A recent survey conducted by WE Communications has highlighted that physicians consider more than just the therapeutic effects of medications when making prescribing decisions; they are also significantly influenced by the corporate reputation of the companies behind those drugs. The survey, which involved 540 physicians across six markets, builds on previous findings linking corporate reputation to prescribing practices, offering deeper insights into how doctors choose between medicines with similar safety, efficacy, and price.
Key findings from the survey indicate that 59% of physicians view disease-specific leadership as a critical factor in their decision-making when multiple drugs exhibit similar characteristics. Corporate reputation closely follows, with 58% of respondents stating that it plays a significant role in their prescribing choices. Furthermore, 81% of physicians acknowledged that corporate reputation has at least a moderate impact on their perception of a drug’s value.
The survey also revealed the broader benefits of a strong corporate reputation. About 62% of respondents believe it fosters trust within the medical community, while 34% agree that it enhances collaboration opportunities between physicians and pharmaceutical companies.
But what constitutes a good corporate reputation in the eyes of physicians? The survey found that reliability and credibility are paramount. Nearly two-thirds of physicians defined these traits as confidence in the quality and efficacy of products. In response, WE Communications advises drugmakers to prioritize evidence-based outcomes, stringent quality control, and transparency in clinical trials to bolster their reputations.
Trust emerged as the second most crucial element of corporate reputation. More than half of the physicians surveyed indicated that companies build trust through a long-term commitment to patient care and well-being. To enhance this trust, WE recommends that companies focus on storytelling that highlights ethical drug development practices, safety records, and patient support initiatives.
Additionally, the survey identified key actions biopharma companies can take to improve their reputations. Physicians ranked the following as the top three reputation-enhancing actions: advocating for better access to medicines, demonstrating positive contributions to society, and leading in research and development innovation.
