Ethical marketing strategy is embedded in a company’s code of conduct, and includes the projection of the company’s philosophy and practice on corporate social responsibility (CSR). These elements of business operations are receiving closer attention by stakeholders, and with greater access to documentation particularly online, far greater scrutiny is possible. The healthcare services sector, particularly stem cell research, is considered here in relation to ethical marketing practice and the role of stakeholders. The purpose of the study was to analyze the text of a major media event about stem cell research, to ascertain the extent to which stakeholder interests were reflected. A model of stakeholder influence (Wheeler and Sillanpää 1997) was used as the framework for an analysis of the text of a public interview involving Professor Alan Trounson, eminent scientist and leader of the Monash University centre for stem cell research in Australia. The analysis leads to the suggestion that it is a range of new healthcare services could need to develop a more refined marketing communications strategy that acknowledges the stakeholder network more sensitively within an ethical marketing context.