Martin Shkreli has occasionally been dubbed "the most hated man in America" since he took over Turing Pharmaceutical in 2015 and raised the price astronomically on a proprietary drug. The incident, and his worker's dismay over representing the company, can be found here: Working for ‘the most hated man in America’
However, Shkreli maintains that he was simply trying to maximize profits for his shareholders and that the R&D was being invested into new pharmaceutical innovations. That can be see in this video: Martin Shkreli: 'I Would've Raised Prices Higher' | Forbes
He has also defended his move on a pragmatic basis, claiming that ultimately only "fat cats" would be hurt, since it's insurance and corporate insurance companies who have to buy the drug at full price.
However, what has been notable is his absence of apologies and seemingly total lack of concern for what the price hike would do to consumers.
If you want probably the most positive interview with Shkreli, it can be found here: Martin Shkreli on Drug Price Hikes and Playing the World’s Villain
Taking this issue, is someone like Shkreli correct to simply focus completely on his CEO duties as opposed to being concerned for all stakeholders, including hospitals and insurance companies? Is his mentality the logical consequence of a postmodern point of view, where morality is simply what we make of it and what we prefer, or perhaps a negotiating of pragmatic good? Or is there something objectively wrong with his position and demeanor?
Develop your argument in 3-4 paragraphs.
Full Answer Section
Secondly, Shkreli's lack of concern for stakeholders betrays a narrow view of corporate responsibility. Hospitals, for example, rely on affordable medications to serve their communities effectively. Insurance companies, pressured by rising drug costs, may increase premiums for everyone. A company's success should be viewed in a broader context, considering its impact on society as a whole, not just short-term shareholder gains.
Shkreli's argument doesn't align with a pragmatic good approach either. While innovation is crucial in the pharmaceutical industry, achieving it through price gouging has a detrimental impact on patient care and access to medication. There are ethical and sustainable ways to invest in R&D without exploiting patients' needs.
In conclusion, focusing solely on shareholder profits at the expense of ethical considerations and patient well-being is a short-sighted and ultimately destructive business strategy. A responsible CEO balances the needs of shareholders with the responsibility to operate within a moral framework, promoting access to healthcare and contributing to the greater good of society.
Sample Answer
Shkreli's approach to his CEO duties is flawed for several reasons. While maximizing shareholder profit is a core responsibility, it shouldn't come at the expense of ethical considerations and the well-being of patients.
Firstly, Shkreli's defense that only "fat cats" are affected is disingenuous. Patients with insurance still face higher out-of-pocket costs or potential denials of coverage due to exorbitant drug prices. Additionally, these inflated prices ultimately trickle down, increasing healthcare costs for everyone. This financial burden disproportionately impacts low-income individuals and families, jeopardizing their access to life-saving medications.