Five Moral Dimensions Of The Information Essay

1.The Moral Dimensions of Information Systems The moral dimensions that can control the major ethical and social concerns generated by information systems are as follows: (i) Information Right and Obligation What information rights do individuals and organizations possess with respect to themselves? What can they protect? What obligation do individuals and organization have concerning this information? (ii) Property Rights and Obligations How will traditional intellectual property rights be protected in a digital society in which tracing and accounting forownership is difficult and ignoring such property rights is so easy? (iii) Accounting Liability and Control Determining who should take responsibility for decisions and actions. Many of the laws and court decisions and actions establishing precedents in the area of accountability, liability and control were firmly in place long before information systems were invented. (iv) Quality of System This has to do with data quality and system errors. As werely more on information systems, data quality issues are gaining more importance. These issues affect you as a consumer and as a user. (v) Quality of Life An interesting quality of life issue that affects more and more people personally is the ability to work from home. Before the advent of  information systems most people used to have a regular day job 8.00 a.m. to 5.00 p.m., five days a week in a typical office setting in our society. But with the introduction of information systems people can work seven days a week, all hours of the day, at home and on their wayse specially the management staff in a company. Also, the quality of life issues would be incomplete without mentioning online love affairs. People also lose their jobs and ways of life because of information systems. All these are valid concerns of information systems. 2.Ethical Analysis This section presents various step processes of how one should analyze ethical concerns when confronted with such asituation: (i) Identify and Clearly Describe the Facts This involves finding out who did what to whom, and where; when and how. In most cases, you will be astonished of them is takes in the initially reported facts, and you will find that simply getting the facts straight helps in defining the solution. Also, this assists other opposing parties involved in an ethical quandary to agree with the facts. (ii) State the Inconsistency and Identify the Higher-Order Values Involved The parties involved in disputes over ethical, social and political concerns always claim to pursue higher values such as privacy, freedom and protection of property. It is very important to clearly define the conflict in ethical concerns and identify the ones with higher values. (iii) Identify the Stakeholders You must find out the identity of the stakeholders as every ethical, social and political issues have stakeholders; players in the game who have an interest in the outcome and that have invested in the situation and what they want. (iv) Identify the Reasonable Options to Select It may be discovered that none of the options may ever satisfy all the interest involved while some of the options performs a better job than others. So, sometimes concluding at a good or ethical solution may not always be a balancing of consequences to stakeholders. 3.Property rights and obligations trade secrets copyright patent law Trade secrets are any intellectual work or product used for a business purpose that can be classified as belonging to that business. Copyright protects the creators of a property against copying by others for any purpose during the life of the author. Patent law grants the owner an exclusive monopoly on the ideas behind an invention for 20 years.

Biblical Principles And Fiscal Policy

Biblical principles that deal with Fiscal and Monetary policy clearly spell out the expectations of a believer: the love of money is the root of all evils’. Give that which belongs to Caesar unto him, and that which belongs to God unto Him. This teaches the principle of equity, avoidance of greed and exercise of dependence on God and not such material possessions in pursuit of human goals. This therefore becomes the guiding principles for designing a viable fiscal and monetary policy.In this situation, all appropriate quarters working for the good of the organization are duly taken care of. Besides, such units need also make themselves accountable to the Audit or similar unit: In this vein, the accountability is sustained for the good of the colony. WORTHY PLAN The plan is also structured in such a way that the less privileged is also catered for: such people include the severely handicapped, orphans, the aged.The influence of Biblical principles, in these situations, ensures the policy promotes unity and harmony in the organization/nation. This way, there is reduced incidence of strife, attack on the rich in the society, embezzlement of public funds. It affords the right opportunity to contribute to the installation and maintenance of social amenities. With the weapon of the policy, taxation is not exempted nor evaded. It also provides for the provision of social amenities for the populace, and dilapidated ones are marked accordingly for repairs.Award of such contracts are heavily based on merit and not of favoritism or nepotism. Contractors for such projects are credible people saddled with the responsibility of carrying out such projects with the right materials, durable and long-lasting. All these are aimed at equitable distribution of resources among competent organizations and individuals. GIVING: LAW OF SOWING AND REAPING A 10% of accruable income is also given as tithe to God, as a means of replenishing his household and promoting missionary acti vities.Biblical principles are clear on the question on when and how to spend money; it emphasizes respect for government and so taxes must be paid at the right time, and all promises must be met. Besides, it also emphasizes the importance of giving a portion of accruable profits to God in the form of tithes and offering; this is one spiritual principle based on the ‘Sowing and reaping’. Sowing implies giving to the work of God; this is how every good Christian sees their gains and is also influenced by such in planning fiscal policies.Even certain entrepreneurs understand this principle so much that they provide certain share of money for socio-cultural and religious activities. Some don’t just give; they sponsor crusades, trips, scholarships, salaries and projects. Why do they do this? They understand its implication. What you sow is what you reap; they sow seeds into these organizations and they reap bountiful returns in kind and cash. This is one tested princ iple that company leaders and investment tycoons can attest to: it works excellently.In essence, the role of Biblical principles is such that it promotes accountability, integrity and equity; wealth is not restricted to a particular group of people; everyone is encouraged to engage in fruitful ventures. This is not far from the equality/justice perspective of a Christian, as he sees monetary policy as an avenue to show love and glorify God. In doing this, he understands the importance of equitable distribution of resources in such a way that the concomitant challenges of inequality and fraud are reduced or eliminated.

Rate of return

Depending on the facts and circumstances involved In a particular research and development arrangement, true payments by the entity to the other parties ostensibly for royalties or to purchase the partnership's interests in or to obtain the exclusive rights to the research and development results might actually be any of the following: * a. The settlement of a borrowing ; b. The purchase price of an asset * c. The royalties for the use of an asset.The financial reporting of an entity that is a party to a research and development arrangement should represent faithfully what It purports to represent and should not subordinate substance to form. † Without specific guidance and this as a launching point we need to look at this transaction and really see what's going on. From the agreement presented in the case this Is what I have been able to cull out of the extreme ambiguity.The first piece of the agreement we should comb over Is the future royalties to be received by PIE from the sales of an established Pharmacy drug for a defined period of time. An established drug in the market has reasonably estimable future cash flows. I. E†¦ Pilfer could predict with reasonably certainty sales of Vicarage this year. Thus, PIE Is constructively lending Pharmacy money now, with repayment of the borrowing coming in the form of royalties for a defined period of time.Lending money with recurring repayments of that principal over a defined period of time is essentially a bond. That Is also what Is going on here. The question is how much is PIE lending Pharmacy? If we accept that the future royalties associated with Pharmacy existing drug are reasonably estimable and for a defined period of time, we can do some math and discount the future cash flows and apply an appropriate return for similar debt Instruments' cash flows to arrive at exactly how much of Pep's money to Pharmacy Is constructive lending.The number we arrive at for the constructive lending would be recorded as a note receivable (or more specific verbiage could be used) for PIE and a payable for Pharmacy in the form of a royalty payable to satisfy lending obligation. Now, as Pharmacy proceeds with their best efforts in developing drug X, and the amount of cumulative cash PIE has Infused Into Pharmacy at each threshold exceeds the amount previously quantified as constructive lending we have a new situation. The money is no longer lending, so what is it?ACS 730-20-25-8 states: â€Å"To the extent Tanat ten Atlanta rills escalate Walt n ten research Ana development NAS Eden transferred because repayment of any of the funds provided by the other parties depends solely on the results of the research and development having future economic benefit, the entity shall account for its obligation as a contract to perform research and development for others. † If we look from Pep's point of view, they inserted the future royalties of the existing drug into the agreement as a guaranteed retur n of some of their invested capital.We can assume the PEE fund isn't incompetent and understand that up to a certain investment point, presumably to the same dollar amount of expected cash flows from the existing drug royalties they are entitled to, they can't say that a return on investment drug X is more likely than not. However, once they start giving their incremental investments beyond the constructive lending amount we quantified earlier I think it is safe to say PIE sees a return on drug X as probable. So, PIE would need to record any cash sent to Pharmacy beyond the constructive lending amount as an investment, Just as any other investment is recorded.They would need to be wary of impairment, perhaps, more so than other forms of investment, but this is strictly now an investment in Pharmacy. For Pharmacy, as stated in ACS 730-20-25-8 above, now has an obligation to perform research and development in the amount of any cash provided by PIE in excess of the constructive lendin g portion of the agreement. As we saw in ACS 730-20-05-9 at the top of this analysis of the agreement, there is an extreme amount of supposition involved in these types of R&D agreements and the code says they need to be accounted for with the substance of the transaction above the form.I believe the aforementioned constructive lending portion and investment portion of the agreement satisfy the substance of the arrangement best under the circumstances presented. Also, the code itself seems to recognize its lack of ability to clearly delineate the proper accounting treatment and throws us a nice blanket piece of code to ensure the proper disclosure of the agreement in the form of 730-20-50-1 stating, â€Å"An entity that under the provisions of this Subtopic accounts for its obligation under research and development arrangement as a contract to perform research and development for others shall disclose both of the following: * a.The terms of significant agreements under the research and development arrangement (including royalty arrangements, purchase provisions, license agreements, and commitments to provide additional funding) as of the date of each balance sheet presented * b. The amount of compensation earned and costs incurred under such contracts for each period for which an income statement is presented. † This Just means the agreement needs to be disclosed on both ends.

