The context of this Discussion is the apparent clash of profit versus ethics relating to critical types of intellectual property (IP). The dilemma is to what extent should businesses prioritize profit and the promotion of innovation through IP protection over advancing the greater good for social welfare and sustainability (people and planet).
Scenario
Imagine X5RL, a pharmaceutical company, develops a groundbreaking, patented treatment for a widespread chronic disease. X5RL sets a high price on the treatment to recover its R&D costs, fund future innovations, and reap profits. However, many patients – especially in low-income regions — cannot afford the treatment due to lack of – or insufficient – insurance coverage. As a result, a significant measure of the population is foreclosed from the lifesaving treatment.
Discuss!
Post a cohesive, substantive paragraph that incorporates the following ; (do NOT list as a “Q & A”):
· Is the public’s financial issue X5RL’s problem? Should it be?
· How can this company integrate CSR principles into its strategy to profit from its IP and also provide equitable access, and what ethical considerations should guide this approach?
· (HINT: Compare GSK and insulin producers in developing your thoughts).
Jamali, H. R. (2024). Navigating intellectual property (IP): A comparative analysis of Australian universities’ IP policies. PLoS One, 19(5)https://doi.org/10.1371/journal.pone.0304647
Model answer available: see the X5RL discussion example with the GSK and insulin comparison.