Richard Meyer Business of the drug industry, OptEd

Earning trust and building trust need to occur at the same time

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.

The employees at J&J are saying, on LinkedIn, how proud they are that their company developed a COVID vaccine. Indeed the world needs all the help it can get when it comes to checking COVID but all it takes is a few missteps by ANY para company to throw that goodwill out the window.

Building trust is seen as change management, and many people question a leader’s ability when it comes to implementing new changes. Also, leaders need to recognize their employee talent and continue to find ways to grow and nurture their employees. It starts with having the right people. Trust is a two-way street, and communication is the key.

Trust is earned, not freely given. That’s why every company needs to work hard to earn trust from their customers everyday. 

The irony is, of course, that the drugs that pharma produces allow people to lead better lives. People aren’t motivated enough to diet and exercise when a pill can solve most problems. The fact that 40% of Type 2 diabetes cases are caused by obesity is alarming and costs us.

Pharma has done a great job developing drugs to treat chronic conditions, but the reality is they spend little on educating patients on prevention and how to reverse some health issues because there is no ROI.

Johnson & Johnson last fall suffered a major legal defeat in its defense of antipsychotic Risperdal, but that loss was short-lived. After a jury ordered J&J to pay a plaintiff a staggering $8 billion, the trial judge has dramatically cut the verdict.  Reading the case study is scary because it shows just how bad a pharma company can act.

If I were an employee of J&J, I would be happy that we launched a COVID vaccine, but I would also understand that we have a lot of work to do every day to earn back the trust of the public we let down.