Pharmaceutical Industry Ethics

By: Rachel Thomas

Part 2 of the Valeant Pharmaceuticals Series

In a capitalist free market, the goal of business is to sell a product to satisfy demand. The company’s objective is to maximize profit, without breaking the laws of the land. This profit motive is generally accepted as a characteristic of the free market and rarely raises ethical questions. However, there are industries where social good may take precedent over profit. The pharmaceutical industry presents one instance.

The pharmaceutical industry is a unique and significant


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The Valeant Pharmaceuticals Case



By Yucheng Lu

This case study is about Valeant Pharmaceuticals, a Canadian-based multinational pharmaceutical company. The company is under investigation for its pricing practices, which have allegedly resulted in extremely high prices on medicines in the U.S. market. Additionally, its inappropriate disclosure of inter-corporate relations alarmed investors, who are concerned about possible manipulation of the insurance system.

This case study finds Valeant’s behavior in both healthcare and equity markets to be unethical. Stakeholders should be aware of the


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Trade Adjustment Assistance and Game Theory



By: Kolbe Murray

Free trade gets a bad rap these days in stark contrast to 2001 when President George W. Bush said “Open trade is not just an economic opportunity, it is a moral imperative.”

Open or free trade is an ethical issue because it involves the freedom to use property as individuals see fit. Locke first made a case for property rights in “Of Property”. Locke states that working on an object from its natural state infuses property ownership into that object.

In simple


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International Investment Management: Theory, Ethics and Practice

International Investment Management book cover imageRead the new and original book lead authored by Seven Pillars Institute’s President, Dr. Kara Tan Bhala. The book uniquely synthesizes three theories of finance and gives a lucid explanation of ethics and its real world application in investment management.

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Moral Cents

Financial EthicsMoral Cents is The Journal of Ethics in Finance, produced on a regular basis by the Seven Pillars Institute for Global Finance and Ethics. See the latest issues and read them in full.

Seven Pillars Institute for Global Finance and Ethics (SPI) and the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London have a collaborative affiliation in their work on ethics, law, and regulation in finance. The goal of the collaboration is to foster a dialogue on important ethical policy issues affecting the financial services industry.

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Seven Pillars Institute for Global Finance and Ethics and IntegTree LLC have a collaborative affiliation. The two organizations plan to create online training programs in financial ethics and compliance management. The Programs will help financial institutions improve conformity with the law while also fostering ethical awareness.

Read the collaboration announcement.