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How has CVS handled its ethical challenges?
Being in the pharmaceutical business comes with a lot of ethical challenges. Because you are dealing with highly controlled substances it is important to regulate the distribution of such drugs . In 2009, CVS was accused of improperly disposing of patients’ health information. CVS settled the case with the U.S. Department of HHS for 2.25 million regarding improper disposal of patients’ health information. In addition to that, the company had to implement a Corrective Action Plan with seven guidelines.
The company also settled with the FTC by signing a consent order, requiring the company to develop a comprehensive program that would ensure the security and confidentially of information collected from customers. In addition to privacy challenges, CVS has been accused of deceptive business practices. In the end, CVS signed a consent degree without admitting fault and paid a settlement of $38.5 million to reimburse states for the legal costs and patients overcharged due to the switch of prescriptions.
As a company they were very willing to cooperate in the prosecution and investigation of their specific case, not hiding behind any loopholes and paying all necessary fines imposed on them.
What is the future of CVS in positioning itself as a health care company based on its decision to be socially responsible?
the future of CVS in positioning itself as a health care company based on its decision to be socially responsible is good because it would help the company to create better reputation in society and prevent the company from legal and ethical issues in future.being responsible helps the company to create good customer base because customer wants to get attached with company which is social and legally responsible.
How has CVS handled its ethical challenges? What is the future of CVS in positioning itself...
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