Business Ethics and Reputation in Pharmaceutical and Medical Device Compliance
Nowhere else in the corporate world will you find a higher purpose: Pharma and medical device companies exist to help mankind live better and longer. This higher purpose is what drives thousands of scientists, R & D departments, FDA agents, and marketing specialists in the industry to work everyday. It’s what they’ve chosen as their inspiration, where they’ve decided to spend the best hours of the best days of the best years of their lives. It’s also, unfortunately so, sometimes unconsciously forgotten by many leadership teams across the board at these corporations.
Take for instance the recent agreement by Johnson & Johnson to pay $1 billion in a settlement as a result of a decade-long civil investigation into the fraudulent marketing of the antipsychotic drug Risperdal. The drug was heavily pushed as a dementia drug, among other uses, causing dangerous side effects, when it’s only approved use was for schizophrenia. Events like this and many others frequenting our daily headlines, are, for some leaders, seen as a “cost of doing business” in the pharma and medical device world. Normally, a billion dollar loss would be a crippling, if not fatal business mistake for most other industries.
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