Essay: A moral duty for the pharmaceutical industry to provide low cost drugs

Sample Essay

There is a special duty when medicines are being sold and pharmaceutical companies hold this moral duty to provide low cost drugs especially in developing countries. However, in cases where drug companies give more importance to short term gains than to their social responsibility, they often charge higher prices. (John Meehan, 2006)

For pharmaceutical companies the spending on R&D involves a substantial cost therefore producing low cost drugs becomes very hard. According to estimates, the global R&D expenditure in 1981 was not any less than $5.4 billion and is further estimated to increase over the years. (London, 2010)

However, the pharmaceutical business is widespread with high demand for drugs and high profits and revenues generated for the companies. It is estimated that about 50 billion aspirin tablets are consumed each year all over the world. This higher demand and even higher revenues generated should encourage selling the drugs at lower prices and taking it up as their moral duty.

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