Like that? Not a chance.
Firstly, there is the hideous ethical concern. A small number of people might conceive of something like that and try to implement it, but not on the sort of scale needed for a company of the size indicated to exist. In all the years that that has been going on, they've never had one disgruntled employee leave and go to the newspapers?
Secondly, there's the huge cost involved in growing and feeding all those people, keeping them fooled as to the nature of the Island, and all the rest of the nonsense in the film. So, they have the ability and funding to build a utopian society in a bunker underground... and instead of selling that to their rich clients, they instead use it as a holding pen for a bunch of clones they've grown for those rich clients, all the while expecting to kill them off after a few years?
Thirdly, there's the whole notion of growing a whole clone, and keeping it alive, well in advance of when they expect to use it. One would expect that except in the most extreme cases, it would be better to store the genetic material in a great big freezer, and unthaw it when needed. Additionally, it's not a big step from growing a clone of a whole person to growing a clone of just the one required organ.
Frankly, "The Sixth Day" handled the subject better, and I thought that film was pretty awful, too.