EU Integration and Citizenship Law Dissertation

EU Integration and Citizenship Law - Dissertation Example EU is, however, a work in progress and while it is done with such tasks as border control and economic integration, the Union has to move on to the more difficult areas – home affairs, immigration, defense, among others – which have strong social dimensions. As more and more states aspire for EU membership to partake of this umbrella of protection, its further enlargement poses new challenges to European integration. For one, the nature and histories of the possible candidates for new membership are unlike any of the existing member states. The problem becomes even more complicated after EU approved the Maastricht Treaty establishing the Citizenship-of-the-Union law, which many perceive as an attempt to reconfigure and supersede the national citizenship and identities of member states. This EU-wide citizenship statute has stimulated an acrimonious debate about the social, political and citizenship structure of an enlarged Union. In essence, the debate centers on whether it is wise for EU to make forward steps to strengthen European citizenship or keep it as a largely theoretical proposition. Should people under EU be called European citizens and in the process forget their original British, French, or Turkish citizenships, as the case may be? Or should they be allowed to assume a new EuroEuropean citizenship on top of their respective national identities? This paper examines the relationship between EU integration and the implementation of the new citizenship law for Europeans. Special attention will be given to the causes and effects, the pros and cons, and the conceptual basis of identity formation on the community, national and regional levels. The objective of the treatise is three-fold: 1) illumine the reasons for the enactment of the EU citizenship law and its relevance to the integration process; 2) assess the validity of the objections to the idea of European citizenship; and 3) determine what form and characteristics of European citizenship would find greater acceptance. 2. Enlargement and Integration Further enlargement is a necessity for EU because it would serve to strengthen the Union's capability to maintain the balance of peace in the continent1. As the Union counts more member states, it becomes stronger in the process. The earliest nucleus of EU was composed of Belgium, Denmark, France, Italy, Ireland, UK, Luxembourg and Netherlands. They were joined by Greece in 1981 and Portugal and Spain in 1986. Austria, Finland and Sweden followed in 1995. The year 2003 saw the accession of a group consisting of Cypress, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia, while

JetBlue Airline S.W.O.T analysis Essay Example | Topics and Well Written Essays - 750 words

JetBlue Airline S.W.O.T analysis - Essay Example Other airline companies that JetBlue has formed alliances with include Lufthansa, OpenSkies, American Airlines, Virgin Atlantic Airways, Jet Airways and South African Airways among others. In its effort to maintain strong positive relationship with its clients, JetBlue emulates strong advertising strategies by use of local newspapers, televisions and social media including YouTube and Hulu.com. The company has adopted advertising phrases for example we like you too and unbelievable. As the result of extensive marketing strategies, the company has benefited from strong customer awareness and distinctive positioning aspects that have made it to attain a competitive edge in the market. One of the notable core values that make JetBlue Airline to be the option of US travelers is its strong binding with Customer Bill of Rights. According to the company management, if customer’s flights are cancelled or delayed, they are refunded their funds (Laurence, 2008). JetBlue has been involve d in two major incidents that did not result to any casualty. The first one is the 2005 emergency landing of Flight 292 at Los Angeles Airport. The second one happened on Flight 191 when the captain was subdued by the travelers and locked out of the cockpit after a panic attack. One of the major weaknesses of JetBlue Airline is that it does not have large number of hubs as compared to other airlines in the US. As a result, the company is not in a position to effectively compete with its rivals that includes Southwest, Pan AM, Northwest, American and Delta among others. Another weakness is that it does not have many destinations as compared to other firms in the US airline industry. This implies that the sales that the company makes are not maximum and if the company invests in more destinations across the US and abroad, it could make higher sales and sustainable

Wal-Mart's German Misadventure - case study Term Paper

Wal-Mart's German Misadventure - case study - Term Paper Example Indeed, proper global marketing if implemented correctly has the  ability  to guide a company to the next level. Different  strategies  are employed based on each specific region where  the company is operating (Ocampo, 1). For example, McDonald's varies its operation and attitude towards business based on their restaurants’ location. The company identifies the popular items within a given country and then focuses on marketing the same. Global marketing is particularly important for business organizations that provide products as well as services possessing a universal demand. McDonald’s success story can be well illustrated through the presentation of some simple statistical evidences: in fact, â€Å"McDonald’s is now the â€Å"leading global food service retailer† with 33,000 local restaurants and serving almost 68 million people in119 countries each day (Introduction to McDonald’s)†. ... The following report illustrates the case of Wal-Mart, the world’s biggest retail chain that struggled to concrete its feet in Germany, incurring huge loss and experiencing successive obliteration from the German market. Overview and Background of the case company- Wal-Mart Stores, INC is an American public stock company, which is into a business that runs a chain of warehouse stores and discount departments worldwide. Sam Walton founded it in 1962 and since then, the company hasn’t stopped growing, increasing its stores number from 24 in 1967 to 276 in 1980. Nowadays, the company operates in 4400 stores in the US only and has expanded its activities internationally. The company integrated the NYSE (New York Stock Exchange) in 1972. Moreover, Wal-Mart has all over 8500 stores in the entire world under 55 different names such as in Mexico where it operates as Walmax, in Britain it operates as Asda likewise Seiyu in Japan and as Best price in India. It has been successful in implementing their concept globally, ranking among the top retailers in the various countries they operate in. In act, after it has started its globalization plans in the 90s, Wal-Mart became by 2003 the largest retailer in Mexico, Canada, Argentina and Puerto Rico. The organization was started as a single store, which soon became the largest retail shop of the world. Thanks to its prolific success, the organization is called the â€Å"TREND SETTER† in retail chain shops by some researchers. Furthermore, Wal-Mart operates each store from the product, which they have in stocks. Wal-Mart has a philosophy of providing lowest price everyday or EDLP and superior customer support. This company uses its unique cross-docking inventory system, which reduces the

Oxaliplatin Essay Example | Topics and Well Written Essays - 3500 words

Oxaliplatin - Essay Example This was developed following discovery of cisplatin in an attempt to reduce the problematic side effects of cisplatin. This is administered intravenously, and till date, no commercially viable orally active agent has been reported to be accepted for therapy3,4. Like cisplatin, oxaliplatin is also associated with quite a few dose-limiting adverse effects, which include myelosuppression along with others5. These are neurotoxic side effects that include sensory peripheral neuropathy which can be dose limiting. The other side effects include gastrointestinal disturbances and ototoxicity, while renal function may be normally monitored during therapy6. In this assignment contemporary literature will be reviewed to address the effects of oxaliplatin genotoxicity on human lymphocytes by using various cytogenetic techniques. Oxaliplatin contains a cyclohexyl and a pentadilactone ring, which will be evident from its chemical structure in a later section7. This has been approved for treatment of metastatic colon cancer in combination with 5-fluorouracil and folinic acid8. Therefore, this is a diaminocyclohexane (DACH) platinum compound9. This was considered as a probable chemotherapeutic agent since it demonstrated preclinical activities in some cisplatin-resistant cell lines and xenografts10. Oxaliplatin is an important member of this DACH platinum group of compounds. Its preclinical activity against colorectal cancer has been studied in great detail. It has been suggested that oxaliplatin has a greater extent of cell kill in resistant cancers since therapy with this agent may result in greater resistance to repair mechanisms leading to affected recovery of cancer cells11. This has been attributed to the size of the DACH carrier ligands, resulting into a bulkier platinum-DNA adduct in comparison to that created by cisplatin12. The inhibitory effects of platinum compounds have been ascribed to formation of inorganic platinum compounds in presence

Write a critical commentary on the following document about the Lille Literature review

Write a critical commentary on the following document about the Lille to Paris Hunger March 18 November- 2 December 1933 - Literature review Example This study will therefore assess and help in noting down a viable commentary about The Lille to Paris Hunger March. The document seeks to expound on the problematic factors that contributed to this march. Mass unemployment pops up as the main reason contributing to the rise of the hunger march. It is also the main reason that sparked other protests in France, protests that occurred at different times in history, before and after the Lille to Paris Hunger March. This commentary is therefore posed to highlight on the pre and post-march periods, provide the main arguments and facts with evidence, and finally draw a conclusion of the important points that are pointed out in the document. The author of this document had in mind the urge to bring forth the intended message of history as regards the famous hunger march. The languages used are French and English though the former is used sparingly in the document (Perry, 2007). The document (Lille to Paris Hunger March) was written with the intention of providing information to Newcastle University students and other persons with the urge to know more about historical labour events in France and specifically, the 1933 Hunger march. The document is structured in such a way that one is able to highlight the sequence of events that took place prior to and after the famous 1933 hunger march. It is an explanatory kind of document where the causes, the actual hunger march event, and the repercussions of the march are clearly highlighted for easier understanding of what really transpired during that period in the history of France. In between the two world wars, France experienced four recessions that contributed heavily to a sharp increase in unemployment. The origins of this march lie with the success of the Saint-Nazaire to Nantes march that took place that same year (June 27-28 1933) and organized by the local CGT (Confà ©dà ©ration Gà ©nà ©rale du Travail [General Confederation of Labour]),and

International Managment Essay Example | Topics and Well Written Essays - 3000 words

