The Pharmaceutical Industry Reputation Management
The pharmaceutical industry contributes with an important role in developing and improving people lives by making healthy living requirements easy and available. The global market for pharmaceuticals is expected to grow at an annual rate of 4.9% to $1.3 trillion by 2020, Japan and America have the largest pharmaceutical market and are expected to grow at 3% in japan while the U.S has an expected growth rate of 5.6%.
Pharmaceutical companies are exposed to a lot of risks and are making fateful decisions and may affect the progress of the company due to technological advances, this makes the phamarcuitacl industry face a lot of challenges in decision-making and production. Therefore, a lot of things in this market seem incomprehensible and unclear, and can rattle shareholder confidence, hamper employee recruitment and cause a company to lose credibility. Bad reputation may affect pharmaceutical companies significantly.
People care about intangible resources (reputation) as much as they care about products, we can rely a hypothesis, there is a strong link between reputation and the end result of the company, that is why reputation matters and the companies are assured that their products values are not affected by the industry’s bad image. Recently the pharmaceutical industry has a bad image. And it has often also been criticized in internationally well-known medical journals and in many companies.
It is quite important to know how differently health practitioners can think when it comes to build pharmaceutical companies’ reputations by their own, as for example, general practitioners in the UK think that what might be the first attribute to give a score to a pharmaceutical company is how effective are the drugs produced by this company comparing to other competitors. While the pharmacists agree about this first attribute, they consider the cost and effect relationship as a the second consideration, where general practitioners put it as the fourth concept just before the attribute of how much effort will the pharmaceutical company put to train the staff. A major indication of corporate identity is the level of research and development activities.
Corruption inside a pharmaceutical company is a main character of its reputation, and it will lead to major changes in its marketing plans and practices. In 2014, a head of one of the main branches of a massive pharmaceutical company was charged with bribery, other four branches were facing allegations of corruption and bribery. The company changed its policy towards paying doctors for medical conferences and speaking correlations.
Drug companies’ responsibilities of being transparent and respective of ethics are not confined only to their customers, but also it should be guaranteed to their stakeholders. Based on 2004 sales, websites of biggest pharmaceutical companies in the U.S. announced keen commitments to ethical marketing. Some of the companies clarified that they emphasize their commitments to the public health over profits.
In a conference hosted by the Business Development Institute, a vice president of a huge pharmaceutical company posed a question wondering why they have such a bad reputation. People are generally willing to be suspicious when it comes to health large corporations’ activities, even if they accept the fact that the companies have the right to make profits. For example, reports like those who claim that specific pharmaceutical companies are responsible of implementing experiments on children in Africa or Asia, or even hiding information about unwanted side-effects, those reports will increase suspicions that pharmaceutical industry only cares about making profits at the expense of people lives.
The drug generates a lot of data. The industry has the task of providing information about medicines to produce, process and convey. This Task dedicates more time and resources to the industry than the production of the drugs themselves, not all data will be forwarded. After the economic interests of the companies will be the data filtered, made public become. It is criticized by the responsible party. The cooperation between industry and university institutions often associated with disputes about what's published may be allowed and that negative results are controlled even more than negative positive results often indicate the end of the invested project, the loss of calls, etc.
Of course, they should not be mistreated, so that negative results continue to decline despite their confirmation. The predominance of positive publications may be attributed to the fact that magazines receive advertising contracts from pharmaceutical companies, where the public interest is at stake here, so it is more appropriate to impose greater control over it.
Major economic interests are the main driver of pharmaceutical company management. Their interests vary in many ways respect those public health care. Public health authorities has developed sophisticated stress strategies to some extent under the control of the authorities of any excesses by pharmaceutical companies. Often their relationship with each other has not been good over time. The introduction of mutual recognition of licenses has placed strong pressure on national authorities to facilitate procedures. Many pharmaceutical companies do a lot of abuse because of this 'revolving door', such practices can only be effectively prevented if government agencies monitor it - they are also responsible for ensuring that such abuses do not occur.
There are also concerns about increasing pressure from the industry, leading to the design of studies to enhance the expected result, And the growing emergence of contractual research organizations, which organize and control trials commercially where There is an increasing trend of cutting up studies. To distribute data collection to many centers. It is also noticeable that the research sponsored by the centers has different results from publicly funded research, the bias in the results in the study types speaks of different criteria or of manipulation.
High price of the new technology product is often much more expensive than the 'old' production classical and chemical Synthetic materials. Genetically Produced antibodies or fusion proteins can they are not produced at the same price as the old Synthetics. These new products should get their price through better compatibility and increased effect justify what has to be proven in ever more complex safety tests and comparative studies. Another reason for the price hikes is that authorities these days are demanding more sophisticated and rigorous clinical safety testing and a pre-clinical / clinical efficacy test for regulatory approval, that make the companies focuses more and more on products, high annual profit.
Only when reading media reports or in Talk to your doctor or other patients realizes that it depends on health institute. But there are no feelings of gratitude, because it in his eyes health institute uses his misery and Fears off. The drugs he takes bring Capital market returns more than anything else Industrial products. So there are a lot of people who are to enrich his misfortune. Of course he thinks Also, such drugs would make him more unlucky. More than 90% of animals used by the company are mice and rats, and these are used in the initial stages of drug discovery.
A relatively small number of larger animals, such as rabbits, pigs, dogs and non-human primates, are used in the later stages of each project. One approach is through legislative and policy initiatives that prohibit the testing of cosmetics on animals. The Humane Cosmetics Act if enacted, would end cosmetics testing on animals in the U.S. by prohibiting the use of animals to test cosmetics and banning the import of animal-tested cosmetics.
Increase the depth of understanding of the pharmaceutical industry when they have low familiarly it is mean they have lake of understanding and lake of transparency of the pharmaceutical industry, which will affect the communication between the stakeholders in the pharmaceutical industry and create maximum effort in analytic and researches in addition it is will led to decrease the communication and reach for pharmaceutical companies. Stakeholders are informed and educated about the differences in the pharmaceutical industry and on the difficulties and nuances in the promotion of advanced medical products, and to restore confidence in the company's choices and operations in relation to drugs and their development. The establishment of links so that information can be provided to the parties concerned, for accurate reporting of clinical medical findings.
Improve the effectiveness and safety of drug use by ensuring that sales and shopping activities focus on improving patient treatment by working with government licensing and distribution agencies to enhance safety controls pharmaceutical supply chain and Ensure that company culture and incentives promote compliance with sales and marketing policies and controls. From a very logic perspective that, to doctors, the main source of trust is other doctors; pharmaceutical companies relied on this in their marketing of products. A pharmaceutical company executive once said that only limited number of people are allowed to prescribe drugs, and if you can reach those physicians then you will own the market.
Reputation can take place throughout the health sector. Effective policy responses depend on what it is and where it is taking place, whether it is at the local, regional or national levels. Poor reputation negatively impacts health services and outcomes include pharmaceutical industries. Unethical practice in pharmaceutical marketing, that lead to prompting many doctors associations, pharmaceutical industrial, and individual corporations to engage with the issue. pharmaceutical industry prefers to spend on unethical marketing practices, And that is lead All such marketing practices have inured to the detriment of patients Therefore, all healthcare practitioners must understand and avoid engaging in practices, which incur unnecessary costs and represent unethical practices for healthcare professionals.
The increasing price and cost pressure of drug , for many reason some of them related to pharmaceutical company such as patent expirations on blockbuster drugs leading to come up generic company to make the drug in lower price than original drug that is why the original drug increase the price in the beginning before patent expire to increase the profit but this lead to increase the price on patient as well and that is lead to start complain about aggressive strategic price and the patient will be a victim in this situation , public policy and changes in how consumers access medicine are leading to destruction of profit margins so all lead to poor reputation.
A lack of transparency in all corporate activities lead to many question and doubts about the credibility of the pharmaceutical industry in general that is will lead to poor reputation. Lack of affordable medicines, a perception that the industry is preoccupied with drugs that offer only short-term health benefits, the patient start feeling of exploitation the lack of progress in the field of discovery and research, and focused on profit over the advancement of medical science. Lack of transparency in reporting results from negative clinical trials, this led to a lack of credibility between the consumer and the manufacturer, and this mean restricting academic freedom to disclose data in public, rustle uncertainties are raising about the data reported and there is increase concern about information that supported the efficacy of the prescription drugs.
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