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Biopharmaceutical sector viewed positively by stakeholders
A study carried out by APCO Worldwide’s research consultancy, APCO Insight, has found that the biopharmaceutical industry is continuing to maintain a positive reputation among key stakeholders.
The State of the U.S. Biopharmaceutical Industry report – the fourth of its kind – also identified opportunities to further improve stakeholders’ perceptions of the industry.
“The biopharmaceutical industry in the United States continues to have a positive reputation among key stakeholders and there are opportunities for the industry to build upon their role as leaders on critical health care issues by going beyond stakeholders’ expectations,” Chrystine Zacherau, director for APCO Insight, said in a statement.
Stakeholders, she added, had expressed a particular desire to see the biopharmaceutical industry play a “larger role” in working to address long-term public health issues and exceed expectations in the areas of sustainable innovation and disease awareness.
The extensive study, which was carried out during November 2013 – January 2014, gathered the opinions of healthcare thought leaders, healthcare providers, policy makers and payers.
Generated data was then scored against 28 key factors which, as defined by APCO’s proprietary Return on Reputation Indicator model, drive the industry’s reputation.
The ROR Indicator model quantitatively demonstrates how a change in reputation can impact a number of business outcomes such as consumer behavior, prescribing behaviour, community activism, government policy, the litigation environment and financial return.
Key findings
Among the key findings, the State of the U.S. Biopharmaceutical Industry report concludes that a one-point increase in its reputation index translates into a number of business outcomes.
These include:
- A 0.13% increase in market capitalisation which translates to approximately more than $150 million for the average biopharmaceutical firm
- A 1.1% surge in sales for the typical biopharmaceutical company
- An increase of more than 550,000 patients who are likely to ask their doctor about a company’s medicine
- An increase of more than 975,000 people who are likely to support and defend the industry in the event of a crisis
- A 0.5% in the number of policy leaders who support the most important policy issues facing the industry
Stakeholders also ring-fenced chronic disease management, research transparency and advocacy as a number of key areas they would like to see the industry demonstrate leadership in order to address public health concerns.
“A pivotal time”
Stig Albinus, global leader of APCO’s healthcare practice, described how the biopharmaceutical and wider industries in the United States were going through a “pivotal” time.
Mr Albinus said: “The biopharmaceutical industry has stepped up to meet stakeholders’ expectations over the past two years by being responsive to their concerns and working responsibly to improve health care.
“With the ROR Indicator, we can show senior communication and business leaders in the industry how they can continue to meet and exceed these expectations.”
Mr Albinus said the data could be used to inform communications strategies designed to “better” convey information about products and solutions. This, he explained, would help address some of society’s “long-term public health problems”.
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