Nobel Prize winning economist Milton Friedman argued that businesses have one social responsibility—to maximize profits. This comprises the “free market” philosophy which supports allowing a price to reach however high the market will tolerate . Although this may be considered good business practice is some instances, it fails to recognize the social impact such decisions have on society. Companies are thus faced with recognizing these social impacts and acting accordingly, or they can ignore them until the people of the community begin to get angry and complain. Allowing the free market to set prescription drug prices causes prices to reach an offensively high amount, so high that many people here in the United States cannot afford them. The elderly and chronically ill are the most affected in this situation. Elderly people often have to buy their prescriptions on their own because Medicaid will not cover it . According to a survey taken in 2003, one-fourth of senior......

Join Now to view the rest of this term paper!
Members: Login to view this research paper.

Title: Drug Debate
Approximate Word Count: 2751
Approximate Pages: 12 (250 words per double-spaced page)

With the Term Papers Lab Membership Pass, you get instant access to every essay on this site, including this essay on Drug Debate, for as long as you remain a member.

Other essays sites charge almost $100 for a single term paper. At Term Papers Lab, you can get instant access to over 100,000 research papers for as little as $29.95!