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Business & Regulation Business Practice, COVID-19

Big Pharma: Heal Thyself

Pharmaceutical companies have a troubled reputation, with momentum building up to crisis levels in recent years. From the opioid scandal and excessive executive remuneration packages to criticism of drug prices and controversial direct to consumer (DTC) advertising practices, pharma brands have felt the heat from all sides. Though there are no doubts about the advances these companies make and their commitment to science and health, their reputation is one of profits first and people second. In other words, the good that pharma does is often lost in the quagmire of negative coverage.

Combating the coronavirus offers big pharma a chance to change perceptions – if companies have the will to do so. It is an opportunity to reframe the conversation, but it will require a shift from profit to people. They will need to be prepared to be more transparent in the way they operate and to speak as a corporate brand, not just a collection of individual products bombarding consumers with advertising and promotions for new, expensive drugs.

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About the Author

Barry Silverstein

Executive Director and Co-Lead at InterbrandHealth

Executive Director and Co-Lead at InterbrandHealth

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