New Brunswick, NJ - According to Andrew Sheldon of the New Jersey Business Magazine, “When Martin Shkreli's company, Turing Pharmaceuticals, purchased the parasitic-infection-treating Daraprim, the company increased its price from $13.50 to $750 per tablet overnight."
"The move created a lot of anger in the medical community and, understandably, among the drug’s users. Many questioned the ethics of the decision and the universal anger even led to some dubbing Shkreli the “most hated man in America.”
But it turns out the price hike wasn’t just questionable ethically, it was bad business. Even apart from the initial backlash, with Imprimis Pharmaceuticals entering the market just one month later, Turing now faces competition that’s offering a similar drug at just $1 per tablet.
According to Judy Young, the director of Rutgers Institute for Ethical Leadership, ethical decisions and good business are more commonly linked than it may seem at first glance.
“If you do the right thing, then making money and a profit will follow,” she said. “Everyone has obligations, whether it’s to shareholders, a board of directors, but more companies are finding that, if they are doing the right thing, then the profit does come.”
With the transparency provided by social media and the Internet, ethical decisions are more important to a business’ success than ever.
“You can’t put a price on reputation,” Young said. “For myself, once I know a company didn’t make a mistake but went out of their way to lie, it’s hard to trust them.”
To address these issues, the institute will be commencing its second annual two-day executive education certificate program on ethical leadership Tuesday in Newark. The second meeting will occur Nov. 10.”"
For the full story: http://www.njbiz.com/article/20151023/NJBIZ01/151029871/rutgers-program-to-focus-on-ethical-business-leadership?utm_source=Listrak&utm_medium=Email&utm_term=http%3a%2f%2fwww.njbiz.com%2farticle%2f20151023%2fNJBIZ01%2f151029871%2frutgers-program-to-focus-on-ethical-business-leadership&utm_campaign=The+Daily%3a+Forbes+ranking+reinforces+N.J.%27s+bad+business+reputation.
But it turns out the price hike wasn’t just questionable ethically, it was bad business. Even apart from the initial backlash, with Imprimis Pharmaceuticals entering the market just one month later, Turing now faces competition that’s offering a similar drug at just $1 per tablet.
According to Judy Young, the director of Rutgers Institute for Ethical Leadership, ethical decisions and good business are more commonly linked than it may seem at first glance.
“If you do the right thing, then making money and a profit will follow,” she said. “Everyone has obligations, whether it’s to shareholders, a board of directors, but more companies are finding that, if they are doing the right thing, then the profit does come.”
With the transparency provided by social media and the Internet, ethical decisions are more important to a business’ success than ever.
“You can’t put a price on reputation,” Young said. “For myself, once I know a company didn’t make a mistake but went out of their way to lie, it’s hard to trust them.”
To address these issues, the institute will be commencing its second annual two-day executive education certificate program on ethical leadership Tuesday in Newark. The second meeting will occur Nov. 10.”"
For the full story: http://www.njbiz.com/article/20151023/NJBIZ01/151029871/rutgers-program-to-focus-on-ethical-business-leadership?utm_source=Listrak&utm_medium=Email&utm_term=http%3a%2f%2fwww.njbiz.com%2farticle%2f20151023%2fNJBIZ01%2f151029871%2frutgers-program-to-focus-on-ethical-business-leadership&utm_campaign=The+Daily%3a+Forbes+ranking+reinforces+N.J.%27s+bad+business+reputation.
