What we asked: “Looking ahead to the next 5–10 years, what will be the key disruptors and/or what can be improved upon in the pharma industry?”
Response from: Chelsea Pratt, BioPharma Segment Marketing Manager, Bio-Rad Laboratories
“The world depends on the pharmaceutical industry for the development of life-saving therapies and vaccines, yet trust in the sector is low. In 2023, a US Gallup poll revealed that the public’s perception of the pharmaceutical industry has declined over the last year, receiving the lowest positive rating ever recorded for the industry, at 18 percent. This is even lower than the oil and gas industry, a notoriously controversial sector, which 24 percent of the public viewed positively.
“A significant factor contributing to this negative perception is lack of education and accessible information surrounding vaccinations and other medical advancements. This was exacerbated during the COVID-19 pandemic, where misinformation spread throughout the general population, highlighting the lack of effective communication outlets for non-scientific audiences.
“As a result, mistrust of pharmaceutical companies has led to a decline in childhood vaccination rates in the US over the last few years, leaving many children at risk for preventable diseases. Vaccines are victims of their own success; with their effectiveness overshadowed by negligible side effects, which the so-called ‘anti-vax’ community amplifies. This public mistrust may also deter investment into medical advancements as investor confidence wanes.
“To improve the industry’s reputation, a shift in communication strategies is essential. Instead of only taking a sales-focused approach, pharmaceutical companies could also prioritize raising awareness about the drug development process and the scientific principles behind novel therapeutics. Integrating transparency into drug discovery workflows can provide the public with insights into the faces and rigorous science behind medications, helping, in turn, to re-instil trust in the industry. This approach will not only elevate company branding, but also have a broader impact on advancing medical innovations.
“In addition to providing better access to resources, increasing investment in STEM education and learning opportunities will help future generations understand the benefits of vaccinations and other novel therapeutics, fostering a positive perception and deeper understanding of the pharmaceutical industry. By prioritising transparency and accessibility through improved communication strategies, the industry can secure a better future for healthcare innovation and public acceptance.”
Read over 100 other views on the future of the pharma industry on our special web page.
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