It is different than a criminal action, which involves a breach of duty owed to society at large. It is possible that actions are both tors and crimes; but only the state may prosecute a crime, but any injured party may bring a lawsuit against another as a tort ruling. There are a number of different torts; ranging from assault to negligence, all with foundations in the common law tradition (Van Gerven, 2001).
One business tort example is called Ultrahazordous Activity. This tort asserts that there is something so inherently dangerous that a person engaged in that activity can be held liable for any injuries caused to anyone else; even if the person or organization took every reasonable precaution to prevent injury. For instance, a hypothetical company called Xenon might be transporting explosive materials from California to a job site in Colorado via railroad. They have taken precautions, but during a storm, the train bumps so that an explosion occurs; damaging property and killing people. Xenon is liable under tort law because of the relative possibility of harm, seriousness of the explosives, possibility of an explosion, and the level of risk (Sgroi, 1996, 408-13).
Malpractice is another quite frequently applied tort. In law it is a type of negligence in which the professional has a singular duty to act, fails to follow the generally accepted practices of the profession and, through breach of duty, causes harm. In medicine, for instance, if a surgeon willingly "forgets" a piece of equipment (say a stint, needle, or even bandage) during surgery, the patient is sewn up, and later develops sepsis...
Merck Novartis Merck and Novartis Financial Statements 2012 Balance Sheet • What components of stockholders' equity do each of the companies disclose? Merck & Co. provides a consolidated statement of stockholders equity on their balance sheet. They disclose the number of shares, share types, retained earnings, and some historical data (Merck & Co., 2013). Novartis provides a much more thorough and detailed report of their shareholders equity in their annual report. Not only do they
Corporations have many stakeholders, of which the shareholders are just one group. There are also, for example, creditors, employees, suppliers and customers. In the case of pharmaceutical giants, society at large is also a stakeholder of a sort. The products a company like Merck develops improve the health and well-being of the population at large. Government can be said to be the stakeholder that represents this interest. In the case of
Merck's Medco The acquisition of Medco (by Merck) is a sign of shifts that are taking place in the health care industry. What is happening is there has been an emphasis on providing total health care solutions to consumers. As they are demanding that they have access to: the best services and want to have their different needs combined into one plan. This has lead to changes in the way health
More than anything else, this case exemplifies a keen sense of legal risk management. The company made enormous profits from the drug while it was selling it; it was highly effective for its on-label purpose and had no known dangerous side effects. After finding that they could be responsible for causing heart problems in patients taking the drug, the company pulled it for ethical reasons and as a means of
Merck and Vioxx -- Research Data How did Merck misuse research data to support their decision for marketing the COX-2 Drug Vioxx? In November of 1998 the pharmaceutical company Merck submitted Vioxx's application to the Food and Drug Administration seeking approval for the COX-2 inhibitor drug, as a treatment for osteoarthritis, on the basis of clinical trials involving 5,400 patients. Merck said the rates of cardiovascular risk were "similar" among patients taking
Merck Blindness Merck & River Blindness: A Case Study Analysis It has become increasingly common for large-scale international firms to dedicate some of their resources to the interests of Corporate Citizenship. This usually entails the use of the companies skills, resources and personnel to effect a positive change for a determined population. In this case of our present study, the highly reputable pharmaceutical company Merck is reported to have dedicated its resources
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