Views

Pharma: change or be changed

I’m Jane Parker, the CEO of InterbrandHealth, and I’m excited to share our inaugural Best Pharma Brands report with you.

What is Best Pharma Brands?

Best Pharma Brands is a Top 10 ranking of global biopharmaceutical brands, designed to measure the contribution of the corporate brand to business results. It’s a data-driven, science-driven report for a data-driven, science-driven industry, powered by the opinions of 1,900 healthcare professionals from around the world.

Best Pharma Brands is the first report of its kind for the industry, and, in addition to providing an important benchmark, it reveals valuable data that can help change the market conversation and shed new light on the value that the industry offers. It also considers the attitudes and behaviors of healthcare professionals, the gatekeepers of health and wellness, to provide insights into the industry as a whole.

More than a ranking, Best Pharma Brands offers actionable insights from InterbrandHealth’s proprietary Brand Strength model. Brand Strength can help a company to diagnose its strengths and weaknesses relative to brand performance and steer an enterprise towards using its brand as an asset to drive tangible business growth.

 

Why biopharma should pay attention

This is a difficult world for biopharma. To be blunt, the industry is misunderstood, and nobody wants to be misunderstood. But, more importantly, the true value of biopharma is being lost, and, for an industry that has such significant contributions to make, that’s unacceptable.

Leading companies are clearly starting to appreciate the value of their corporate brand as a powerful business asset. It’s early days, but we’re seeing strong evidence that the corporate brand is being used to make a tangible difference in loyalty, choice, and, most importantly of all, in helping people see the value that the company is bringing to the world.

Leading companies are recognizing how to leverage their brands in mergers and acquisitions (M&A) by judging potential acquisition targets, focusing their businesses through divestitures, and attracting potential partners through the lens of their underlying brand strategy.

Leading companies are recognizing that Corporate Citizenship (approach to CSR) initiatives not only deliver on biopharma’s ultimate promise as an industry, but also create a greater connection and understanding with key stakeholder groups.

The challenge of authenticity, in truly living the brand rather than talking about it, is a call to action for our industry. If your company doesn’t know what it stands for, then how could it possibly hope to communicate its value to the marketplace?

Companies that seize the opportunity of leveraging their brands as true assets for their businesses, that get clear abouttheir focus, and express their value, are gaining leadership status.

 

A call to action

Best Pharma Brands reveals an opportunity for biopharma, but the time to act is now. The corporate brand in biopharma is currently an undervalued asset with huge potential to ignite change—not only for individual companies, but for the industry as a whole, something the leaders on the Best Pharma Brands ranking are beginning to discover.

Contributors

Chief Executive Officer, InterbrandHealth