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Mercks & Vioxx

Mercks & Vioxx. Morga M.Arthur Erik Jacobsen Torrey Sargent Cristina Harb. Merck’s Values. Improving human life Improving animal health Having a high level of ethics and integrity High level of scientific excellence

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Mercks & Vioxx

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  1. Mercks & Vioxx MorgaM.Arthur Erik Jacobsen Torrey Sargent Cristina Harb

  2. Merck’s Values • Improving human life • Improving animal health • Having a high level of ethics and integrity • High level of scientific excellence • Aspiring to improve the health and wellness of people by expanding access to medicine • Promoting diversity & teamwork

  3. Background of Case • One of the 7 largest pharmaceutical companies

  4. Are there holes in the free market? • Yes, but the free market seems to close them up on its own. • When the drug was first released there was a lack of information for the consumer. • Once the information was discovered it was put on the bottle of Vioxx but not in the warning labels section. • 5 years after Vioxx was on the shelf, Mercks made the decision to pull it, not the FDA.

  5. Did the Market Fail? • Yes because the government intervened. • Even though Merck's pulled it on their own they were convicted of a criminal misdemeanor for illegally promoting Vioxx and deceiving the government about the drugs safety

  6. Stakeholders • Consumers. 20 million took the drug and was marketed in over 80 countries. Anywhere from 30,000- 56,000 deaths. 88,000-140,00 cases of heart disease. • Merck. Paid $950 million and plead guilty to criminal charges. • Employees. Individuals personal character is assumed to be the same as the companies.

  7. Externalities • Innovators dilemma • Is the thing that I wrote above correct? • Thank you for doing this!!

  8. What was the responsibility of the company? • To provide the correct information to the consumers taking Vioxx.

  9. Our opinion • Merck did not act on their values • The free market failed because Merck did not give the correct information • The free market is not perfect • Many unforeseen externalities were incurred

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