Big Pharma’s COVID-19 reputation boost may not last — here’s why
The race for developing effective COVID-19 vaccines has put the pharmaceutical industry in the spotlight.
Over the past few months, the world has witnessed rapid clinical trials and approvals of several highly effective vaccines like Pfizer, Moderna and AstraZeneca. This unprecedented achievement has been made possible by close intra-industry, state industry and international collaborations.
Big Pharma’s proactive approach to vaccine development has also brought an unexpected consequence: its reputation has been notably enhanced since early 2020. A survey conducted in February 2021 found that almost two-thirds of Americans now give the pharmaceutical industry high marks.
But reputation risks loom even as pharma companies are being celebrated as pandemic heroes.
The controversy over the AstraZeneca vaccine’s potential serious side-effects is a prime example. The English company has experienced a public backlash due to a lack of a crisis response plan and conflicting messages delivered by different stakeholders.