Innovation and the Pharmaceutical Industry: Critical Reflections on the Virtues of Profit

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Innovation and the Pharmaceutical Industry: Critical Reflections on the Virtues of Profit examines the central role of profit in the development of pharmaceuticals, medical devices, and health care generally. Recent efforts to understand this role have often underestimated and even dismissed its importance, arguing for its replacement by other means and mechanisms. However, as the essays in this volume attest, it would be impossible to account adequately for the range of pharmaceuticals and medical devices that have become part of everyday medicine without recognizing that the depth and scope of innovations are tied not simply to altruism, a concern for the common good, or the pursuit of knowledge for its own sake, but crucially to the pursuit of private good and of individual profit.

Balancing a concern for theory and practice, the analyses and evaluations provided in these essays touch directly on many of the most heated and important debates in pharmaceutical ethics, such as profit margins, corporate social responsibility, drug advertising, litigation, patents, and parallel trade. Reflecting critically on the problems and prospects of medical innovation, they invite a rethinking of the foundations of the bioethics and business ethics of the pharmaceutical and medical device industries by focusing on the long-term impact of policy decisions for human health and well-being.


Professionals (managers, scientists, lawyers) working in drug development in the pharmaceutical industry.

Business ethicists and bioethicists in business, academic, and industry settings.

Health policy experts

Health lawyers

About the Editors

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Product Details

  • ISBN-13: 9780980209440
  • Publisher: M & M Scrivener Press
  • Publication date: 4/28/2008
  • Series: Trends and Conflicts Series
  • Pages: 250
  • Product dimensions: 6.10 (w) x 9.20 (h) x 0.70 (d)

Table of Contents

Preface Martin D. Beirne v

I Introduction

Pharmaceutical Innovation and the Market: The Pursuit of Profit and the Amelioration of the Human Condition H. Tristram Engelhardt Jeremy R. Garrett 1

II The Social Responsibility of Pursuing Profit

The Unavoidable Goodness of Profit: The Cunning of Reason and the Realization of Human Well-Being H. Tristram Engelhardt 17

Corporate Social Responsibility and Business Ethics in the Pharmaceutical Industry Nicholas Capaldi 33

Pharmaceutical Companies and Their Obligations to Developing Countries: Psychopaths or Scapegoats? Pepe Lee Chang 46

III Autonomy, Advertising, and Pharmaceutical Costs

Autonomy, Constraining Options, and Pharmaceutical Costs James Stacy Taylor 67

Pharmaceutical Advertising and Patient Autonomy Andrew I. Cohen 80

IV Some Criticisms of the Pharmaceutical Industry Critically Re-Examined

Why America Does Not Have a Second Drug Problem Richard A. Epstein 100

Global Drug Innovation in a World of Financial Finitude: Retailing Virtue to Promote Capital Formation and Profit Michael A. Rie 128

V Markets, Pharmaceuticals, and Health Savings Accounts

Time, Money, and the Market for Drugs John C. Goodman 153

Perils of Parallel Trade: Reimporting Prescription Drugs from Canada to the U.S. John R. Graham 184

VI Pharmaceutical Liability: Another Source of Health Care Costs

Risk, Responsibility, and Litigation Sandra H. Johnson Ana Smith Iltis 193

Contributors 231

Index 233

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