Reputation in the pharmaceutical industry, new challenges and opportunities

Reputation has become a key element for the success of the pharmaceutical industry. As highlighted in the “RepTraks 2024 Pharma Report”, public perception is not just an indicator of image but a true strategic asset capable of influencing business outcomes and relationships with patients, regulators, and communities.

Analyzing the RepTrak’s 2024 Pharma Report, we aimed to highlight the opportunities and challenges the sector faces in further strengthening its social role and building trust with stakeholders.

A gradual recovery of reputation

After being praised for its swift response to the COVID-19 pandemic, the pharmaceutical industry experienced a decline in global trust, with its reputation dropping to average levels in 2023 (69.4 points). However, 2024 marks a positive change: the global score has reached 70.2 points, entering the “strong” range. While this recovery is encouraging, it is not uniform: the data reveals significant disparities in markets like France and the United States, where recovery is slower due to fragile trust and issues related to high drug costs.

Reputation drivers

The report identifies seven key drivers influencing the industry’s reputation: Leadership, Products and Services, Performance, Innovation, Conduct, Workplace Environment, and Citizenship. All these elements showed improvements in 2024, but certain areas require particular attention:

• Innovation: With a score of 72.3, innovation registered the most modest increase (+0.5). Stakeholder expectations, heightened by the extraordinary speed in developing COVID-19 vaccines, place significant pressure on the industry. Companies must demonstrate the ability to replicate this agility in other therapeutic areas, investing in advanced technologies and strategic collaborations.
• Conduct and Transparency: Despite a 1.4-point improvement, conduct remains the weakest driver (70.0). Stakeholders continue to demand greater ethics and transparency in operations, essential elements for consolidating credibility.
• Citizenship: The growing interest in the social contribution of pharmaceutical companies is reflected in the score of 70.8 (+1.6). The industry is called to play an active role in promoting global health by embracing sustainability initiatives and holistic well-being.

Stakeholders and business actions

Reputation directly impacts stakeholder behavior. In 2024, the global score for key actions such as “Recommending Products” (70.6) and “Trust in Doing the Right Thing” (68.5) shows signs of recovery. However, the U.S. market remains a challenge, with a significantly lower trust score (64.7). To regain consumer trust, companies must communicate their values and commitments clearly, going beyond clinical results.

Strategies for the future

The report suggests three key actions to strengthen long-term reputation:

1. Authenticity: Companies must demonstrate consistency between statements and actions, emphasizing their integrity.
2. Empowering Influencers: Engaging healthcare professionals and opinion leaders can amplify corporate messaging and reinforce positive perception.
3. Investments in Ethical Innovation: The use of advanced technologies must be accompanied by a responsible approach to balance scientific progress with respect for ethical principles.

The reputation of the pharmaceutical industry is not static but dynamic and closely tied to its ability to adapt to change. As shown by the “RepTraks 2024 Pharma Report”, investing in transparency, innovation, and social responsibility is crucial to ensuring long-term resilience. Only by addressing these challenges with a focused strategy can companies solidify their role as leaders in global health.