International Managment - Essay Example Zen meditation is all about focusing, inward, looking at yourself, your own soul and become one with oneself. This experience is a whole new philosophy that anyone can apply to any aspect of one’s life. Zen art has shown me the way, the true way to wisdom and knowledge and I’m not going to stop at any demented or passive thought of abandoning the journey of my life enlightenment. Zen is not just about seeing things as they are; mountains as mountains and rivers as rivers, it is much more than that (Borup, 2008). The second activity worth mentioning is giving an insight to others about my own country, Saudi Arabia. This time, I analyse my country as an outsider and see it in a different light. And show what secrets it holds for the people who are unfamiliar with this land that was once nothing but desert cones. But now the world knows Saudi Arabia as one of the key players in the world energy sector. There is so much more to discover in Saudi Arabia other than deserts an d oil. There is only a little that the world knows about the people of Saudi Arabia, its culture, religion, food, the way people live and communicate with each other, and how recent developments have changed the life of Saudis. This is how it should be; people should recognize a country for its diversity and not for just a specific thing or two. A country is not its products, its natural resources but its people. Activity I: New Cultural Experience The Zen Meditation Impression It would be better to introduce Zen before delving into the details of its meditation. Zen is one of the many schools of Buddhists teachings, called Mahayana Buddhism (Zen.rinnou.net). China was the birthplace of this meditation but now this practice is world popular. Zen is the key to the great wisdom of Asia (Johnston, 2003), an inner art and â€Å"design of the Orient† (Reps & Senzaki, 1998, pp. 17-18). The art of Zen awakens the student to the art of formless (Merton, 1968, pp. 6-7), which also mea ns not pondering at the pointed finger but observing what is being pointed at (Johnson, 2000, pp. 21-22). I have joined the Sydney Zen Center in Annandale, NSW. I’ve attended two gatherings there or more than two hours each. It has turned out to be a great cultural experience for me. I have come to know about the Chinese Buddhist culture and how it resonates in the life of an individual. The Zen philosophy is all about attaining inner peace, also known as enlightenment. The main focus is developing an insight into the Buddhist teachings. So it is not merely reciting some verses, or visiting the temple, it is about applying the principles of Zen in one’s life and seeing how it creates a difference in the everyday living. The first lesson given by the teacher was to defeat duality. I later read in book that the most important lesson of Zen is not to be dualistic (Suzuki, 2010). The feelings I experienced were incredible, I have never felt an inward observation towards my soul. Zen is magical and whoever journey’s it finds whatever they seek (Arokiasamy, 2005). The feelings were mostly of calm and peacefulness as if eliminating the negative energy out of one’s mind and filling it with the pure white energy. This white energy also fills the mind and the eyes, and that is how one starts to feel and see the world differently. The calmness of this energy put me to a state of mind where I stopped resisting and fighting for useless objectives. After the meditation session was over I felt as if we all engage in many

Project Business Case (A control traffic light signal device) during Essay

Project Business Case (A control traffic light signal device) during the transfer of emergency cases - Essay Example     Sign Off: Title Name Signature Date Project Manager    Project Sponsor    Reviewers: Name Title             *add/ delete rows as required Table of Contents 1. Introduction 3 2 Options 4 3 Implementation Plan 9 4 Governance 10 5 Project Review & Closure 11 1. Introduction  1.1 Background In most parts of the world, it is common practice for paramedics to navigate their way around traffics when they are called to handle an emergency situation. They do not really have the power to control traffics and they are held by the status of traffic lights each and every time they are called to duty. It is common practice for drivers of vehicles to stop and allow paramedics to get to their destination on time (Bledsoe et al, 1998). This body of traffic rules and moral obligations forces the ‘rational’ driver to quickly clear the road for an ambulance to pass. However, in a crossroad, there are no laws that really stop the flow of traff ic in a road where there is a green traffic light reflected. Most drivers have to drive through irrespective of whether there is an ambulance coming through or not. Secondly, a ‘rational’ driver who sees a moral obligation to stop for an ambulance to pass might end up causing a serious accident because it is unlikely that the cars following him would also think like him and stop for the movement of the ambulance. It is therefore important for a middle way to be found to ensure that ambulances and their paramedic staff get to scenes of medical emergencies and then save lives. This therefore calls for some kind of method that will enable paramedics and ambulance drivers to control the traffic lights whenever they are in driving to the scene of an emergency. Currently, SAAS has little control over the traffic light systems. This therefore means that they would have to stop in every traffic light and wait till it turns green before they can proceed to save lives. This defea ts their main purpose and there is the need for SAAS to get some power to control the traffic light systems so that they can fulfill their main purpose of formation – to save lives by arriving at emergency destinations on time. 1.2 Justification By definition, paramedics are trained to give first aid and emergency medical aid as and when it is needed and this forms the foundation of their primary responsibility – to save lives (Bhushkan & Mone, 2006). This therefore means that the staff members of SAAS devote their lives and times to saving citizens and residents of Australia who are in critical condition and need to be protected from death and severe hardships at the exact time they need it. The traffic lights are there to control the normal flow of cars carrying peoples through different crossroads. It regulates the flow of people throughout their travels on Australian roads. These people driving are often normal people who are not in any form of immediate danger. It is therefore necessary for priority to be given to residents of the country who are in critical or fatal condition. This can be done by giving paramedics the right to control the traffic lights and stop all vehicles moving across the road ahead of them. This is because a delay in their movement could mean the loss of another Australian life. There is therefore the need for the city and planning authorities Southern Australia to give paramedics and a

Consumer Incentives Essay Example | Topics and Well Written Essays - 250 words

Consumer Incentives - Essay Example The economic challenges of running a nursing home include risk and uncertainties, complexities related to insurance, the pressure to reduce costs, rapid and confusing course of technical and institutional changes, and perils caused by information asymmetries. All citizens demand healthcare services; therefore, the government intervenes by supporting healthcare facilities (Lee, 2009). The government may give economic incentives to healthcare providers through tax-free imports of medical facilities, tax holidays, and financial support with the aim of improving the quality of healthcare. The nursing home can signal the quality of its services to customers by hiring adequate number of nurses, ensuring nurses are educationally and clinically prepared, availing sufficient resources for service provision and informing the public about the quality of services through the media. Socio-cultural factors play a role in shaping the perceptions of people and their responses to health problems (Lee , 2009). Additionally, socio-cultural factors such as religious beliefs, cultural diversities, people’s customs, and risk-taking attitudes are critical in understanding societal and population processes such as the status of morbidity, survival, and mortality. Hiring adequate number of nurses is the best method of communicating the quality of service to the potential customers. When customers observe nurses working without strain, they develop confidence and expectations about getting personalized attention in the facility.

