Corporate citizenship & CSR in biopharma
Ramya Kartikeyan and Nicole Diamant
If you still think Corporate Citizenship (CC) is only another tool in your public relations arsenal, it is time to reconsider. Best Pharma Brands found that Corporate Citizenship plays a bigger role than previously believed, and has evolved from just a tactic to manage corporate reputation to a strategic tool that can drive a healthcare professional’s (HCP) choice of a biopharmaceutical company and position that company for leadership, now and into the future.
Defining corporate citizenship
At InterbrandHealth, we define CC as how well a company treats its operational ecosystem; this includes: employees, customers, regulating bodies, the communities it serves, and ultimately, the larger environment it shares with the whole planet. Across industries, companies that prioritize CC are seen as inspiring leaders, and their activities bolster perceived value to customers.
InterbrandHealth believes that CC should be an extension of a corporation’s business and brand strategies. As such, there is no one-size-fits-all approach. The activities a company undertakes in pursuit of CC can and should be an extension of its individual mission and values.
Bigger than charity
For years, audiences have expressed more favorable impressions of corporate brands that engage in CC activities than those which ignore them. While that preference has been measurable for consumer brands, what is less clear is the degree to which CC influences HCP decision-making. Data from Best Pharma Brands shed light on this association and its implications for the industry.
The study demonstrates a strong correlation between a company’s overall ability to deliver on its corporate brand promise and an HCP’s likelihood to recommend the company to a peer or colleague. In turn, a strong relationship between CC efforts and their alignment with an organization’s brand promise positively influences company preference among HCPs and affects perceptions of the company’s authenticity, enhancing its position as a leader in its category.
For a complete copy of this article, please download the Best Pharma Brands report.