Pharma’s reputation has taken a hit in recent years, with issues like drug pricing and the opioid epidemic tarnishing the industry’s image. Biotech companies, on the other hand, have generally had a more favorable perception due to their focus on innovation and breakthroughs in healthcare. However, as the industry approaches its 50th anniversary, the shine on biotechs is starting to fade.
To combat this negativity, Waterhouse Brands founder Kim Kraemer suggests that biotechs embrace the concept of “reputational pull” to attract investors, employees, and partners. This proactive approach involves making reputation a key part of the company’s strategy to build trust and credibility in the market.
One of the biggest challenges facing biotech companies is their ability to deliver on promises and meet investor expectations. With the industry facing uncertainty in terms of funding and policy, companies need to clearly define their direction and address any reputational issues head-on. This includes tackling issues like timely delivery of treatments and quality standards in manufacturing.
In the face of setbacks, companies like Exelixis have shown that it is possible to rebuild reputation and regain investor confidence. By refocusing on areas of strength, establishing a resilient culture, and demonstrating a clear strategy for success, biotechs can overcome challenges and thrive in the long run.
Ultimately, reputation is not just about what a company says, but what it does. By taking a proactive approach to managing their image and delivering on promises, biotech companies can turn the tide on negative perceptions and build a strong foundation for future success.