The African-American Odyssey Essay Example for Free

The African-American Odyssey Essay The emancipation of the African slave who was now disconnected from their traditions and way of life after nearly 300 years, is seemingly a great gush from the dam to the ebbs and flows of the struggle. The end of slavery as we know it, presented a ball of mixed emotions among the nation; North and SOUTH. Some slaves were grossly ecstatic to be free. For example, when a slave girl named Caddy, from Goodman, Mississippi found she was free, went to her mistress, flipped up her dress and told her Kiss my ass! On the contrary, some slaves were apprehensive of being free. For example, one elderly slave woman reportedly said, I ain no free nigger! I is got a marster and mistiss! Dee right dar in de great house. Ef you don believe me, you go dar an see. Though most slaves were detached from their families, many managed to regroup and find their love ones after their emancipation and constructed close knit families. Land was an viable means of survival in the minds of newly freedmen and the government was eager to deem lands to the ex-slaves . On January 16, 1865, General William T. Sherman told the freedmen that they will receive the land they were in search of. They were granted the head of each family would receive possessory title to forty acres of land. Sherman also gave the use of Army mules, thus giving rise to the slogan, Forty acres and a mule. Similarly in 1862 the Union military set aside land in Port Royal, South Carolina, which became known as the Port Royal experiment. The freedmen bureau was created to aid newly freed slaves in the transition from bondage to freedom in 1865. After Lincolns assassination the succession of his Vice president, Andrew Johnson, to the presidency meant that the white owners of the lands, that were given to the freedmen, would be returned. Sharecropping became a sort of ebb in the river of the African-American progression as far as freedom was concerned. Presented as labor contracts by white land owners, the institution of slavery was extended under a cloud of debt. In which, the black family, oft times became debtors due to the lack of honesty on the account of their white lender. Aside from family, among African-Americans, the black church became the most important institution. Not only did it fill deep spiritual and inspirational needs, it offered enriching music, provided charity and compassion to those in need, developed community and political leaders, and was free of white supervision. With the end of slavery, blacks who then had to attend services with white parishioners who treated them as second class Christians, could now organize and attend their own churches. The advent of the black church definitely brought about a flow in the river of struggle for African-Americans. Education was another flow in the river of struggle and a critical means of survival amongst people of color. It coincided alongside freedom. All who were versed in education of all sorts were summoned to teach the freedmen and their children. Teachers from all walks showed. Classes were held in churches, old slave markets, stables, taverns, homes, and former slave cabins. Funding came from various religious and political organizations and the Freedmens Bureau. Although white teachers helped a bit, black teachers were praised throughout the negro community because, as Rev. Richard H. Cain said , We must take into our own hands the education of our race Honest, dignified whites may teach ever so well, but it has not the effect to exalt the black mans opinion of his own race, because they have always been in the habit of seeing white men in honored positions, and respected. Most colleges and universities for blacks taught elementary and secondary level curriculum. The introduction of the historically black colleges and universities was formed from the idea of a higher education for people of color. In the midst of the newfound freedom, religious organization, and education of Negroes which was an obvious flow, a reoccurring ebb presented itself in the form of violence. Justice for the black man was never considered in those times. Thousands of innocent African-Americans were heinously murdered without a single conviction of a white perpetrator whom committed the acts. Atop the murders, black towns, businesses, churches, and schools were destroyed at the hands of the angry white southerners. The Failure of Reconstruction For the first time ever in history, a group of black men had concurrently became politicians. They were joined by the carpetbaggers of the north and the scalawags of the south in the Republican constituency. Of the 1,000 men elected as delegates to the ten state conventions, 265 were black. Collectively, they drafted new, striking constitutions that, unlike the previous constitutions, allowed all men to vote; even the ex-Confederates. Although, the Republicans displayed compassion upon their dealings with their opponents, the unruly Southern ego rose once more against the ratification of the new constitutions. In due course, the majority did manage to ratify and in each state, black men were elected to offices. As time progressed, nearly 1,500 black men were in office around the throughout the south. Among those were the likes of Blanche K. Bruce, Hiram R. Revels, Joseph Rainey, Jonathan J. Wright, Francis L. Cardozo, Robert Smalls, and Ferdinand Havis. This was a flow that led to inevitable ebb in the river of fight for African-Americans. That ebb presented itself in the form of the gradual failure of reconstruction. Issues such as education, social welfare, civil rights, land, and businesses plagued the Republican frame of thought daily. The black leaders efforts to facilitate education throughout the black and poor white communities failed overall. Lack of funds is the greatest blame for the inconsistency. At the time, there were no segregation laws, but whites refused to let their children go to school with blacks. Though a valid effort amongst African-Americans was given toward civil rights, they did not receive the respect that every other law abiding citizen received. For example, they were not accommodated at hotels and on public transportation, nor were they served as paying customers at various businesses. The blacks who worked for the white landowners were being cheated daily as if they were still in captivity. White employers would either fire the worker before the harvest or make up outlandish fees and debts. Some just didnt pay at all! Black leaders grew tired of the robbery and made laws to eliminate such happenings. The distribution of land amongst landless, yeomen, farmers didnt happen in any other state but South Carolina. Over fourteen thousand black families and a few white families, received land. Black businesses, unfortunately, did not and could not flourish due to the lack of funds during the expanding of the railroad. Other businesses made handsome amounts of profit but the African-American business owners could not cash in. Black politicians laid the foundation for public assistance, education, criminal justice reform but, could not do anything that directly dealt with their people. Reason being, was that they were the minority in the Republican party and in fact, were not allowed to ratify their own agenda. Besides, they couldnt agree on most things because they came from different walks of life. Bickering throughout the Republican party sparked a high turnover in political leadership and the loss of that very economic security? This made for inexperienced leadership and added to Republican woes. Opposition came to the party in various ways; Such as, the conservative Democrats who continued to heckle blacks who in any way participated in the political process and the Ku Klux Klan. The Klan, was founded in Pulaski, Tennessee in 1866, by ex-confederate soldiers who were hell-bent on eradicating and/ or terrorizing anyone who didnt submit to southern culture. They used any means necessary to remove blacks from politics. The Enforcement Act of 1870 was passed to prohibit Klansmen from wearing their regalia in public and protected the civil rights of black citizens. The following year the Ku Klux Klan Act was passed and it made the interference of a persons right to vote, hold office, jury duty and equal protection a federal offense. The fifteenth amendment was passed in 1869, and later ratified in 1870. It clearly expressed the right to vote to all citizens but failed to address the literacy tests, property possession rule, or the poll tax that continued to plague voters. Radical Republicans and northern whites alike grew exhausted with the dependency of blacks, (as they saw it) and looked upon them as unfit to be involved in the political system. They thought that reconstruction had been a mistake. The Freedmens Bank was founded in 1865 and done well until the white board of directors foolishly invested in Washington, D. C. real estate. The Panic of 1873 brought about a significant loss in unsecured railroad loans. As a result, the bank closed in 1874. The Civil Rights Act of 1875 was an act of good intentions, yet it was ruled unconstitutional by U. S. Supreme Court Justice Joseph Bradley who, wrote that the Fourteenth Amendment protected black people from discrimination by states but not by private businesses. The end of Reconstruction was as brutal and contentious as the beginning. Blacks refused to vote in response to the terrorism inflicted upon them by the southern Democrats. The withdrawal of the federal troops that were to protect the rights of colored people left the black citizens with no means of defense and they therefore had to bow down to the numerous massacres that were to occur. The compromise of 1877, in which, Samuel J. Tilden and Rutherford B. Haynes, ran for the presidency, brought about more violence towards blacks and grew worse as time passed.

