Business Liability in the Pharmaceutical Industry
You may be familiar with personal torts such as negligence; however, business torts are different as they are being committed not against the person but rather against its intangible assets. Think about what this means and how each aspect of your work might result in a business tort being committed.
Resources: Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues: Ch. 5, Ch. 6 and Ch. 7; Legal Source database located in the Week 3 Electronic Reserve Readings
Scenario: In the midst of the ongoing rhetoric and movement to achieve Tort Reform, business tort liability must be acknowledged and planned for as a reality. As the manager of legal risk and corporate governance for a major multi-national pharmaceutical corporation, the board of directors has commissioned you to work alongside your CEO and General Counsel to prepare a report regarding this liability and the exposure it creates for the organization.
Create a maximum 1,050-word report, excluding title and reference pages.
Address the following in the report:
- Evaluate the impact of business tort liability on the pharmaceutical industry in general.
- Determine the growth of business tort liability in the pharmaceutical industry and discuss where and why tort reform is needed.
- Explain how business tort liability can be reduced through the implementation of the risk management process.
- Analyze how business tort liability can escalate to criminal liability.
Cite a minimum of two references for the five content areas taken from a business or legal resource. One reference must be from the University Library.
Format your paper consistent with APA guidelines.
Drugs can be termed as both medical and poisonous according to their use and handling. There is an ongoing debate on how drugs should be manufactured, distributed and administered globally. Drug safety and effectiveness has been the primary issue in the discussion. Regarding this business, torts have been established to control the pharmaceutical industry and their effectiveness in drug handling. The pharmaceutical companies have reacted intensifying research and employing experts of tort law. The reliance on this expertise in the pharmacy helps reduce risks because only the pharmacist has the right to give the prescribed drug and not the patients. Nevertheless, the industry still faces exposure to excessive liability that makes it hard for the companies to operate. Therefore, the current policies need to be improved to protect not only the.