Construct of corporate responsibility has gone by the wayside in lieu of corporate profits

Full Answer Section

      On the other hand, there are also many examples of companies that are putting profits ahead of everything else. For example, some companies have been accused of polluting the environment, exploiting workers, or engaging in unethical business practices. It is important to note that corporate responsibility is not a one-size-fits-all concept. What constitutes responsible behavior for one company may be different for another. Additionally, the definition of corporate responsibility is constantly evolving. Overall, it is difficult to say definitively whether or not corporate responsibility has gone by the wayside in lieu of corporate profits. However, it is clear that some companies are taking corporate responsibility more seriously than others. How can healthcare organizations minimize some of their overhead drug costs? There are a number of ways that healthcare organizations can minimize their overhead drug costs. Some of these include:

• Negotiate better prices with drug manufacturers. Healthcare organizations can use their collective buying power to negotiate better prices on drugs. This can be done through group purchasing organizations (GPOs) or by negotiating directly with drug manufacturers.
• Use generic and biosimilar drugs whenever possible. Generic and biosimilar drugs are just as safe and effective as brand-name drugs, but they cost much less. Healthcare organizations can encourage their clinicians to prescribe generic and biosimilar drugs whenever possible.
• Implement clinical decision support systems. Clinical decision support systems (CDSSs) can help clinicians to make more cost-effective prescribing decisions. CDSSs can provide clinicians with information about the cost of different drugs and the availability of cheaper alternatives.
• Use drug formularies. Drug formularies are lists of drugs that are covered by a health insurance plan. Healthcare organizations can use drug formularies to limit the number of drugs that are available to their patients. This can help to reduce drug costs.
• Partner with pharmacies. Healthcare organizations can partner with pharmacies to develop and implement cost-saving strategies. For example, healthcare organizations and pharmacies can work together to develop medication adherence programs or to negotiate lower prices on drugs.

In addition to the above strategies, healthcare organizations can also minimize their overhead drug costs by:

• Reducing waste. Healthcare organizations can reduce waste by implementing medication reconciliation programs and by using medication dispensing cabinets.
• Improving inventory management. Healthcare organizations can improve their inventory management by using computerized systems and by tracking drug usage patterns.
• Educating patients. Healthcare organizations can educate patients about the importance of taking their medications as prescribed and about the availability of low-cost or free drugs.

By implementing these strategies, healthcare organizations can minimize their overhead drug costs and improve the affordability of healthcare for their patients.  

Sample Answer

   

Whether or not corporate responsibility has gone by the wayside in lieu of corporate profits is a complex question with no easy answer. There is evidence to support both sides of the argument.

On the one hand, there are many examples of companies that are prioritizing corporate responsibility over profits. For example, many companies are now setting ambitious environmental goals and investing in renewable energy. Others are working to improve their social and ethical practices, such as by reducing their reliance on child labor or sourcing materials from sustainable suppliers.