Generics Medicines Regulation Comparison

Generics Medicines Regulation Comparison Chapter 1 Executive Summary This research will look at the adoption of generic medicines in specific three countries in Europe (The Netherlands, Poland and Portugal). These three countries have a significant difference in adoption; the reasons for this adoption difference can be explained by several regulations which are implemented by these countries. In previous research it is proven that regulations have a direct effect on the adoption however, this research will have a closer look which regulations in specific are important to stimulate generic medicines in the market. Results show that too much regulation around the entry of generic medicines in the market will lead to slow growth adoption in the market compared to countries which adopt less regulation. Recommendations to stimulate the generic medicines in the market will be presented in the last chapter. The problem background A lot of research has been done on the introduction of generic medicines. Examples include the obstacles to generic substitution in Sweden (Anderesson et al. 2005) and the use of generic medicines and the implications for the pharmaceutical market (King Kanavos, 2002). However, there is limited cross-country research examining the relationship between the implementation of regulation, the effects of incentives given to pharmacies and physicians and consecutive adoption of generic medicines. The available research is limited to one of these elements, there has not been made a direct consideration between these elements which influence the adoption of generic medicines. In 1995 the European Medicine Evaluation Agency (EMEA) offers a EU- wide authorization process which replaced the ongoing single authorization process of each country separately, this means that regulation is harmonized regarding the entry of generic medicines The EMEA will approve the generic entry of a medicine before it can be presented on the European pharmaceutical market. This centralized procedure has decreased the approval delays for generic medicines in the EU resulting in the fact that patent regulation and approval procedures for medicines no longer have a large effect on the development of generics (Danzon, et al. 2003). National regulation still has an impact concerning price and reimbursement approval which has to be authorized by national authorities. Moreover, it is examined that generics have had more success in countries with more flexible pricing policies (Garattini Tediosi, 2000) and previous research has shown that the prescription of generic medicines is dependent on the incentives given to pharmacist, and other parties (Hellerstein, 1998). However, with recent reforms in the national regulation systems across European countries, flexible generic pricing policies and incentives given by the national governments are no longer the main determinants of successful entry of generics on the market. Obligatory generic substitution systems and other regulations implemented by European governments have become at dominant factor in explaining the adoption of generic medicines as a consequence that incentives for physicians, pharmacists and patient have decreased due to the obligatory system (Timonen, et al. 2009). This thesis gives an overview of the relation between the adoption of generic medicines and the regulation in three European countries: The Netherlands, Portugal and Poland. These countries are chosen because they have different implementations in regulation concerning generics and the adoption rate in these countries differs significantly. Recommendations for European countries and a conclusion about the most effective method to increase the use of generic medicines in relation with regulation will be exposed. The problem statement The differences among three countries; (The Netherlands, Portugal and Poland), concerning the adoption of generic medicines in relation with regulation and influencing incentives in these European countries. The motive to present these specific three countries is resulting from the fact that the adoption level of generic medicines differs significantly. Therefore a clear image can be provided between the differences of adoption connected with the accompanying regulation adopted in that country concerning generic medicines Dependent variable: adoption of generic medicines Independent variable 1: regulation of generics medicines Research Questions Research question 1: What are the differences in regulation about the use of generic medicines among the Netherlands, Portugal Poland? Research question 2: What is the role of these regulations on the adoption of generics? Relevance The thesis should give European countries and in particular public policy makers, a clear image on the effects incentives can have concerning the adoption of generic when prescribing these medicines, and which type of regulation is the most effective for the increase in adoption of generics. Managerial perspective The prescription of generic medicines is intensively regulated. This results in many implications for pharmaceutical companies especially, concerning the implementation of generic medicines in the market. Considering, the fact that the regulation of the prescription of generic medicines has a direct effect on the use of generic medicines. Therefore the adoption level for generic medicines is likely to change when the regulation changes. Pricing strategies for pharmaceutical companies have a diminishing effect due to the strict pricing regulation implemented by public policy makers. Branding strategies are also complicated to implement in the pharmaceutical industry because of the many regulations adopted. However, branding strategies are very important; they can strengthen the bond between the buyer and the seller (Blackett Robins, 2001). Pharmaceutical companies have to make important decisions regarding the implementation of the generic medicines in the market. They should be aware of all regulation to be able to compete in the pharmaceutical industry. Academic perspective Country-specific results have been presented in several papers how regulation influences the use and adoption of generic medicines. However, a cross-country research on the effects of regulations implemented, in relation to the adoption of generic medicines. More specifically, the effects of incentives, given by policy makers, to pharmaceutical companies and the accompanying marketing strategies implemented by pharmaceutical companies, have not been examined earlier. Overview of the Rest of the Chapters Chapter 2: This chapter gives an overview on the question: What are the differences in adoption of generic medicines between the Netherlands, Portugal and Poland? These three countries will be investigated carefully; previous literature studies will give a clear image about the actual adoption of generic medicines in these countries. Background information will be presented to understand the structure of the chosen countries and the differences in adoption. Chapter 3: Data will be gathered to come to an answer to the research question 1: What are the differences in regulation about the use of generic medicines among the Netherlands, Portugal Poland? Chapter 4: Chapter four will explain the role of regulation on the adoption rate of generic medicines (research question 2). Chapter5: Public policy makers are in general in favour of increasing the use of generic medicines, because of the market advantages. Chapter 5 will give an overview of the most effective policy which is used among the three countries presented earlier in the thesis. Further recommendation to the public policy makers and limitations of the research will be dealt with in this chapter. A conclusion of this research will be presented. Chapter 2: differences in adoption of generic medicines This chapter will give an answer to the differences concerning the adoption of generic medicines between the Netherlands, PortugalandPoland. The level of generic medicine adoption differs significantly across Europe. This chapter will have a look at these differences and the resulting factors that have lead to these differences in adoption. Other implications such as different policy regulations and incentives given to pharmacist by the policy makers will be dealt with in chapter 3. They will be dealt whit in a separate chapter because they are dominant factors in the adoption of generic medicines. A distinction can be made between mature generic markets and developing generic markets (Simoens, 2009). The level of adoption of generic medicines in these countries differs from less than 10 per cent to more than 40 per cent. The share value in the market for generic medicines is 8.8 per cent for the Portugal, 19.8 per cent in the Netherlands and Poland ranks the top with 65.2 per cent (â€Å"A Review on the European†, n.d.). Comparing these figures with other European countries, Portugal falls in the lower range of adoption and Poland is situated in the upper range of the adoption level of generic medicines in their market. According to Simoens and Coster, (2006), Poland and the Netherlands are seen as mature generic markets in Europe, while Portugal is seen as a developing market. There are several factors (historical background and cultural elements), which have influenced the adoption rate of generic medicines in these countries. Clarifications of these elements are stated below. Historical background An explanation for the differences in adoption of generic medicines can partially be explained by the historical differences between the Netherlands, Portugal and Poland. In Western Europe, pricing and reimbursement policies naturally developed as an evolutionary economic process. However, this was not the case for Central and Eastern Europe states (CEE) which are now members of the EU. These CEE countries used to have a socialistic type of economy, and after the fall of the Berlin wall (1989) many of those countries faced political and economic bankruptcy. Large-scale reform was necessary in every single sector to guarantee their economical and political well being. The health care system was also a part of this sector and even today, ongoing reforms are taking place. There is still a lot that has to be done in the CEE countries, specifically within the health care system. Hospital decentralization, modernization and privatization and pricing and reimbursement policies are some examples of areas where further development is preferred (Kazakov, 2007). These necessary reforms and changes are also applicable to Poland. The Netherlands and Portugal do not suffer from these reforms, due to fact of not having a communistic history. Another implication of this socialist history is the fact that Poland was already used to adopt generic medicines, as brand medicines were not available in these countries due the absence of product patents until early 1990s (Simoens de Coster, 2006). Cultural elements Cultural sensitivity is one of the most widely accepted principles among public health (Resnicow, et all. 2000). According to Resnicow (2000), cultural sensitivity indicates â€Å"The extent to which ethnic/cultural characteristics, experiences, norms, values, behavioral patterns, and beliefs of a target population as well as relevant historical, environmental, and social forces are incorporated in the design, delivery, and evaluation of targeted health promotion materials and programs† (page 272). The relation between the pharmacist and the pharmaceutical representative can have a huge impact on the prescription of medicines and therefore on the adoption of generic medicines. Historical developments in Poland have created a positive attitude towards prescribing generic medicines, as prescribing generic medicines has been a common practice in Poland until the early 1990s. In the Netherlands, on the other hand, generic substitution is more driven by the pharmacist (Simoens de Coster, 2006). On average a pharmaceutical company will spend twice as much on marketing to the pharmacist and the public than on research and development (Zipkin, et all. 2005). A more detailed view about the adoption rate of generic medicines concerned the three countries (the Netherlands, Poland and Portugal) are presented below: The Netherlands The Dutch generic market has grown rapidly over time; public expenditure has increased from 185 million euro in 1994, resulting in a market share value of 8.5 per cent. In 2004 the market share has increased to 17.7 per cent; this means that the value has almost doubled. The market share increased also dramatically from 19.9 per cent in 1994 to 44.3 percent in 2004 (Simoens de Coster, 2006). Results from an EGA survey conducted in 2007; show that the market share of generic medicines has increased to more than 50 per cent (see figure 2 and 3 in appendix B). Poland Due to historical implications mentioned before, Poland has a very mature generic market. In 2006 the market shares of Poland were 60 per cent by value and close to 80 per cent by volume (see figure 2 and 3 in appendix B). Portugal In the 1990s the generic medicines adoption in Portugal did not exceed more than 1 per cent. An introduction in the generic policy in the year 2000 caused for an increase in market share of 8 per cent measured until 2004. An explanation of the generic policy will be provided in chapter 3 (Simoens de Coster, 2006). Recent results from an EGA survey implemented in 2007 show that the market share has slightly increased to almost 10 per cent (see figure 2 and 3 in appendix B). Chapter 3: differences in regulation about the use of generic medicines What are the differences in regulation about the use of generic medicines among the Netherlands, Portugal Poland? There are several domains in regulation which will eventually influence the structure of the market and determine how the pharmaceutical companies can operate most effectively in this pharmaceutical market. This thesis presents the most important domains where regulations are implemented; market authorisation, pricing, incentives, and marketing implications. Market authorisation In Europe, the process regarding market authorisation is very complex. Market access for generic medicines may differ from country to country; this holds there is little transparency regarding the entry of generic medicines in Europe. A pharmaceutical company may receive market authorisation to enter the market in a specific country. However, other regulations regarding the reimbursement and price of the generic product still need to be determined by the government. This means the process, concerning the entry of the generic medicine, can be delayed up to three times (â€Å"A