Business Tort Liability

User Generated

qznefu14

Business Finance

Description

Scenario: In the midst of the ongoing rhetoric and movement to achieve Tort Reform, business tort liability must be acknowledged and planned for as a reality. As the manager of legal risk and corporate governance for a major multi-national pharmaceutical corporation, the board of directors has commissioned you to work alongside your CEO and General Counsel to prepare a report regarding this liability and the exposure it creates for the organization.

Create a maximum 1,050-word report, excluding title and reference pages.

Address the following in the report:

  • Evaluate the impact of business tort liability on the pharmaceutical industry in general.
  • Determine the growth of business tort liability in the pharmaceutical industry and discuss where and why tort reform is needed.
  • Assess the impact of business tort liability on corporate liability under the Alien Tort Statute.
  • Explain how business tort liability can be reduced through the implementation of the risk management process.
  • Analyze how business tort liability can escalate to criminal liability.

Cite a minimum of two references for the five content areas taken from a business or legal resource. One reference must be from the University Library.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hello! I have attached the answer in word document for you. :) Let me know if you have any further questions

Last Name 1
Name
Instructor's name
Course
Date

A Report on Business Tort Liability and Risk Management
Introduction
In the recent past there has been an increase on the number of claims filed against
pharmaceutical companies in tort. These report addressees the pertinent issues with regard to
corporate liability and risk management of pharmaceutical firms.

The impact of business tort liability on the pharmaceutical industry in general
The legal system in the past twenty years has broadened the situations under which the
parties injured may collect from the pharmaceutical manufacturers, awards due to damages. It
has also been evident that the frequency in huge legal awards has led to massive increase in the
number of claims brought to trial raising the uncertainty level that surrounds the liability losses
that is expected for an insurer or a pharmaceutical manufacturer. While some have raised
arguments for the business tort claiming that they protect the general public successfully from
drugs that are unsafe, it is also true that the pharmaceutical industry is affected in the sense that
the is it suffers increased losses due to increased liability and uncertainty. With these dynamics,
the pharmaceutical industry is affected in two general ways ( Schefer and Kaeb).

Last Name 2
1.) There may be an increase in the cost that is associated with the market entry for new
companies due to an increase in research needs for the companies in ensuring that the new drugs
manufactured are safe.
2.) Due to excessive liability costs, the firms may decide not to engage in product development
or res...


Anonymous
Great! Studypool always delivers quality work.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags