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Pharma Industry Reputation: What Is At Stake With COVID-19?

 
• By Ben Comer

The massive need for a COVID-19 vaccine and treatments has heightened the biopharmaceutical industry’s visibility among consumers and the world’s largest biopharma companies are getting a boost in positive perception this year, according to a new FutureBrand survey. If sustained, this could have dividends in areas such as attracting industry talent and clinical trial participants. But much remains to be seen as biopharma navigates the final stretch of clinical development, regulatory review, distribution and patient access.

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Industry reputations have much to gain – or lose – from the ongoing response to COVID-19

Improving the biopharmaceutical industry’s public reputation – like improving medication adherence rates – is a perennial and intractable challenge for industry executives. From a marketing and branding perspective, positive consumer experiences are limited by an indirect connection between manufacturers of prescription drugs and patients since physicians typically decide which products a patient will use, and insurance companies and pharmacies typically determine how much they will cost out of pocket. As a result, biopharmaceutical companies – despite the numerous innovations they bring to market each year – struggle to build compelling brand stories and personality, or to develop brand trust and pleasure, all of which are indicators used by the FutureBrand Index to measure brand experiences.

The FutureBrand Index 2020 survey and study, conducted in April and May 2020, assessed global brands across 18 indicators aligned...

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