Pharma’s Confidence Crisis A Call for a New Marketing Paradigm?
It is said by many that pharma is an industry in crisis. It faces weakening pipelines, spiraling costs and political adversity. It is plagued by pricing pressures on every front, increasingly competitive markets, patent challenges and public distrust. It could be argued that the root cause of its many other challenges lies in public distrust. The public’s negative perception of the industry has taken years to form and is deeply seated. And while public distrust runs high for most big business, a recent Wall Street Journal survey revealed pharma ranks among the least trusted industries.
This article examines the crisis and discusses strategies for overcoming it with case examples. The article discusses strategies for overcoming distrust of pharmaceutical marketing communications and emphasizes the key role of education in repositioning pharma’s image.
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Issue: Vol. 2, No. 10: December 2003
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