Review on the European Generic Pharmaceutical Market in 2005†, n.d.). The EU directive was introduced to create a better system regarding the entry of generic medicines in Europe. There is a transparency directive, 89/105/EEC, which specifies that there is a 90 day limit regarding the reimbursement and pricing decision. However, the time delays vary from country to country (Garattini Tediosi, 2000). The table below (â€Å"A Review on the European Generic Pharmaceutical Market in 2005†, n.d.) gives an overview of the times delays per country for price approval to enter the market. With respect to the countries in this thesis, the table above (â€Å"A Review on the European Generic Pharmaceutical Market in 2005†, n.d.). shows the following: Poland does not have a time delay because the pricing and reimbursement approvals are granted together with the market authorisation of the generic medicines. In the Netherlands, we can see a delay of between 10 and 15 days which could be defined as a relatively efficient time to approval compared to other countries in Europe. Portugal is very inefficient with the entry of the generic medicines, the status of pricing and reimbursement will only be given after a 90-day delay (â€Å"A Review on the European†, n.d.). Pricing Price regulations are only applicable when the generic medicines will be reimbursed. The most effective regulation is a price restriction on the maximum reimbursement of that specific medicine or a maximum price that pharmaceutical companies may charge the medicine users (Danzon Keuffel, 2007). Most European countries, including the countries in this study, have introduced a reference price system. A reference price system entails that there are regulations which will restrict the reimbursement level of generic medicines, but that the price of the generic medicines itself will be uncontrolled. Under the reference price system, groups are clustered into certain reimbursement level, based either on the same compound or different compounds but with the same mode of action or with a similar name. All products that are placed in the same group are reimbursed at the same price per daily dose, which is also called the reference price. In general, the reference price in a group will be set at the level of the cheapest medicine or the median in that group. If pharmaceutical manufacturers price their product above the reference price, the user of the generic medicines needs to pay the outstanding amount above the reference price. There are two different pricing systems in Europe: a generic free pricing system and a generic price-regulated system. Both systems determine the degree of adoption of generic medicines. In a generic free pricing system companies can decide on the height of the price of a new generic medicine introduced in the market themselves, in contrary to a price regulated system (Simoens, 2010). The reference pricing system has three levels of implementation, the higher the level of the system is, the more the prices are regulated. Poland has a low reference pricing system, the Netherlands could be defined as a medium reference pricing system and Portugal uses a high reference pricing system. As presented in the table below (Bongers Carradinha, 2009), one can see which European countries fall in a regulated price system and have no free pricing system. Consumer implications The patients themselves (the demand side) play an important role in the prescription of generic medicines. Physicians and pharmacists and other contributing parties will prescribe generic medicines to reduce the costs for the payer, which is in this case the consumer of the medicine. Patient co-payment Pricing and reimbursement systems play a role for the patient. The patient will contribute to the financing of the health care system, in particular with the co-payment arrangement. This is a common practice in all European countries (with the exception of Malta), but the implementation of co-payment differs significantly across countries. Nevertheless, in all countries that employ a co-payment arrangement a financial contribution is made by the medicine user. Patient co-payment arrangements can strongly influence the end decision of the patient on which medicines to take (â€Å"A Review on the European Generic Pharmaceutical Market in 2005†, n.d.). The reimbursement of generic medicines is taken care of through an insurance model; however the co-payment arrangement is based on a percentage of the cost of the medicine (Kazakov, 2007). Pricing regulation related to the countries in the thesis; The Netherlands uses an enforcing pricing regulation, which sets a maximum for the pricing of medicines. In 1996, this system was implemented. In general, it led to a decrease of 15 per cent of the average medicine price in the market (Simoens de Coster, 2006). However, the prices of generic medicines in the Netherlands still tended to be higher compared to other EU countries. Mediation in short-term pricing strategies such as implementing similar pricing systems, have increased and stimulated the share in the markets for generic medicines, where competition already existed (Bongers Carradinha, 2009). Polish medicine prices tend to be lower compared to other EU countries. They work with a price regulated system for generic medicines. The pharmaceutical companies want to be absorbed in the reimbursement list for medicines. The reference price in Poland is set just below or just above the cheapest generic medicines in the Polish market (Simoens, 2009). Pharmaceutical companies may price their product above the reference price, taking into account that as a result they will not be placed on the reimbursement list (Kazakov, 2007). Portugal established a regulation which says that the minimum price difference of generic medicines and brand medicines should be a least 35 per cent in 2001. In 2005 Portugal agreed to reduce the overall medicine prices by 6 per cent. Of that 6 per cent 4.17 per cent had to be reduced by the pharmaceutical company and the other 1.93 per cent had to be reduced by the wholesalers and pharmacists. The reference price system was introduced in 2003 where the reference price was set at the level of the most expensive generic medicine (Simoens de Coster, 2006). Despite the fact Portugal has a developed market, the market share concerning generic medicines is still relatively low compared to other countries in Europe. Regardless, of the fact that companies producing generic medicines provide affordable treatments to patients, other savings can only be achieved if government supply side policy initiatives are designed to increase the competitiveness of generic medicines in the market (Bongers Carradinha, 2009). Incentives To establish a generic medicine market, the supply side (pricing system) needs to be supplemented by demand side policies which create incentives for physicians, pharmacists, and patients to use generic medicines (Simoens de Coster, 2006). The Netherlands Instruments to promote generic medicines have been in place for a long time and have been widely accepted in the Netherlands (Vogler Schmickl, 2010). Incentives for physicians The Dutch government has stimulated physicians to prescribe generic medicines, which is supported by an electronic prescription system. In the Netherlands it is customary to develop and implement guidelines and treatment protocols on how to prescribe generic medicines in order to efficiently increase the adoption of generic medicines. An important feature is that there are no sanctions for physicians who do not prescribe generic medicines (Simoens de Coster, 2006). Incentives for pharmacists Generic substitution is allowed for the pharmacist when the physician and the patient agree with it, however, it could be indicated by the physician that generic substitution is not permitted due to health reasons. This means that when a branded drugs patent has expired pharmacists are allowed to distribute a generic substitution unless indicated otherwise by the physician. Health insurers have also agreed upon several targets for the pharmacist in distributing generic medicines (Simoens de Coster, 2006). Generic substitution has been connected to financial incentives for the pharmacist for a long time, however these incentives have been abolished since 2004. Nevertheless, the adoption in the market of generic substitution has not decreased (Vogler Schmickl, 2010). Incentives for the patients In the Netherlands the patients do not have a financial incentive to buy generic medicines because there are no patient co-payments arrangements. Nevertheless, patients do have to pay the outstanding amount when the price of the medicines is above the reference price, which is set by the government (Simoens de Coster, 2006). Poland Incentives for physicians Physicians are not intensively encouraged to prescribe generic medicines. Due to the historical background physicians are already accustomed with the use and prescription of generic medicines (Simoens de Coster, 2006). Incentives for pharmacist Generic substitution is allowed by pharmacists; whenever a branded drug is prescribed a pharmacist may replace this by a generic substitution. Pharmacists are obliged to inform the patients about the generic substitution. Price reductions implemented by pharmaceutical companies encourage pharmacists to prescribe generic medicines (Simoens, 2009). Incentives for the patient There are four levels of reimbursement for the patient. The first level includes a fixed amount per prescription which will be reimbursed when these are essential medicines. The second and third level consist of supplementary medicines which will be charged to the patient through the co-patient system. The patients have to pay 30 to 50 per cent themselves. The fourth level holds that other prescribed medicines which are not on the reimbursement list will be fully paid by the medicine user (the patient). However, initiatives to inform the patients about generic medicines have not been presented (Simoens de Coster, 2006). Portugal Incentives for physicians In 2002, a regulation was implemented in Portugal which formulated that from that moment on physicians would be obliged to prescribe a generic medicine if possible. However, physicians and pharmacists are free to add brand medicines to prescriptions that include more than one medicine, of which at least one is generic. The physicians are to inform the patient about other generic medicines and the accompanying price differences. Even though guidelines are available, the system has not been fully implemented. An explanation for this is that the physicians and the pharmacists are neither being rewarded for prescribing, nor being punished when not prescribing generic medicines (Simoens de Coster, 2006). Incentives for pharmacists Physicians can indicate whether they permit generic substitution on the prescription form. In the cases that generic substitution is allowed by the physician, the pharmacists have to prescribe the cheapest generic medicines available. Pharmacists do not have any financial incentive to prescribe generic medicines as the generic margins for pharmacists have been dramatically low since the introduction of the regulation in 2005 (the overall reduction of generic medicines prices) (Simoens de Coster, 2006). Incentives for patients Portugal has 5 different levels of reimbursement. In the first level 100 per cent of the medicine will be reimbursed when they are classified as life saving. The second level holds that 95 per cent of the medicines will be reimbursed, the third level holds 70 per cent, the fourth level 40 per cent, and the fifth level holds a percentage of 20 per cent. Patients with a low income will receive a 15 per cent additional compensation on the stated reimbursement level. Until 2005, patients were rewarded with a 10 per cent additional reimbursement when they asked for a generic substitution. However, with the abolishment of the reward system of 10 per cent, the patient will now only receive a price reduction of 6 per cent for the use of generic medicines. The patient does not have an incentive but rather a discouraging effect to use generic medicines. Nevertheless, pro-generic campaigns have been introduced by the government since 2006; the effects of these campaigns are not yet clear (Simoens de Coster, 2006). Previous research shows that the patient co-payment arrangement in Poland and Portugal plays a visible role in stimulating the use and adoption for generic medicines (Simoens de Coster, 2006). For an overall overview of the regulation implemented across these three countries a table is presented below. Marketing implications A generic medicine should appear under the international non-proprietary name (INN). This entails, that a generic medicine should be marketed without a commercial brand name but in fact, three categories there can be distinguished; branded generics (copies of generic medicines with their own brand name), semi-branded generics (products marketed under the INN following the name of the manufacturer of the medicines) and medicines marketed under INN (Garattini Tediosi, 2000). The EU directive 65/65/EEC was established, to approve marketing of a drug. An allowance for introducing a generic medicine and detailing these medicines should be supported by several data available of the generic medicines (for example clinical data.) There are a lot of restrictions concerning advertisements and promotion activities of pharmaceutical products. These are presented by the The European Parliament and the Council of the European Union (2004) .Together with price regulation, advertising plays an important role in the pharmaceutical market. In general patients are uninformed about the most effective and available treatments, they depend on the diagnosis and treatment suggestion from the physician. Since the physician will prescribe the medicine it can be stated that they will directly affect the extent of competition between different treatments and medicines available. Therefore it not remarkable that the physician is the target of huge advertisement campaigns and that detailing in the pharmaceutical industry is mainly focused on physicians (Kà ¶nigbauer, 2006). The volume of detailing in the pharmaceutical market depends on several factors such as: the prevalence of the disease, the amount of competition for the medicine, the number of physicians who might prescribe the generic medicines, and like any other product in a market, taking into account the product life cycle of the product (Berndt, et al 2007). Chapter 4 What is the role of these regulations on the adoption of generics? Market authorisation Approval of generic medicines The success of a gene

