs (Danzon, 2006). In the American health care, insurance companies sport taken a major role in ensuring the American citizens get the required medical treatment at a subsidized price. This tend has enabled the pharmaceutical companies to lower the prices of their drugs to suit the needs of the American economic society. In addition, the pharmaceutical companies prolong resulted to address the economic issues of the society through ontogeny drugs that scram the same effect as the patent drug known as me too and then repackaging into similar quantities but in different sachets or economic friendly containers so as to suit the pecuniary capabilities of the majority in the society. At t he same time, this move boosts the corporate sales due to the increase in market demand. legal injury regulation in a hoidenish affects the availability of drugs in the country as well as other countriesSocial roleIn a society, there are rules and guidelines that ought to be followed for an effective and cordial affinity. These rules sic the importance of what a good society ought to be. The pharmaceutical companies being part of the society have to follow the legal rules with regard to the corporate rules (Hellriegel, Jackson Slocum, 2007).The major role of a pharmaceutical company to the society is discovering and under veritable new vaccines and drugs (Babler, 2011). human immunodeficiency virus and AIDS are a major repugn to the society, and legion(predicate) pharmaceutical companies have undertaken an indepth research of determining the cure with or so two hundred different drugs and vaccines both in create and developed nations (Williams, Gabe Davis, 2009). Most pha rmaceutical companies opt to conduct such research separately but others would try and incorporate the stakeholders. According to most of the pharmaceutical companies vision of creating and developing quality medicines to save millions of lives and at the same time improve the global keepstyles of people, these industries have continued to expand their all time efforts in making sure the needy patients in the society receive the medicines they require (Williams, Gabe Davis, 2009). unity corporate social responsibility the pharmaceutical company has towards the social well being is by addressing the issue of HIV and AIDS. These companies have created platforms that increase the cognizance among potential victims. The companies have also ensured the ease of use and contraption of patient friendly and potent drugs, together with disease therapy acts at ensuring the well being of a society (Freeman, Velamuri Moriarty, 2006). This move is crucial towards maintaining the corporate s takeholder relationship and trust. In the long run, the sick patient will be folding in taking the pharmaceutical companys medication to manage the disease emend and the company would have obtained its financial gains together with the patient trust on their products.Political roleIn the drug manufacturing companies, the pharmaceutical companies are by far the majority producers of drugs and they have an expected global budget of about sixteen billion dollars (Abraham, 2002). The demand market of a pharmaceutical company is tremendously high regardless of the economy (Williams, Gabe Davis, 2009). Each and every new day there are new cases of disease outbreaks that require urgent medical attention. The health care remains constant regardless of the ever-changing economic conditions (Williams, Gabe Davis, 2009). These pharmaceutical companies make a lot of money in the form of profits at the expense of the majority of the American citizens and in most cases, citizens from the th ird world countries. Even though the pharmaceutical companies are making tremendous steps in addressing eminent diseases, the public health interests of individuals and the commercial interests of the pharmaceutical company tend to coincide (Abraham, 2002), thus making clinical trials become hard and expensive because human rights activists have address this issue and many developed countries tend to avoid such participation.In the American political scene, pharmaceutical companies do not have the edict to distribute drugs directly to patients. They pass through the government related health care agencies (Williams, Gabe Davis, 2009). These agencies are responsible for determining and establishling the import and exportation regulations. These government agencies tend to have an important political factor in determining the manufacturing, production and distribution of original companies. Since the state management is responsible for protecting and ensuring the safety of the gen eral publics health, they have developed a system that regulates the drugs from the pharmaceutical companies (Abraham, 2002). These regulations can confirm whether the drugs produced are safe, and they meet the standards for consumption by people. In developing a drug in America, it takes six years for the drug to be tested and approved (Castner, Hayes Shankle, 2007). After such strenuous efforts, just a few drugs that have been manufactured by the pharmaceutical companies end up being consumed by the public. This combined with the fact that it costs a lot of money for research and testing, and the fact that the FDA is in charge of setting the guidelines in accordance with the other major regulations for the manufacture of the drugs (Castner, Hayes Shankle, 2007). Since the pharmaceutical companies want the safety and efficiency standards of the Food and Drug Administration to be high and avoid prox drug related legal and medical disasters, which cause a bad reputation for the co mpany, they strictly adhere to the rules and regulations (Abraham, 2002). In case the pharmaceutical companies interests tend to conflict with the public health, the government agencies role becomes very crucial. The to a greater extent a pharmaceutical company influences the perception of the government agencies, the better it stands at lobbying such government agencies to act at their interests (Abraham, 2002). A number of FDA officials tend to work together with the companies in ensuring the FDA directives are not broken due and the drug companies have no queries whatsoever with such