Should Abm Maximize Its Profits
Assignment 8
1. Should ABM maximize its profits? I do not think ABM should maximize pill’s profits. If scientists researched long time only for a new stem-cell based drug, it deserves to get high profits, because they spend their time, money and every only for the research. But they were working a different study and they discovered accidentally. Furthermore, this pill is too higher price than research cost and expensive. It said only one peel price is $10,000. However, patients have to take this pill for 20 weeks. Except rich people, serious patients cannot get it and it means do not take people who do not have money. Actually, if someone who has a lot of money suffers from lung cancer, they might try to treat, because medical treatment has developed much and it is still developing. If ABM sell the pill high price to earn maximize profits, the company would lose what the pill purpose is and be dislocated socially, environmentally, and economically.
2. Does the AMA Statement of Ethics address this issue?
Yes, it does. AMA Statement of Ethics is composed of 6 parts which Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship. I think ABM did not follow statement of Ethics. According to statement of Ethics, the company will balance rightly between buyer and seller (Fairness). However, AMA expects their budget too higher than original research price. That is too unfair to seller. Also I can tell that transparency has some problem (Transparency), because customers do not know about the process to discover the new-stem-cell. But it said that disclose list prices and terms of financing. Actually, the first wrong which ABM expect their cost of product to get maximize profits. Furthermore, they mentioned on the statement. First, it will be forthright (Honesty). Second, it will recognize special commitments which economically impoverished (Responsibility). Third, it will respect human dignity (Respect). In fact, this company ignored those three
1. Should ABM maximize its profits? I do not think ABM should maximize pill’s profits. If scientists researched long time only for a new stem-cell based drug, it deserves to get high profits, because they spend their time, money and every only for the research. But they were working a different study and they discovered accidentally. Furthermore, this pill is too higher price than research cost and expensive. It said only one peel price is $10,000. However, patients have to take this pill for 20 weeks. Except rich people, serious patients cannot get it and it means do not take people who do not have money. Actually, if someone who has a lot of money suffers from lung cancer, they might try to treat, because medical treatment has developed much and it is still developing. If ABM sell the pill high price to earn maximize profits, the company would lose what the pill purpose is and be dislocated socially, environmentally, and economically.
2. Does the AMA Statement of Ethics address this issue?
Yes, it does. AMA Statement of Ethics is composed of 6 parts which Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship. I think ABM did not follow statement of Ethics. According to statement of Ethics, the company will balance rightly between buyer and seller (Fairness). However, AMA expects their budget too higher than original research price. That is too unfair to seller. Also I can tell that transparency has some problem (Transparency), because customers do not know about the process to discover the new-stem-cell. But it said that disclose list prices and terms of financing. Actually, the first wrong which ABM expect their cost of product to get maximize profits. Furthermore, they mentioned on the statement. First, it will be forthright (Honesty). Second, it will recognize special commitments which economically impoverished (Responsibility). Third, it will respect human dignity (Respect). In fact, this company ignored those three