COVID-19 IS OPPORTUNITY FOR THE PHARMA INDUSTRY TO BUILD POSITIVE REPUTATION, RESEARCH REVEALS
An independent study of the pharmaceutical industry shows that Covid-19 offers a chance to improve pharma industry’s reputation and reset its troubled relationship with global public opinion. The industry is well below sectors like retail, software and food.
The Global Pharma Study 2020, published by the Caliber analyses the way Covid-19 affects the reputation for 67 global pharma companies showing that while the pharma industry scores low points on relevance, defined as ‘standing for something people can relate to,’ it is also the perception area most positively impacted by Covid-19.
Asked for the one single issue for pharma companies to focus on to build relevance and improve their overall image, physicians from all over the world answered in unison: “Access & Affordability.”
“This is not surprising considering the criticism for putting profit-making above providing affordable medical help to low-income families and citizens in third world countries, which the industry has received for the last 10 years,” says Caliber CEO Shahar Silbershatz.
“While the criticism might not always be fair, it is a fact and deeply rooted in the public opinion. Our survey shows that COVID-19 has the potential to change this as the public eye now turns to Big Pharma for an effective vaccine.”
The Global Pharma Report 2020 also reveals that familiarity plays a role, with the more well-known companies being less liked and trusted. In general, small pharma companies perform better than big pharma on all indicators in the study because it is perceived to be more responsible than big pharma.
“The pharma industry is a unique and fascinating one – but it must do better at explaining its complexity to its audiences. Pharma professionals can use the report to focus their efforts on the right areas, and the