U.S. corporations have had lofty ethical codes for many years. Framed documents describing ethical conduct were hand-scripted and hung on the office for all to see. The truth is, the only person who probably read this ethical code was the cleaning person charged with periodically dusting the frame.
Times have changed. Ethical issues have brought corporate giants to their knees and Sorbanes-Oxley has brought many corporate boards to the alter of ethical conduct. Some would consider ethics to be the code by which value systems are prioritized. Business ethics, then, is, "The branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting, and any special duties or obligations that apply to persons who are engaged in commerce." (Dictionary.laborlaw.com, 2005).
Corporations have begun incorporating ethics into many business activities, including management planning. Various ethical systems can be used to define the question "Is our conduct ethical?" However, even with the current dialogue regarding ethical behavior the question for many continues to be "Is our conduct legal?" The difference between ethical and legal behavior lies partially in the underlying ethical system used to determine ethical values. This interface between different ethical systems is one of the areas in which the current conflict in business ethics is taking place.
Managers working in the medical device industry, like managers in most areas of business, are faced with ethical decisions on a daily basis. The fact that people's lives may be involved, as opposed to their financial resources, makes the results of these d ...