agencies. The reason for this act is because the FDA is a government operation that tends to be problematic towards adherence of the strictest health regulations of the pharmaceutical companies, and the majority of the FDA governance started to work in the pharmaceutical company level as scientists and low-level employees. Most FDA employees would rather seek re-employment in the companies they w orked for at higher public life level (Abraham, 2002) because of the good monthly package and the more(prenominal) than appealing geological fault pay they get at retirement.In the American market, pharmaceutical companies have another important role to play. When it comes to the American elections, large multinational companies seek to support one candidate to become the president so that in future, they might be of help to the company. The pharmaceutical companies tend to offer their more than generous support in the political parties with more chances of winning the elections. This in turn will ensure there is a form of gratitude from the political parties and members of the congress in terms of amending certain health care bills in the companys favor thus lobbying the congress (Williams, Gabe Davis, 2009).Accountability is another role the pharmaceutical companies play in terms of politics. The pharmaceutical industries have an upper hand in gaining major political influence and support with regards to drug regulation (Abraham, 2002). These companies can be able to persuade the government and drug and health care related organizations that other parties interested in the manufacture of drugs and their consumption, like the consumer based industries, the medical and scientific society can have minimal or no rights at all in the approaching of the FDA regulatory process (Abraham, 2002).Domestic and international ethicsEthics can be defined as the moral beliefs that help an individual determine what is right or wrong (Daft, 2011). In work ethics, it would be wrong if one individual makes decisions based on their perception in a squall to gain at the expense of other stakeholders. An organization incorporating a self-moving mechanism that monitors, guides and ensures compliance of the law is one that has been built on estimable and social grounds in relation to the business model of philosophy (Daft, 2011).Even though the pharmaceutical industry has m ade a tremendous progress in terms of research and the development of drugs that can treat malignant diseases like cancer, tension has emanated between the consumers and the company. Many feel that the pharmaceutical companies are not doing their social responsibility as expected. Human experimentation is an important advancement of scientific research. Clinical trials serve as a means of confirming the effectiveness of a drug as per the government health care agencies (Valverde, 2001). Even though these clinical trials are expensive, and have steep regulations to adhere to, they provide health care to the underprivileged communities. With the colossal number of pharmaceutical trials being conducted, a growing number of Americans have reported that the experimental drugs have been problematic due to ethical issue, victimization globalization of clinical trials deems the only suitable solution. This has prompted the pharmaceutical companies to outsource from other nations especial ly the third world countries because of the level of ignorance, cost implications, and the fact that regulations in such nations are not as strict as those in America. According to current research, the majority of the clinical drugs tested in the developing nations forms the basic development and approval of the new patent drugs in the developed nations. These drugs are extremely expensive and it is only the citizens of wealthy nations who can access and enjoy the benefits of such health care (NBAC).Because clinical trial in other countries has become popular with pharmaceutical companies, worldwide health organizations have come together in a bid to secure the future of the participants taking part in the clinical trial and as well to protect their human rights. The United Nations and the World Health Organization are among the international human rights agencies that have steered the campaign (Lee, 2010). The goals of these organizations are to ensure the better protection of the trial participants health and human rights. The other goal of these organizations is to ensure that the pharmaceutical companies inform their participants about the risks and benefits that come about with the research on the new drug. The pharmaceutical company ought to inform the trial patients that as per the health care regulations, one ought to consider the health implications before venturing into such tasks, and it should be an individuals free will to participate in such research (Lee, 2010).bionomic and natural resourcesPharmaceutical companies in a bid to conserve their purlieu, they have become very active and in the process, achieving very impressive results. One way is by enacting strict rules and regulations regarding the environmental conservation. Sustaining an ecological system in accordance to the plant and animal life becomes a stepping-stone in improve the environment (Berry RondJnelli, 2000). Even though the amounts of desert produced by pharmaceutical cor porations are insignificant as compared to the other multinational corporations, they still play an important role in environmental stewardship (Berry RondJnelli, 2000). With an organizations growth, there comes the need to deal with certain environmental concerns including soil and water pollution. This helps in conserving the ecology from contamination and extinction. worldwide warming has caused so many problems because of pollution and as per the environmental agencies directives, numerous pharmaceutical companies have introduced new and clean manufacturing processes that reduce waste production and minimize the negative ecological impact.Taking a look into the pharmaceutical companies, they consist of other subsidiary businesses that are involved in manufacturing, touch and formulating the medicinal chemicals in pharmaceutical products that can be consumed