Bayer.
Then Abbott, Roche, and Lilly.
And then the rest.
Reputation Institute, a research and advisory firm that focuses on tackling and analyzing the reputation of companies worldwide, released its annual ranking of the most reputable pharmaceutical companies in the world.
According to the report (and a basic understanding of human nature!), a company’s reputation has an effect on:
- Customers buying your products
- Policymakers and regulators giving you a license to operate
- The financial community investing in you
- The media reporting on your point of view
- Employees delivering on your strategy
The firm suggests that a company’s reputation revolves around their ability to deliver on seven dimensions, which a company can foster through communication and engagement with stakeholders.
- Products / Services
- Innovation
- Workplace
- Governance
- Citizenship
- Leadership
- Financial Performance
Reputation Institute’s report is not something life sciences companies should take lightly. Compared to brands in other industries, pharmaceutical companies aren’t even on the same spectrum. They need to do a better job of improving (and managing) their reputations. But how?
Through digital transformation. Companies need to change the way they’re doing business through the use of newer technologies. They need to change the way they communicate and engage with consumers. They need to be there when customers want them to be there, and even when they’re not called upon.
That’s the way companies can succeed in our fast-paced world, in which consumers expect a quick, hassle-free, and friendly experience. Digital transformation can help with all of this, resulting in not only an improved reputation, but greater overall success.
