Artificial intelligence
Despite the fact that we are living in free trade, the public does not view all industries to be equal, which is unethical. Some of the industries in the land of free trade are unfairly targeted. The companies always have the ethical obligation of protecting the customers (Fiolleau& Kaplan, 1). The pharmaceutical industry is responsible for discovering, developing, producing, and marketing pharmaceutical drugs. I would, therefore, become an advocate for the industry. There are three key reasons for my support in the pharmaceutical industry. One of the key reasons for acting as an advocate for the industry is because it is a key source of medical innovation. There are different medical innovations that are brought about by the pharmaceutical industry that helps in changing health care. Some of such innovations include the pocket-sized ultrasound devices that are cheaper than those machines located in hospitals and can as well be connected to the patients` phones for easier monitoring. The pharmaceutical industry has as well managed in the development of artificial intelligence that is better than the medical experts in the spotting of lung tumors.
Another key reason for supporting the industry is because it manufactures products that can be used in treating different diseases hence helping individuals that are suffering from different illnesses recover and lead to more productive lives. The pharmaceutical industry helps in the development of drugs that assist in treating every type of condition imaginable, including diabetes, cardiovascular diseases, and many more illnesses (DiMasi, Grabowski & Hansen, 2). Some of such illnesses are life-altering and devastating, and the products manufactured by the industry help in keeping the patients alive for longer.Another reason for supporting the pharmaceutical industry is because of its economic benefits. According to the Bureau of Labor Statistics, pharmaceutical companies managed to employ approximately 300,000 people in the United States in 2008. The industry has as well contributed a lot in the tax collection posting billions of net revenue. Most of the people might criticize the amount of revenues that the pharmaceutical companies record, but it is important for everyone to understand that the underlying goal of every single business is making profits.
It is possible for a business to cater to both its best interest and that of the customers. One of the key reasons for catering for both the businesses’ interests and those of the customers jointly is to raise the growing challenges. Meeting and exceeding the expectations of the business and those of the customers jointly can be challenging in some way (Rodríguez et al., 3). To ensure that the company keeps up to the game, it has to stay tuned to the feedback of both the employees and those of the customers. Communication with both the employees and the customers will assist the company in staying ahead of their needs and, at the same time, become proactive as a business instead of being reactive.
Another key reason is that it will help the business in having readily available data for analyzing. Of course, the success of a business depends on the kind of data that is available to it, and when it caters to both its interest and that of the customers, more data will be obtained from different sources. In order to get data that is more substantive, a business always has the option of getting a response for both the employees and the customers (Heinonen&Strandvik, 4). Finally, a business catering for both its interest and that of the customers can help the business in exploring new ideas. Exploring new ideas will greatly help in the identification of the biggest source of satisfaction. The business will manage in exploring what the employees and the customers need most for their satisfaction.
Sources
- Fiolleau Krista & Kaplan Steven. 2017. Recognizing ethical issues: An examination of practicing industry accountants and accounting students.https://link.springer.com/article/10.1007/s10551-016-3154-2
- DiMasi Joseph, Grabowski Henry & Hansen Ronald. 2016. Innovation in the pharmaceutical industry: new estimates of R&D costs.https://www.sciencedirect.com/science/article/pii/S0167629616000291
- Rodríguez Rocio, Svensson Goran, Román Sergio, & Wood Greg. 2018. Teleological sales and purchase approaches in complex business relationships–customers’ expectations before and perceptions after purchase.https://www.emerald.com/insight/content/doi/10.1108/JBIM-11-2016-0262/full/html
- Heinonen Kristina &Strandvik Tore. 2018. Reflections on customers’ primary role in markets.https://www.sciencedirect.com/science/article/pii/S0263237317301196
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