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October 13, 2004

Comments

Josh Weidman

RE: Authenticity.

In my house we have been arguing a lot about the role of Big Pharma. My mother is a pharmacist who believes that the multinational drug manufacturers are the root of all evil and my sister-in-law is an executive with one of the same said companies.

Here is the argument:
1) Mother: The Drug companies have a social obligation to contribute positively towards overall health.

2) Sister-in-Law: They are businesses not charities and have no obligations other than to uphold the law and maximize profits for their shareholders.


David Olive wrote a good article in the week-end toronto star - and quoted an early president of Merck -

"We try to remember that medicine is for the patient. We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear. The better we have remembered it, the larger they have been."

—George W. Merck II (1935)

The point being that an earlier generation of managers and marketers knew that:

- authenticity
- commitment to orienting brand promises to customers "true" needs
- commitment to keeping promises

are what maximize profits for shareholders in the long term.

Great Blog! Loved the New Yorker article on choice!

- I'll be back

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