readily. The process of converting the botanical products into powder form and the formulating them into capsules, susp ension or ointments can be very risky to the environment. Another thing about pharmaceutical companies is that they tend to focus on two major areas of human research that is in vitro and in vivo (Berry RondJnelli, 2000). The pharmaceutical products that are produced include vaccines, human and animal smear derivatives, blood plasma, and the toxoids (Berry RondJnelli, 2000). The process of manufacturing such products in this sector of research tends to be dangerous because of the radioactive, biological and chemical wastes they produce, which have adverse environmental impacts (Berry RondJnelli, 2000). According to research carried out by the multinational health care corporations, quite a number of these organizations have realized that their company facilities can cause environmental pollution and be detrimental to the safety and health of their primary stakeholders (Berry RondJnelli, 2000). An environment that has been polluted by commercial activities can lower the quality of life in such areas the organization is located and being a deal five hundred company, they tend to suffer a lot of financial losses in the process.Adopting the Environmental Management Systems, EMS is the other way the pharmaceutical companies have taken an integral part in safeguarding the natural and ecological resources. These management systems comply with the International Organization for Standardizations (ISO) 14000 guide that advocates the reduction of waste products and the negative environmental degradation by a pharmaceutical company as a result of the processes related to manufacturing and production (Berry RondJnelli, 2000). The fundamental elements of an ISO 14000 Environmental Management Systems are To define the available public policies regarding management of the environment, An organizations exculpated assignment towards management of the environment, Management programs addressing a business and its relation to the environment in the companys performance pl ans, Process of reviewing the management in order to have a continuous environmental performance and improvement, and Programs that ease the work of measuring, assessing auditing, and reporting the performance results of environmental management.Social issuesAs a result of creating awareness and improving the global standards, there was a need for the regulatory boards touch on with the pharmaceutical companies to come together and standardize the safety regulations and quality associated with consumers so as to provide safe and quality products efficiently (Castner, Hayes Shankle, 2007). diametrical nations came together under their various health care organizations to form standardize health care measures especially in addressing pharmaceutical companies and their role in production of drugs. The International Conference on Harmonization, ICH was a body created by several nations in order to represent the regulatory organizations and industries that deal with carrying out res earch (Castner, Hayes Shankle, 2007).The pharmaceutical companies while addressing the emerging global issues are trying to attempt their participation in the business industry by coming up with standards that ensure the safety of the product. The majority of these organizations are addressing superjacent social norms towards attaining a sustainable society. This boosts their trust among the society further in addition to being successful companies in the past (Castner, Hayes Shankle, 2007). evaluation pharmaceutical companies relating to Social issuesWhile rating the pharmaceutical companies, I ideate they are in a better position to achieve more in creating awareness and improving global standards. Numerous nations are lascivious about the new rules and regulations surrounding health care. Instead of pharmaceutical companies taking advantage of them like the way a majority of such companies are doing, they ought to educate them and make them conversant about the current socie tal activities and edify such communities about the guidelines of conducting clinical tests. Pharmaceutical companies should form partnerships with government agencies in the developing world to come up with strategies of involving them not only as lab rats but as important stakeholders in the process of developing medicinal drugs at the least environmental degradation.Pharmaceutical companies overall performance in accordance with the core values of canonize Leo UniversitySaint Leo University is a Catholic University, and it upholds high levels of integrity in terms of achieving their core values and objectives. The pharmaceutical companies ought to emulate the values set digression in attainment of the stipulated code of ethics in the workplace. In my opinion, pharmaceutical companies have strived greatly in achieving the same core values like Saint Leo University. Excellence In terms of excellence, pharmaceutical companies have made a tremendous milestone in the discovery of dr ugs that can help in curing diseases especially the malignant diseases like cancer, and HIV and AIDS. Community Pharmaceutical companies have strived hard to ensure there is mutualness between the company and its stakeholders while progressing to making medical discoveries. They encourage the smelling of belonging among their staff members and the society. Respect By respecting the environment, the pharmaceutical companies have deliver the goods the admiration and trust by the society. In helping conserve the environment, the companies have helped to solve a huge menace to the society. Responsible stewardship Stewardship is the act of adopting something and owning it. The bid by pharmaceutical companies in owning their society and conserving it ensures they have maximum optimisation of the available resources but at minimal environmental and resource depletion. virtue Pharmaceutical companies have created trust and honesty among the company stakeholders and shareholders. Being ingenuous in the financial objectives has been a stepping stone in accomplishing its goals and responsibilities. Building company- societal trust ensures integrity too.