The US Hotel Chain Marriott

The US Hotel Chain Marriott U.S. hotel chain Marriott International is one of the largest transnational corporations in the world. According to the corporations data, every fourth tourist in America stays in Marriott International hotels. Rapidly spreading its influence in the world, Marriott sets the goal to win and retain the leading position in the hotel market, showing a special concern with respect to the guests, business partners, employees and society as a whole. The business of Marriott Corporation is built on fundamental ideals of service provided to customers, employees and society. These ideals are perpetual, unique and make the company a successful manager, being the cornerstone for all employees of the company. In this section, the main study focus is on the data of exploratory research conducted with the purpose of identifying current practices of Marriott International under the conditions of globalization and the impact of globalization on Marriotts sales, marketing, HR, and brand positioning approaches, while outlining the main advantages Marriott international within this context. History of Marriott International, Inc. The history of this hotel corporation is a vivid example of the embodiment of the American dream traditional for several generations of U.S. citizens. Thousands of now flourishing companies started their long journey to success just like Marriott. In May 1927, a 26-year-old man from Utah, John Marriott and his wife opened the eatery for nine seats in Washington. Johns lucky fortune and business skills helped him to survive the collapse of the U.S. economy during the Great Depression in the late thirties he was already the owner of a regional restaurant chain The Shoppe Inc. and the eponymous company specialized in the delivery of hot meals for passengers of local airlines. John Marriott acquired his first hotel in 1957. It was called the Twin Bridges Marriott Motor Hotel, and was located in Arlington (Virginia). John wanted to create a family business and eventually handed over the management of the company to his son. Marriott Jr. conducted business as thoroughly as his father did (Marriott and Brown, 1997). In 1964 the company was renamed as Marriott Corporation. The Corporation expressed interest in everything that was associated with restaurant and hotel business, and when in 1977 the sales revenues of enterprises in which Marriott had a franchise crossed one billion dollars, John Marriott Jr. realized that the property management brings no less benefits than its owning. The Corporation developed its own concept of hotel network with a limited set of services by the end of the 80s and actively operated in three sectors of the hotel market in the U.S.: managing the network of hotels with full service (Marriott suites), inexpensive hotels (Residence Inn) and a network of cheap motels (Fairfield Inn) (Marriott and Brown, 1997; OBrien, 1995). In the early 90s, Marriott Corp. had only a few dozen hotels outside the U.S.A. Based on the principles of diversification, kept by the most of the major companies in the world (in other words: Dont put all your eggs in one basket), in 1993 the corporation was split into two companies: Marriott International (hotel and real estate management) and Host Marriott (real estate transactions and food delivery). That moment laid the beginning of the active promotion of Marriott International in the international market as the management company (Marriott and Brown, 1997). At the moment, Marriott International Corporation has more than 3500 lodging properties located in the U.S. and in 69 other countries around the world (2010), employing 137,000 people (Marriott International Company Profile, 2010). Table 2.1. Marriott International Hotel Brands and Property Count (December 2009- December- 2010) Marriott-12-31-10-Hotel-Count-global Globalization Strategies and Practices Marriott controls more than half a million hotel rooms worldwide, while owning only 0,3% of them. Half of the remaining rooms is a franchise. This means that hotel owners allocate 5% to 6% of their incomes to Marriott as a fee for using the companys name as well as for using rooms reservation system. Marriott manages the other half of hotel rooms by charging the owners of the hotel fee for providing this service (Boo, Hillard and Jin, 2010). Acting as an operator, Marriott takes about 65% of income, paying out from this sum the expenses for salaries, utilities, insurance, and purchase of food. 29% of revenue goes to the owner of the hotel. Of this amount, he pays property taxes and mortgage rates, and the rest (if any) he counts to his earnings. Even though some people may be disgruntled and demonize Marriott, the company still has much to be proud of: 55% Marriott hotel owners would like their next hotel to be run by this company (Jang and Tang, 2009). Brand and the Marriott reservation system are worth it. Regional offices Marriot Inc. include (Table 2.2.; Table 2.3.): North America (NALO) Asia, Pacific, Australia (APA) The Caribbean, Latin America (CABL) United Kingdom, Ireland, Middle East, Africa (UKIMEA) Continental Europe (CE) Central Europe (Germany, Austria, Switzerland) Western and Southern Europe (France, Belgium, Holland, Spain, Italy, Greece, etc.) Eastern Europe (Russia, Armenia, Georgia, Poland, Czech Republic, Romania, Hungary, Kazakhstan). Marriott International manages and provides franchise of hotels under the brands of Renaissance, Marriott, JW Marriott, Ritz-Carlton, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International; the company develops and operates resorts in the vacation ownership under the brands of Marriott Vacation Club International, The Ritz-Carlton Club, Horizons and Marriott Grand Residence Club; it offers apartments in Marriott Executive Apartments, provides furnished corporate suites Marriott ExecuStay and operates conference centers (Table 2.4.). Smith Travel Research data state that raising a Marriott flag in the front of a big hotel offering a full range of hotel services increases its sales by 13% if compared to sales of a hotel with the flag of, for example, Doubletree. Virtually all other Marriott divisions from luxury Ritz-Carlton to a commonly accessible Residence Inn are ahead of their competitors in the indicator of hotel room income by 10% to 30% (A problem shared, 2005). Product Brand Position The components of Marriotts corporate style are a company logo, colors, fonts, letterhead, website, brand perfumes and accessories. Marriott logo is a rectangle with an image of a sphere the inscription Marriott itself, designed in two basic colors: white and cherry, and golden. A well-established and recognizable corporate style is the key to Marriott brand promotion in the global market. For example, when developing a program to promote a network of hotels in Moscow, Marriott used the corporate logo and brand image, which is the image of the famous Faberge Easter eggs, which embodies prestige, luxury, and very high consumer value, comparable only with the works of the most expensive and fashionable jeweler. For example, Marriott Tverskaya has as its symbol a stylized gold Faberge egg, Marriott Grand 5 *- the blue one, and Marriott Royal 5 * luxury the scarlet one. Such approach to corporate style creation can be described as very competent and thoughtful. Relying on the widely popular historical and cultural brands and using countrys national colors, the company certainly enhances the image component of hotel marketing, combining high international standards of service with the national peculiarities of a country and its hospitality traditions (ONeill and Mattila, 2004). Moreover, in each room of Marriott hotel chain there are branded forms for letters and branded pens with the hotel name. The rooms use brand linens, and brand aromatic policy of Marriott hotels. Recently, with the development of Internet and e-mail correspondence, the issue of corporate style of electronic documents has become very topical. Web site today is the first thing that a potential guest sees, and it can help to quickly create an impression about the level of the hotel, the service, room rates, to estimate the location and walk through rooms, restaurants, lounge, as well as to book a room (OConnor, 2008). Marriott Corporation owns over 3500 hotels, and for conveniency there is a single site from which one can get to the site of any hotel of the network in the world. Moreover, the web-sites of the hotels are designed in the same style and structure. Color differences depend on the brand. The common brand Marriott Hotels, Resorts Suites unites many brands, each with its own color scheme: for example, Courtyard by Marriott has a green color palette. Site structure is common for all hotels (photo tour, guest rooms in details, hotel proposals, hotel background information, restaurants and halls, city guide, maps and transport, events plan, Marriott Rewards program, hotels fact-sheet in print format). The web-site is the embodiment of Marriott corporate style and world-class service. Currently, Marriott is included in top 10 international hotel chains and actively moves to the top through expanding its franchise contracts and promoting high level of service and corporate style. Sales Marketing The major instrument of the company is the fact that a very small percentage of real estate the company manages factually belongs to it. In 1993, Marriott transferred all of its buildings and most of the debt on the balance of the investment real estate subsidiary Host Marriott, headed by the younger brother of Bill Marriott, while Hilton and Starwood, in contrast, own 30% of hotels under their control. Since Marriott receives a fee for hotel management, vacant hotel rooms bring fewer losses to it than to the owners, who have to clear the mortgage (A problem shared, 2005). Another component of the success of Marriott is the attention to details. For instance, the rules for cleaning a hotel room set in Marriott include 66 points. The company also shares the aroma marketing approach. Generally, Marriott with great zeal is looking for new clients and opportunities to open new hotels. Taking into account different groups of clients and their material resources, the network is developing a variety of brands, increasing the amount of service (Table 2.4.): Marriott Hotels and Resorts hotels with full service, managed through a franchise or independently. Renaissance Hotels and Resorts hotels offering full-service accommodation facilities for business travelers, vacationers. Marriott Conference Centers full service hotels for conferences and meetings. Courtyard by Marriott division responsible for a hotel chain with relatively low prices. Fairfield Inn by Marriott division responsible for economy class hotel chain. SpringHill Suites division responsible for the chain of secondary and higher-class hotels targeted at business and leisure travelers, especially women and children. Residence Inn by Marriott leader in the segment of the long stay hotels. TownePlace Suites division responsible for long stay hotel chain with relatively low prices. Marriott ExecuStay business unit that provides accommodation facilities for 1 month or more. Marriott Executive Apartments division that provides accommodation for business visitors for a period of more than 30 days. Marriott Vacation Club International division applying timeshare system; a guest can purchase a week off at the hotel of this class. The system includes 38 exclusive resorts. Ritz-Carlton leading hotel brand in the segment of luxury hotels. The innovative approach that accelerated the development of Marriott, Inc., was also the bonus program for customers, launched in 1983, which now serves as the element of Marriotts corporate style. Thanks to Marriott Rewards, Marriott Corporation has an opportunity to acquire more permanent guests of the Marriott chain. Marriott Rewards program encourages customers for giving preference to Marriott International and its partners, rewarding them for the choice of hotels of the network (Dubà © and Renaghan, 1999). The participant of Marriott Rewards receives certain points or miles that can be used as payment for accommodation (special certificates) in the hotels of the network or as a discount for buying airline tickets (applied to miles). Points can be used for free accommodation, purchasing discounted packet services around the world, including domestic air transport services, car rental, cruises, etc. Such programs later started to be introduced by other network hospitality compan ies, but the scheme, devised by Marriott, remains the best one: maximum discount combined the highest luxury. Human Resources Every corporate culture is an element of corporate style. Marriotts corporate culture was founded in 1927 and is being kept till this day: The better the company will treat its employees, the better employees will treat customers. Big corporations like Marriott, offer a high service level in many countries around the world. To make all the employees regardless of their nationality and educational level meet the high standards of the corporation, they should be trained in order to improve their skills. The key to training efficiency in Marriott is its perception as a corporate value which is consistent with the main strategy of the company. A continuous training helps to guarantee high quality service, comply with the companys strict standards, motivate and retain employees, creating staff reserve. Continuous training is also the only way to keep abreast with the changes occurring today and be prepared to their growing pace (Hinkin and Tracey, 2010; Katzenbach, 2000). Every year, Marriott celebrates the anniversary of its foundation (May 20) selecting a certain week for it to express the companys gratitude to the employees who are the members of a huge international family Marriott. Advertising and promotion program Marriott Rewards is also a very important part of every employee in the Marriott Corporation. Considering the case of hotel chain Marriott International, it should be noted that in a business famous for its high rates of revenues, Marriott is outstandingly competent at preserving talented managers, which is reflected in low satisfaction gap (Figure 2.2.) (Hinkin and Tracey, 2010). One of the ways to do that is a specific program that trains managers to solve business situations preparing and encouraging them to seek for promotions to top management positions. Advantages of Marriott, Inc over Competition in terms of Globalization Marriott International Hotels have the loading of 10% above the average in the global hospitality industry, while hotel rooms are sold at higher rates than those of direct competitors (Table 2.5). The advantage in the loading percentage and selling prices is achieved by providing individual and group customers more services than they can get anywhere else. Booking of hotel rooms in the companys hotels is conducted through its own global distribution system (GDS) or via the Internet. Moreover, the system uses the technology of guest recognition of hotels of all brands of the company, and rewards programs for repeat customers. In 1999, the company expended its use of the so-called quality assurance teams, assisting companies to implement advanced network management practices and reduce costs (Dubà © and Renaghan, 1999). On a whole, Figure 2.3 shows the positive dynamics in RevPAR data for North America Marriott properties for the five fiscal years 2004 -2008 with a peak in 2007: Figure 2.3. 2004-2008 RevPAR data for Marriot International (North America) Figure 2 Conclusion Marriott dominates in the market for one simple reason: it is successful in managing hotels worldwide. The hotel managed by Marriott becomes a large hotel with restaurants, shops and business center, room service, in-line and butlers. All hotels of the chain are characterized by the same service, which is based on a clear interaction between all structures and maintained tight control by the head office. Marriott International mission states that the corporation aims to become the best company in the fields of accommodation and services in the world due to the fact that its employees are seeking to provide their customers the best possible services, resulting in benefits for the companys shareholders. In recent years, Marriott International has shown a positive dynamics of development and continues to rapidly spread the chain all over the globe on the basis of franchise contracts. This practice, along with innovative approach to global hotel marketing, Marriott Rewards program, guest recognition technologies, high level of personnel training and constantly increasing level of service, helps Marriott International stay in the top five hotels chains globally.

