Podcast
Questions and Answers
What was the main challenge Merck faced in developing Ivermectin for human use?
What was the main challenge Merck faced in developing Ivermectin for human use?
Which disease was Ivermectin intended to treat?
Which disease was Ivermectin intended to treat?
How did Merck respond to the ethical dilemma regarding the drug?
How did Merck respond to the ethical dilemma regarding the drug?
What was the estimated cost for Merck to develop the human version of the drug?
What was the estimated cost for Merck to develop the human version of the drug?
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What was the annual sales figure of Merck mentioned in the context?
What was the annual sales figure of Merck mentioned in the context?
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What might be a long-term benefit for Merck from developing Ivermectin?
What might be a long-term benefit for Merck from developing Ivermectin?
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What does the situation of Merck suggest about the relationship between ethics and profits?
What does the situation of Merck suggest about the relationship between ethics and profits?
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What major legislative change was Merck facing that influenced their decision?
What major legislative change was Merck facing that influenced their decision?
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What is suggested as the best long-term business strategy for a company?
What is suggested as the best long-term business strategy for a company?
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Which statement accurately reflects the relationship between ethics and morality?
Which statement accurately reflects the relationship between ethics and morality?
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How are moral standards typically formed in individuals?
How are moral standards typically formed in individuals?
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What dilemma did Kermit Vandivier face at B.F. Goodrich?
What dilemma did Kermit Vandivier face at B.F. Goodrich?
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What do moral norms generally express?
What do moral norms generally express?
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What can sometimes occur in the business world regarding ethical behavior?
What can sometimes occur in the business world regarding ethical behavior?
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How do personal ethics differ from business ethics?
How do personal ethics differ from business ethics?
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What was one of Vandivier's moral standards in his case?
What was one of Vandivier's moral standards in his case?
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What is a potential outcome of unethical behavior in business according to the content?
What is a potential outcome of unethical behavior in business according to the content?
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Which of the following statements about moral values is true?
Which of the following statements about moral values is true?
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What does the engaging in ethical behavior imply for long-term business success?
What does the engaging in ethical behavior imply for long-term business success?
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Which option best defines ethics?
Which option best defines ethics?
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What role does reflection play in understanding ethical behavior?
What role does reflection play in understanding ethical behavior?
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What distinguishes moral standards from non-moral standards?
What distinguishes moral standards from non-moral standards?
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Which of the following is NOT a characteristic of moral standards?
Which of the following is NOT a characteristic of moral standards?
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What is the primary concern of ethics as a discipline?
What is the primary concern of ethics as a discipline?
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Which statement best describes the relationship between ethics and social sciences?
Which statement best describes the relationship between ethics and social sciences?
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Why might individuals choose non-moral standards over moral standards?
Why might individuals choose non-moral standards over moral standards?
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Which of the following situations reflects an ethical dilemma?
Which of the following situations reflects an ethical dilemma?
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What does the study of ethics critique in regard to moral standards?
What does the study of ethics critique in regard to moral standards?
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Which emotion is commonly associated with moral standards?
Which emotion is commonly associated with moral standards?
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What does it mean for moral standards to not be established or changed by authoritative bodies?
What does it mean for moral standards to not be established or changed by authoritative bodies?
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How are moral standards perceived in relation to self-interest?
How are moral standards perceived in relation to self-interest?
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Study Notes
Merck & Co. Case Study
- Merck faced a dilemma: developing a life-saving drug (ivermectin for river blindness) with minimal profit potential.
- The drug, though potentially life-saving, was designed for a largely impoverished population, making it hard to recoup the estimated $100 million development cost.
- Adverse human side effects could jeopardize the company's very profitable animal version of ivermectin, which brought $300 million in annual sales.
- The impending Drug Regulation Act added to the challenge, increasing competition.
- Merck managers, despite the financial considerations, chose to proceed, giving away the drug for free.
- The case suggests a long-term benefit of ethical choices for companies, as illustrated by their successful efforts in Japan
Ethical Considerations in Business
- Ethical behavior can be a better long-term business strategy than unethical behavior.
- Ethical choices aren't always clear-cut, and profit considerations often conflict with ethical dilemmas.
- Companies have responsibilities to shareholders to create profit; however, this shouldn't override ethical standards.
Defining Ethics
- Ethics has multiple meanings: principles of conduct for individuals or groups (personal ethics, accounting standards); and the study of morality.
- Morality consists of standards regarding right/wrong and good/evil.
- Moral standards have a different basis and criteria from other standards.
The B.F. Goodrich Case
- Kermit Vandivier faced a moral dilemma in the production of faulty aircraft brakes for the US military.
- His moral principles (telling the truth, not endangering lives) conflicted with pressure to produce a false report.
- Vandivier chose to uphold ethicality despite facing potential consequences.
Distinguishing Moral Standards
- Moral standards involve potential harm/benefit to humans and are independent of authorities.
- Moral standards prioritize ethical considerations over other values(including self-interest) and are impartial.
- They are accompanied by specific emotions(guilt, shame) and vocabulary.
Ethics and Its Study
- Ethics examines personal and societal moral standards to determine their reasonableness.
- Ethics is a process of critically evaluating moral standards to see if they are well-justified for use in real-world situations, and to construct reasonable moral standards.
- Social sciences (anthropology, sociology, psychology) also study morality, but in a different way. They describe morality, not evaluate it.
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Description
Explore the significant ethical dilemmas faced by Merck & Co. in developing ivermectin for river blindness. This quiz delves into the challenges of balancing profitability with corporate social responsibility. Understand the implications of ethical choices on long-term business success.
