Business Law

Business Law

Business Law

Whereas the traditional perspective has it that corporations should only focus on making profits, the issue of social responsibility always arise and cannot be avoided. “Lose it Fast” a pill that was introduced to the market with an aim that it would be of help to the community and most importantly, enable the Phishy Pharmaceuticals to make profits for its shareholders. Unfortunately, the company began receiving reports that concerning side effects of the pill.

The fact   that the pill was not approved by the FDA left the manufacturing company with two decisions. One, to recall the pill or, two, allow the pill to stay in the market.

What can be done

Making profits after every sale is the major objective of every company. Profits are important especially because they help recover the cost that was incurred during production. In other words, profits keep companies running. Nevertheless, there is the concern of social responsibility.

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In conclusion, it is vital to know that the government is always watching. Companies that fail to obey rules and regulations are closely watched and even closed down. When the pharmaceutical company recalls the pill, chances are that, the government will develop a positive attitude towards the company. The positive attitude is as a result of accepting own faults and the desire to make corrections. Being a “friend” to the government is always attached to some advantages. For example, the government can choose to be lenient to the company in case of a crisis.

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  • Length: 553 Words (2)
  • Rating:Good Essays
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