Pandemics, prices & people; where next for the pharmaceutical industry?
Journalists are an important and influential stakeholder audience who have great potential to amplify sector perspectives. So, what can pharma companies do to improve their communications and engagement with this group?
In Ipsos’ summer survey of business and finance journalists 2022, the sector’s performance during the pandemic has clearly impressed. But there are two overlapping themes in their views of the sector that pharma companies can take cues from: debates around pricing (a perennial reputational challenge) and the extent to which it is known for open and honest communication.
Pre-pandemic they had this curious image where they were often seen as being greedy or cruel even though they were trying to make products to save people’s lives. They have had a reset of their image with the pandemic where they have really helped the world re-open. They need to try and build on that, improve and honing their COVID vaccines would be quite handy, showing they are willing and able to treat the outbreaks of diseases in the same way.
- National Journalist - non Attributable
Journalists feel that their views of the sector have improved because the pandemic was a powerful demonstration of its value. It was a showcase of how their work benefits society and the economy, and to a degree, helped with arguments justifying the costs associated with research and development. This is important if the sector is to successfully communicate its points of view about pricing in different jurisdictions and some of the considerations that go into their decision making. The increased visibility, heightened media coverage and successful corporate communications during the pandemic helped to bring clarity to complex issues. This has led to a sense of greater openness and transparency.
I do generally think the pandemic has helped improve the public understanding of what pharmaceutical companies actually do and why they operate in the way they do in terms of the cycles and things like that. Being a bit more open about their processes of how they get to these potential wonder drugs can only be a good thing. Get involved in more community outreach programmes, community relationships that's something that can be quite powerful.
- Regional Journalist - non Attributable
Alongside this, journalists were impressed by the quality of communications and the availability of senior staff for interview; a consistent aspect of media relations that journalists value – something Ipsos has seen for many years while tracking companies’ press relations.
Though some companies stand out in the minds of journalists, the impact is felt more widely.
Pharma was a bit of an unloved sector before COVID but everyone has woken up to the brilliance of pharmaceutical companies, coming up with the vaccine was the best PR you could ever have. Just keeping up that momentum showing that they do add value, that their pricing is fair.
- National Journalist - non Attributable
As a way to keep up that momentum, journalists specifically highlighted reducing prices and profit, suggesting they are still not fully convinced despite the value displayed during the pandemic. As well as this, they want more communications about the work pharmaceutical companies do.
Many journalists admit that they still know little about the industry, and that they find it hard to understand, as this journalist puts it:
They could explain better what it is they do and why they do it… you'd need to be a professor of pharmaceuticals to understand it. They could explain what they do much more simply than that.
- Regional Journalist - non Attributable
As such, it is more important than ever for pharma teams to invest time and resources in strong media relations teams – the traditional model of a well-resourced, dedicated media relations function continues to have value. The current climate of positivity among this audiences means they are likely to be receptive to sector communications and be open to reporting pharma companies’ points of view, in balanced content.
Understanding journalists’ perspectives, information needs and what constitutes best in class media engagement today will be important. In turn, through strong media relations, the sector will be better placed to seek and attract support for its work and its perspectives by maintaining a higher media and public profile as the world navigates its way out of the pandemic.
The pandemic has changed how people view the pharmaceutical industry. I'm not saying you don’t have the level of regulatory trials, but what they could do is show they're there for societal impact to save people's lives basically, making people's lives less painful but they do have a big economic impact, job creation and potential global import from the UK economy. So maybe a little bit more awareness so that people know that not only do many of these drugs save lives but they're also a big part of the UK economy with job creation .
Journalist - non Attributable
The inflection point that the sector is at is an opportunity it can make the most of, and utilising the amplifying power journalists have will be a key way to do that.
They have to walk the walk, they have to show with good actions that their motivations are good. It's self-fulfilling, come up with good drugs, make a fair profit but also show that you can be benevolent to other countries who don’t have access to the same kind of investment in drug research. Maybe not try and cling onto the IP in a desperate fashion but try and share some of the good that comes out of the research.
Journalist - non Attributable
Ipsos runs the business journalist survey twice a year, please contact us if you would be interested in subscribing or conducting a specialised project on the reputation of your company.
