SUMMARY: Via the Financial Times, “pharmaceutical companies have never had it so good. The rapid rollout of Covid-19 vaccines has made household names of Pfizer and AstraZeneca, and the whole industry is winning praise for co-operation”. However, the bump in reputation will be short-lived because companies need to earn the public’s trust every day, and pharma is already damaging their perception with people.
SUMMARY: Big pharma is a big business, and nothing motivates big companies more than the potential to earn a lot of money on new products. Pfizer, alone, is estimated to earn about $15 billion for their vaccine, and they had absolutely nothing to do with Operation Warp Speed.
SUMMARY: Trust is earned every day. Today, because of the Internet, a lot of attention is placed on day-to-day activities. Pharma has to undress, and that trust is an ongoing process, and leaders cannot rest on the work they have completed, like developing vaccines. More support and improvement of processes are needed.
SUMMARY: Pharma’s reputation got a bump the latest Harris Poll survey shows but behind the numbers is more of a reality. Overall, about 16% of Americans had a negative or more negative view of pharma in mid-May, which was again on par with April sentiment. The only reason given by a majority (53%) was the criticism that pharma is not making drug treatments more affordable during this time of crisis. That was followed by putting company interests before people during the crisis (45%) and not doing enough to protect vulnerable populations (43%). Forty percent attributed their negative feelings to the industry’s “poor” response to the crisis.
SUMMARY: This month, McKinsey agreed to pay nearly $600m to settle claims that its advice had exacerbated the deadly US opioid crisis, yet pharma views McKinsey as business gurus. This has to stop, and NOW!
SUMMARY: AI in the pharma industry has the ability to transform certain capabilities. DTC marketers can tap into AI to help deliver relevant messages to certain audiences, but they shouldn’t let AI do all their thinking.
SUMMARY: Digital ad spend in pharmaceutical brands is up 111% so far in 2020 and 80% of that money is being thrown away by fraud and the popularity of programmatic advertising.
WHAT’S THIS ABOUT THEN: Researchers are rushing to launch clinical trials of experimental vaccines against the coronavirus, and treatments for COVID-19. But as hospitals brace for an onslaught of critically ill patients and laboratories worldwide are disrupted, researchers have had to shelve clinical trials of therapies for other illnesses.