Covid 19 Vaccine Profit: Pharmaceutical companies have turned silver in the corona virus epidemic. Only Pfizer is expected to earn US $ 26 billion from the sale of the corona vaccine. Let us know why pharmaceutical companies need this earning.
Pharmaceutical company Pfizer expects to earn up to US $ 26 billion from the sale of the Kovid-19 vaccine this year. This profit for the first quarter of 2021 is apparently 44% higher than a year ago. Similarly, Moderna is expected to earn US$18.4 billion. The company will report its first profit this year. This naturally raises the question in the minds of some whether it is right for these big pharmaceutical companies to make profits in this time of pandemic and that too when their competitors Johnson & Johnson and AstraZeneca are trying to sell their vaccines on non-profit basis. Has committed.
On moral grounds, it can be said that in this era of epidemic, when many industries are facing recession due to lockdown and social restrictions, then how far is it justified to make such a huge profit. On the other hand, it could be argued that drug makers have a commercial and social responsibility to use their model of profit making while making vaccines available to the world. In fact, corporate law also supports this point. There has been a long-standing difference of opinion among people doing research on corporate law.
‘Profit making is an essential corporate objective’
On the one hand, there are those who see the corporate as a profit making machine for the shareholders. On the other hand there are those who believe that making profit is an essential corporate objective, corporate also has responsibilities towards its employees, environment, its community and society. Those of us who hold to the latter view do so partly because it has been supported by ‘common law’ around the world since the 19th century. These include countries such as Britain, Ireland, the US, Canada and Australia, where the decisions of the most senior courts are the source of law and are binding on other courts.
This idea recognizes the corporation as an entity separate from its shareholders. This approach to corporate responsibility is not only legally correct, it is also a socially responsible approach of corporations as it recognizes the wider consequences of the ‘profit at all cost’ mindset. It takes into account the human side of business, such as the impact on workers and local communities when factories close and production is outsourced to locations with lower wage costs (and often less regulation).
That’s why earning from corona vaccine is important
Fully acknowledging the essential role of shareholders in providing corporations with capital for costly research and development of necessary products, as well as the contribution of employees who put their talents and labor to the task of providing goods and services to society. Have to keep in Considering that the corporation cannot perform its role properly without each and every stakeholder and keeping in view the interests of all these stakeholders, a policy is framed. And it seems like Pfizer and Moderna have done the same.
Take a look at it, instead it would have been more troubling if their management teams had opted not to work on it due to the huge expenditure on preparing the Kovid-19 vaccine. Not only this, there was also a risk in front of the company that if their efforts to make the vaccine were not successful, then the company’s reputation could be badly damaged.
Writer – Michael James Boland, University College Cork