Moral Requirement to Raise Prices

Discussion in 'The Okie Corral' started by Khufu, Sep 12, 2018.

  1. Khufu

    Khufu Pharaoh

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    Is the CEO morally right or wrong?

    https://www.cnn.com/2018/09/11/health/drug-price-hike-moral-requirement-bn/index.html

    "A pharmaceutical company executive defended his company's recent 400% drug price increase, telling the Financial Times that his company had a "moral requirement to sell the product at the highest price.""

    ""I think it is a moral requirement to make money when you can," Mulye told the Financial Times, "to sell the product for the highest price.""


    For those that say morally wrong, do you refuse more pay to keep costs low to people who need your product/service?

    For those that say morally right, do you believe that profit should be placed above all else when it comes to health care?

    Interesting question that mixes the question of free market (capitalism) and needs of society as a whole (communism).

    Does the needs of patient (healthcare) outweigh the needs of the business (profit)?
     
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  2. Geeorge

    Geeorge Sarcasm Inc.

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    greed has no bounds for the rich
     

  3. P99er

    P99er GT Ombudsman

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    America is a nation that has been struggling to remove moral absolutes in our society.
     
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  4. jimcorbin

    jimcorbin

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    It depends on whether or not I have stock in the pharmaceutical company.
     
  5. Mayhem like Me

    Mayhem like Me Semper Paratus

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    one should ask you the same question when you or a loved one needs these type of meds and they price them out of your ample budget.
     
  6. Geko45

    Geko45 Smartass Pilot CLM

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    fiduciary responsibility to maximize profits is an ethical obligation for the chief executive of an organization, not a moral one.
     
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  7. jame

    jame I don't even know....what I'm doing here....

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    Business should be able to make all the money it can possibly make. But in society, there is an element of social culture, in that we all bear at least a little responsibility to help our neighbor or give a hand up.

    This can NOT be a black and white issue, for example stating that someone has no moral responsibility to a society.

    If that’s the way someone wants to play it, with morality being point moot, I shouldn’t have any problem stealing that money from the profiteer, given the opportunity.
     
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  8. G26-Has-my-6

    G26-Has-my-6

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    Capitalism gives the seller the freedom to charge what he wants to charge.

    It also gives the buyer the freedom to not buy.

    I dont see the problem. only the socialists see a problem.

    There are many products that make life better and even save lives that some cannot afford. Not everyone can afford a Mercedes SUV, and need to buy a subcompact to save on gas. And if those 2 cars collided with each other, the Mercedes driver will be much better off than the subcompact driver. And in a blizzard, the SUV driver has a better chance of arriving home safely. Yet I don't see calls for Mercedes to lower their price.

    Price controls are not in our national DNA, and whenever price controls are forced by gov, bad things usually follow.
     
  9. Bruce M

    Bruce M

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    I believe that the goal should be to think of the long term strength of the company which may be better protected by long term profitability.
     
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  10. CDW4ME

    CDW4ME Enigma

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    That person should be made national spokesman for the democratic party.
     
  11. ModGlock17

    ModGlock17

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  12. Dave514

    Dave514

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    From a business perspective he is 100% right. While capitalism is the very best system, it's easy to show where it's not perfect.

    This a good example where doing what is "right" for business is not necessarily what is moral.

    As with many other threads, I've pointed out that those who get into healthcare with the idea of treating it like any other business and maximizing profits....it gets problematic quickly.

    I can flip this switch and save your life....the price is all that you own. From a business perspective I should charge you all that you own because that is precisely what the market will bear if you value your life by that amount. But from a moral perspective it's really F'd up.

    The added "bonus" of having all these "business" people running things is that they are PRECISELY why we have a never ending increase in government regulation, trying to control that stuff.
     
  13. SC Tiger

    SC Tiger As God as my witness, I thought turkeys could fly.

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    I would say that he is doing his job, but I wouldn't call it a "moral requirement." More of a job requirement.

    The PR side of this was a major fail.
     
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  14. Khufu

    Khufu Pharaoh

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    Define "the rich".
     
  15. Khufu

    Khufu Pharaoh

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    So it is absolutely moral or absolutely immoral to maximize profit?
     
  16. Khufu

    Khufu Pharaoh

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    I have been purchasing a component that the company allowed for medical use. I am not going to say what it is because the company would be easy to find.

    Up through last year one unit was $49. Now the company says no more use of their product in medical and if medical use is desired, the medical grade must be purchased (they are the exact same product, just the new one is certified). The new price is $735 per unit. The non certified grade is still $49.
     
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  17. Struggle_Russ

    Struggle_Russ

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    As long as we continue to leave out how the relationship between pharmaceutical companies, treatment and insurance works then you're right.

    Kind of like you're right about the Mercedes allegory if we continue to ignore the availability of alternative choices from other companies that make SUVs. And we also assume that the Mercedes SUV is actually "essential" as a specific vehicle type to get someone to where they need to be.

    You aren't wrong. You're just right, as long as we make this a very narrow road to travel down.
     
  18. TX OMFS

    TX OMFS Right wing nut Lifetime Member

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    I think the flaw in this view is the assumption that any treatment is life saving. They aren't. They're life prolonging. Everyone dies.

    Given that everyone dies, life meets the communist's ideal: equal outcomes. Leftists can rest assured that the evil rich doctor or medical vendor will die. Capitalists can spend their money how they choose & cheat death a little longer, maybe.
     
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  19. Dave514

    Dave514

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    And while that is kinda messed up, the market generally bears that out as those making the $49 version take the expensive steps to get their equipment certified and charge what the market will bear. The people who get the shaft are the end users when the certification required is something ridiculous. But that's not just in healthcare. Example: Oh, you make a thermal camera for firefighters, well now we need it waterproof to 50m instead of 30m. You're out until then.
     
  20. Dave514

    Dave514

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    Yeah, we're limited to the essentials in life and the power of who can make the product. A narrow road but one that "business" sees the huge upside to.

    Yeah, if you are willing to die then they have no power over you. All we have to do is get everyone on board with telling me to shove that life saving switch up my butt and get on with dying. :rolleyes: