How Pharma Can Grow its Business by Fixing Reputation

How Pharma Can Grow its Business by Fixing Reputation

The pharmaceutical industry, known to develop lifesaving drugs, has suffered a big hit on its reputation in the United States and abroad, especially amid controversies over high prices of drugs. In terms of reputation, it has trailed badly. So, what’s resulting from the so-so reputation of the pharma industry? It’s the negative reviews from patients on the following:

  • Lack of fair pricing
  • Absence of transparency in all corporate activities
  • Absence of a patient-centric strategy
  • Lack of acting with integrity
  • Inappropriate marketing of drugs

Other issues include the perception that only short-term health-benefit drugs are sold on the market, the absence of transparency related to test results, etc. To restore its broken image, the pharma industry needs to redouble their efforts and work on a strategic approach, such as:

Patients are the first priority

Since the pharma industry is serving consumers and their negative reviews on pharma services have deteriorated pharma’s reputation, pharma’s first task should be to improve their relationship with patients. For this, companies need to value consumers with a patient-centric strategy, i.e. establishing personal connections with patients, educating them on disease development and addressing their access needs. The focus should be on how they can improve a patient’s life.

Communication

There shouldn’t be any void of information for consumers to fill with perception. Thus, it is necessary to educate customers about advancements in the pharma industry and their positive impact on lives of people. This can be better-explained with before-and-after examples. Even short TV commercials on the betterment of health will help build trust. Though most people prefer consulting their physicians for treatment, informing patients is always a plus point.

Keeping website pages and social media accounts updated is another essential task to perform for two-way communication. Patients often visit pharma’s social media pages and websites to check for relevant and updated information. It’s pharma’s responsibility to let patients have access to more and pertinent information regarding the life-saving drugs.

Transparency in dealing

In addition to transparency, it is good to have adherence and wellness programs for fixing their lost reputation. This will act as an opportunity to expand the use of their products and thereby increasing their business.

Take the first step to protect your online reputation and request your Online Reputation Assessment.

Cost

High-cost drugs are another crucial point to consider that has disappointed people. There is a perception by patients that they are being charged way too much. Also, they have the right to know how much a doctor or physician is being paid. Like Pfizer, all companies should mention doctors’ payment for transparency.

Knowledge of drugs

There is a perception in the market that pharma industries provide drugs with short-term benefit. Educate consumers regarding the drugs prescribed to them. Even if they have been informed by their physician, it is good for pharma to explain the use of medicine, its intake timing, its side effects etc.

Illegal detailing of drugs

To restore the faith of patients and rebuild lost reputation, pharma companies need to stop selling drugs that they are not approved for. Such an act results in a multi-billion dollar fine and displays a profit-oriented mentality. Thus, companies should have strict policies and a compliance system to stop any unethical practices.

Fixing reputation and growing business can be done hand in hand, but it takes perseverance and hard work to change the perception of patients toward pharma. The above-mentioned methods are some options to deal with complaints raised by consumers and how to deal with them.

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