The Schoolmaster in Albert Camuss The Guest Essay example -- The Gues

In Albert Camus's "The Guest," an idealistic schoolmaster, Daru, is forced to make many unsettling decisions when ordered to deliver an Arab prisoner to higher authorities in Tinguit. From the beginning, after the prisoner is transferred into his custody, Daru chooses to treat him as a guest rather than a prisoner. Also, Daru decides not to cast judgment on the Arab for the crime of killing his cousin. Lastly, Daru chooses not to play God and assume the awesome responsibility of deciding another man's fate. Thus, when Daru is faced with a series of confusing and complicated situations he chooses to be himself and make his own decisions rather than be influenced by others. The mere thought of keeping a prisoner in one's home is quite troubling, but when Daru is forced to keep the Arab as his "guest," he is compelled to act as a good host. From the beginning, Daru demonstrates compassion, sensitivity, and humanely acts in many different ways. Daru insists that the prisoner should be untied. "Once his hands were free... he held out a glass of tea." Daru also feeds, cooks for, a...

Summary On The Spirit Catches You And You Fall Down By Ann Fadiman Essa

The Spirit Catches You And You Fall Down by Ann Fadiman is a very interesting book. It’s amazing how difficult it is for Americans to understand other cultures because the United States is such a diverse country. However, as an American, I understood the frustrations that Lia Lee’s doctors’ felt when trying to diagnose and treat her properly. In this book both the American doctors and the Hmong peoples faced many hardships and barriers when trying to communicate with each other. After having read this book I can understand where both groups were coming from and reasons for their actions. I could only imagine the level of difficulty and anger that the doctors and Lia’s parents must have experienced over that time period. The two items that I will be discussing are questions one and two. Looking at the Lee family from a psycho-social perspective, I would say that they are a very close nit family who value their culture. The wife, Foua is very independent in the sense that she gave birth to all of her children except Lia, without any help or assistance from anyone. Also because she worked in the fields all through her pregnancies. The husband, Nao Kao is a very loving, and supporting to his wife and children. The Lee’s value their beliefs and believe strongly in their customs. They possess close nit ties to other Hmong people and although they were taught their own healing remedies, they are somewhat accepting of western customs as well. While reading this book, I identified many problems and stressors. Some of them include the language barrier, which made it hard for doctors to ask questions like what’s the problem, where does it hurt, how bad is the pain, etc. The language barrier also made it hard for doctors to explain diagno... ... had previously had experienced. I think Jeanine taught them a valuable lesson in the sense that all Americans are not the same. We all are not capable of understanding other cultures and peoples. We all do not pass judgments or view those who are different from us in a negative way. All Americans are not trying to convert other people into their way of life. We all don’t feel that our culture is superior to others. Americans can be open- minded individuals. Not all Americans agree with all of the laws of our country. Overall I believe that having Jeanine as their social worker, the Lee’s and Lia’s doctors learned some valuable lessons. The Spirit Catches You And You Fall Down is an excellent read. I would recommend that everyone read this book especially people whose professions requires them to do extensive work with people from different backgrounds and cultures.

Ethics and Regulation in the Professional Asset Management Industry

Ethics and Regulation in the Professional Asset Management Industry 11 December, 2011 Whenever a person is hired to perform a service or look after the interest of another, the question of rules for interactions and transactions behavior arises. This is particularly important for the financial industry were portfolio managers may be entrusted with portfolio value of trillions of dollars , the inherent risks associated with financial investments and the fact that portfolio managers are often exposed to ethical conflicts. Hence, it is no surprise that the financial industry is highly regulated to ensure that there is a minimum level of acceptable practice. Guidelines are built on two legs – formal legally enforceable regulations and ethical standards. Both follow the overall principle that â€Å"portfolio managers will always act in the best interest of their investors†. Legal regulations are complex often with an interaction between state and federal laws. At the very basic level they establish adequate disclosure of information related to the investment process and provide anti-fraud protections. These cover aspects like documentation, reporting, fairness, timeliness and accuracy of information. At a more complex level, regulations cover specific investments types like for example retirement / pension assets that have different risk management requirements. Following are the principal Securities Laws for the Asset management industry and their primary target user: * Securities Act of 1933 for security issuers * Securities Exchange Act of 1934 for security brokers * Investment Company Act of 1940 for mutual funds Investment Adviser Act of 1940 for advisors and private managers * Employee Retirement Income Security Act (ERISA) for retirement asset managers and fiduciaries * Pension Protection Act of 2006 for pension fund sponsors and managers Several agencies / institutions are responsible to ensure these industry regulations are managed and followed: * SEC – U. S. Securities and Exchange Commission (the main federal agency) * U. S. Department of Labor (pension plans inc luding 401 (k) plans) * NASDR – National Association of Securities Dealer rules * U. S. Commodity and Futures Trading Commission * U. S Internal Revenue Services (tax policies) These financial regulations are the â€Å"1st leg† of regulating investor/agent relationships and they provide the legally binding and enforceable framework of conduct. The â€Å"2nd leg† comprises voluntary ethical behavior standards. They follow the same overall principle of â€Å"investors come first† but describe in much more detail how the clients/investors interest must always take precedence over the interests of investment professionals and their employers. Ethical guidelines are the indispensable as they fill a void space. Policies and regulations may punish illegal behavior but cannot prevent such abuses from happening in the first place. Also while some financial transactions may not have violated any laws but could still be to the disadvantage of investors because of unethical behavior. Thus, Ethical guidelines aim to establish a self-regulating, voluntary behavior to prevent abuses before happening and to provide guidance for aspects of financial transactions not covered by formal policies. Leading institute is the CFA, the Chartered Financial Analysts Institute https://www. cfainstitute. org/Pages/index. aspx, previously AIMR – (Association for Investment Management and Research), which established a code of ethics for its members. Key elements are: * act with integrity, competence, diligence, respect and in an ethical manner. * place integrity of the investment profession and interests of clients above own personal interests. * use reasonable care and exercise independent professional judgment when conducting investment analysis, recommendations and taking investment actions. This ethics code is complemented with precisely defined conduct and actions that are acceptable (or unacceptable). The Centre of Financial Markets Integrity founded by the CFA has created a comprehensive â€Å"Asset Manager Code of Professional Conduct† providing more detailed minimum standards for providing asset management services to clients. These standards extend the rules for individuals to those of entire investments firms. Of note, agents and companies strictly adhering to ethical standards may achieve higher trust and preference ratings from investors as well as employees. Therefore, it is in the own interests of financial institutes and agents to be a CFA member and follow their ethics code. However and despite these wide-ranging regulations in place investors’ interests are not always followed. Two reason fall mostly in two categories 1) Ethical dilemmas: these are situations where the â€Å"investor interest† evaluation is not straight forward, therefore posing an ethical dilemma for the agent. Examples include where an agent may occur expenses for costly company research or other expenses which may not be clearly to the benefit of the client. ) Guidelines must be put into daily practice. A policy by itself is not sufficient to achieve compliance. The responsibility is with the leadership of financial companies by creating a corporate culture that reinforces ethical behavior, by always leading with best example and by establishing a regulatory compliance framework with capability trainings, frequent internal communication, and by stric t enforcement. Closing remarks Much progress has been made in updating and raising the standards of legislation to be more comprehensive and to avoid a repetition of historical financial crisis. However, no matter how detailed regulations may be â€Å"the question really boils down to staying true both the spirit and the letter of the law. † (Carlo V. di Florio) This is the reason why ethical codes such as provided by CPA are a critical complement to legal regulations as they provide behavioral guidelines. In fact, efforts are being made to make the ethical behavior standards legally mandatory. 913 study submitted in 2011 for the Dodd-Frank act as well as FINRA and the code framework itself is in a constant process of updates and expansion (e. . the Shingle theory). This is encouraging and will provide further guidance â€Å"how to put the investors’ interests first†. The investor is playing an important role in the process as well: Being very specific about individual investment priorities, by selecting only CPA proven financial partners and, last not least, by staying in close contact with the agent to ensure the steady flow of information. After all à ¢â‚¬â€œ asset ownership also carries the owner responsibilities. References Brown,C. , & Reilly, F. K. (2009). Investment Analysis and Portfolio Management. (9 ed. ). Mason, OH, Cengage Learning. Carlo V. di Florio, director of the U. S. SEC’s Office of Compliance Inspections and Examinations (OCIE). downloaded on 08 December 2011, http://blogs. cfainstitute. org/marketintegrity/2011/11/30/fatally-flawed-compliance-without-ethics-in-the-investment-industry/ Carlo di Florio, Harvard Law School Forum on Corporate Governance and Financial Regulation, Nov 25-2011, downloaded on 08 December, http://blogs. law. harvard. du/corpgov/2011/11/25/compliance-and-ethics-in-risk-management/ â€Å"913 Study†: Study on Investment Advisers and Broker-Dealers as Required by Section 913 of the Dodd-Frank Wall Street Reform Act (January 2011), downloaded on 8 December 2011 http://www. sec. gov/news/studies/2011/913studyfinal. pdf Jon Stokes â€Å"Fatally Flawed: Compliance without Ethics in the Investment Industry† (30 November 2011)  · Enterprise Risk Management- Integrated Framework, Com mittee of Sponsoring Organizations of the Treadway Commission (September 2004)