Finally, the paper will conclude with an assessment of which is more important as it pertains to ethics and the law. Insider Trading For one to examine critically the circumstances Stewart encountered it would be practical to examine the transpiration of conviction on offences such as insider trading and the penalty associated with such a misdemeanour. In relation to the case of Martha Stewart, insider trading was clearly evident in Martha Stewart’s instance. Martha had been a shareholder of the biopharmaceutical company ImClone System Incorporated. ImClone focused much on advance oncology care and had designed a new drug called Erbitux for which would have a treatment for patients with colon cancer.
Addressing International and Ethical Legal Issues What are the issues involved in resolving legal disputes in international transactions? When a business operates internationally, they inevitably will be faced with the task of confronting legal disputes with their international partners or within the host country they are doing business. These situations will demand that certain issues be addressed in order to resolve the dispute. Issues such as the legal forum of resolution and the applicable local or international law will be relevant concerns when resolving legal disputes, and should be known by the commercial participants prior to the occurrence of a dispute. In the case of the course material simulation, a question posed to the student related to which forum a complainant should refer their case in the event of a legal dispute between CadMex, a U.S. based company, and Gentura, a company based in the Southeast Asian country of Candore.
The fact that the seller on eBay would have asymmetric information on the product that they are attempting to sell could be cause for problems especially if they are selling faulty items or if they are just straight lying about the items they are selling. Our text states that there are two general types of informational problems that arise from contracting, informational asymmetries before contract negotiation and informational asymmetries during the implementation of the contract (Brickley, Smith and Zimmerman, 2009, p. 324). 3. How does eBay address these problems? One way eBay addresses this problem is with The Feedback Forum.
In the paper I will try to determine whether PharmaCARE was unethical in its dealings as it relates to the above mentioned areas. The paper will also compare and contrast the benefits of Direct-to-Consumer (DTC) marketing that is usually employed by drug companies. The paper further the parties responsible for regulating compounding pharmacies under the current regulatory scheme, the actions that either these parties or the FDA could / should have taken in this scenario, and whether PharmaCARE could face legal exposure surrounding its practices. Also in the paper, I will look at how PharmaCARE has been able to manipulate the current U.S. law to protect the company intellectual property while analyzing the validity of John’s claim to being the true “inventor” of AD23. I will then suggest ways the
Justification for an Internal Control System Selina Dickinson May 25, 2015 ACC 543 Joseph Poletti There are some concerns with the idea of adding an internal control system although there are controls in place that the company uses in terms of insurance and portfolio approaches. Understand that implementing an internal control system would not replace the controls in place but would add to the controls and ensure that any risks the company encounters would be at a minimum both internally and externally. Businesses use insurance as a way of managing risk. Once risks are identified, then insurance is considered for these risks. This is considered to be a transfer risk reaction.
Taking in the situation and seeing that “Sycamore Pharmaceuticals to come under fire for promoting its popular rheumatoid arthritis drug, Osteoporin, for the treatment of other diseases like Crohn’s disease and lupus”. (Daft, R.L.) John Blake, a worker of Sycamore Pharmaceuticals, is faced with telling the truth to the Food and Drug Administration or to continue to lie for the company. There are many things I would suggest to John Blake and the first thing would to be honest with the Food and Drug Administration (FDA) because keeping your morals straight will also look better. It is possible for John to be penalized or he could lose his employment with the company.
(Peter Clarke, 2015) • Contrast liability was forced by Law in order to control the intentional Tort, such as battery cases, Assault, tress pass, conversion and fraud. Those cases are harm/injuries that are causes by a party to another. In Tort Law, those incident make the party who causes injury liable even they didn’t mean
There are also many issues involved in resolving legal disputes in international transactions. Some of these issues can be, but are not limited to enforcing binding agreements and applying which country’s law to resolve the dispute. When there is an international legal dispute and the dispute goes into arbitration there is no guarantee that the losing country will comply with the binding outcome of the arbitration. It will be up to that government to enforce the company to abide by the agreement. There are various ways to get the governments to abide by the
Knowing the legal requirements for making binding contracts is important. Contracts provide the means for individuals and businesses to sell or transfer property, services, and other rights. Without enforceable contracts, the business world would collapse. A contract is defined as an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law. (Black's Law Dictionary, 2005) The agreement will create rights and obligations that contracts, in many instances, do not have to be in writing to be legally binding.
Ethical promotion requires pharmaceutical companies to provide exact product facts, without recommending “off-label” use, i.e., promoting a product outside its specified FDA-approved label and guidelines for distribution, handling, etc. (Public). “Off-label promotion can be prosecuted as a criminal offense because of the potential for serious adverse health consequences to patients from such promotional activities” (Public). Even though the practice of “off-label” pharmaceutical promotion is against FDA regulations, in December of 2010, the well-known drug company Abbott and Elan was fined $41MM and $204 MM in two separate cased for utilizing this practice. In addition, AstraZeneca was fined earlier that year $520 MM in a case involving Seroquel XR (Public).