Reputational management: does pharmacy need it?

In order to shape or controlling the public’s perception of a pharmacy or business by influencing the online information about the organization Reputational Management works on huge level.

Reputation Management refers to Online Reputation Management. Formerly Reputation management is known as PR or public relations. If we talk about Pharmacy as a profession this is highly related to reputation management. When we think about it in the context of the Pharmacy profession as a business in general, we need to make a good reputation because the image of this profession is being tarnished almost daily, we need only look back at some news stories that were recently covered on the national level.

 For many years, the pharmaceutical industry was highly appreciated for its role as a leader in the advancement and improvement of human health. We can check that the continuous introduction of new and improved drugs has also driven substantial revenue growth in the industry every leap and bound. But there have been a number of recent products come into the market that is unable to well-established quality assurance processes and regulatory requirements according to the consumers.

Many incidents have led many consumers to believe that pharmaceutical manufacturers have lost sight of their original vision. Consumers assume that instead of focusing on bettering the human condition, Pharma Industry is interested in bettering their profits and business.

 

To compensate this damage Pharma Industry has been pervasive. The health industry has resulted in costly settlements on pricing and promotional practices as well. It seems difficult in obtaining clinical trial subjects, high-profile drug withdrawals, and an inability to produce and sell products due to manufacturing halts.

Reputational Management for the health sector is the need of the hour.  Moreover, compliance problems have led to additional industry regulations, raising the total cost of compliance as well as the financial and reputational risks should non-compliance occur. Since long time pharmaceutical companies have paid a good amount in settlements and fines.

 

Drugs related developments have exacted a toll on the pharmaceutical industry’s reputation and it also fuels political rhetoric. It is considered that if the industry does not respond effectively to the issues and forces that have already lowered the public’s sense of trust. In the absence of trust, the public may demand an alternative business model for the pharmaceutical industry, one which may impose unacceptable controls and operating restrictions.

Pharmacy needs an integrated approach to reputational management based on customers' logical views.  Aggressive investigations and expanding regulations alone have arguably already stifled innovation.  As a proactive measure of image building Pharma industries attempt to address concerns around trust through governance policies.

 

The industry’s past attempts to address concerns around trust through governance policies has occurred as a reaction to developments rather than a proactive assessment of risk and moreover, new layers of added compliance load have led to bottlenecks and inefficiencies in operations.

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