IndexTopic of ArticleRelationship to Business EthicsTheories of Business Ethics MentionedReaction to Article ContentHow I Would Approach the ProblemTopic of Article This Particular Article regarding pharmaceutical companies, stocks plummet after Democratic presidential candidate Hillary Clinton tweeted her proposed plan to deal with the problem of "price gouging" in the biotech sector. Biotech consists of all pharmaceutical companies that produce biologic drugs or “specialty drugs” designed for patients with serious diseases. Such disorders include immune deficiencies, HIV and other infectious diseases, cholesterol problems, cancer, hepatitis C and other parasitic infections; all of which are extremely expensive to manage and help reduce the pain caused. The top 20 manufacturers of these particular pharmaceutical products all suffered heavy losses on Monday following Clinton's tweet revealing his "price gouging" initiative. Clinton's outrage at these pharmaceutical companies was sparked by a sharp price increase by Turing Pharmaceuticals. The company took a pill, Daraprim, that helps patients with immune system problems, and raised its price from $13.50 to $750 (The Associated Press, 2015). This has caused an explosion of anger in the medical community and as pharmaceutical stocks continue to fall, such companies are starting to rush in as a war is upon us. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Some of these companies include Johnson & Johnson, Pfizer, Merck & Co., and Bristol-Myers Squibb. Each of these pharmaceutical companies and many others will face an onslaught from the media and government intervention due to illegal price increases over the years. According to New York Attorney General Schneiderman, "New York State's Price Gouging Law (General Business Law § 396-r) prohibits merchants from taking unfair advantage of consumers by selling goods or services at an 'unconscionable price.' during an abnormal interruption". market,” which would include Hurricane Sandy. The price gouging law covers New York State sellers, retailers and suppliers, including but not limited to supermarkets, gas stations, hardware stores, bodegas, delis and taxi drivers and livery cab drivers. “Relationship with Business Ethics With this definition of price gouging, it appears that each of these companies will soon have million dollar lawsuits against them as they practice an unethical method of business. These pharmaceutical giants have a corporate social responsibility to do what is in the best interest of all stakeholders. “Corporate social responsibility is about seriously considering the impact your business has on society; where the company is responsible for its workers, consumers and society as a whole” (Palazzolo). The companies that took part in this price gouging did not comply with this corporate social responsibility as they did not consider the impact of its effects on consumers and society. Regarding the four elements of ethics covered in class, these pharmaceutical companies have not really met their social expectations. They have been cheap as they are extremely profitable by maximizing and minimizing sales, but mainly because of their illegal price gouging activity. The legal element was ignored as price gouging is illegal and these manufacturing companies.