Example Of Essay On Merck And River Blindness

Think about the definition of stakeholders- any parties with a stake in the organization’s actions or performance. Who are the stakeholders in this situation? How many can you list? On what basis would you rank them in importance?
Undoubtedly, there are many parties who are likely to be affected by Merck’s decision of whether or not to indulge in scientific research to discover drug for river blindness. As such, stakeholders are many including the company’s scientists/ employees, stockholders, victims suffering from river blindness, the communities where those people live especially from poor countries, people suffering from other diseases, governments, the media, Non-governmental organizations (NGOs) for example World Vision that deals with poor communities, Governmental and intergovernmental organizations, for example World health Organization, and perhaps competitors. Based on significance, the order would probably be Merck, patients of river blindness, governmental and non-governmental agencies, competitors, and media in that order. The ranking is based on the level/ magnitude of impact the decision to pursue the idea would have on the parties.
2. What are the potential costs and benefits of such an investment?
As it is often the case, it is difficult to identify potential costs and benefits of engaging in such a project that demands huge resources in terms of funding, time, and personnel among other factors. The potential for discovering a drug for this terrible disease obviously exists and the company’s research scientists believe it is possible. The outcomes for people suffering from the disease would be highly positive. Besides, there could also be very positive media attention and reputational effects. Notwithstanding, there is also the likelihood to invest many years and millions of dollars, and fail to achieve the desired results. Morale of the employees is both potential cost and benefit. Scientists are invaluable to pharmaceutical companies and Merck’s research scientists had a strong conviction to pursue this. By granting them approval, the act might make them feel good about themselves and their work. Last but not least, there are opportunity costs such as the drugs that may not be discovered as scientists are engrossed in this particular one.