Post on 10-Jan-2016
description
Real-Time News & Business Readiness
An Example of Why It Makes All The Difference
May 14, 2002
All Information Is Not Equal
INFORMATIONINFORMATIONYOU CAN USE
It’s All In The Timing
$2 $2 million
Pharma: Not Just Supply & Demand
• Pharmaceutical market is vastly more complex than other, supply-and-demand industries
• Intense pressures greet drugs going to market– Government agency approvals, monitoring– Legal system– Clinical trials– Profound R&D costs, restraints– Domestic and international regulation– Payer/Provider issues
The Result
• General business environment is challenging at best– Anything at any time can thwart or spur a drug’s journey
to or place in the market– Real-time information doesn’t just arm navigation of
departments or careers, but the entire business
Goal: An Optimal Posture of Business Readiness
For Example
• PAL: Organized Consumers Fighting Back– Prescription Access Litigation Project, founded Jan. 2001– Coalition of 70 consumer advocacy groups in 34 states– Targeted drug companies with expiring patents (vast minority in
market)– PAL’s goal: open up generic market, decrease cost of drugs– Tool of choice: class action litigation
• Between 3/01 and 12/01, PAL launched initiatives against six major drug therapies
Did It Matter In the Market?
• From April to December, 250 articles and broadcast news stories on lawsuit– New York Times and The Wall Street Journal;
National Public Radio; a profile on CBS Evening News Eye on America series; and consistent coverage by local news outlets across the US
– Total impressions: over 150 million– All with consumer bent
• Government takes notice (State AGs, US Senate)
Absolutely
Industry Response
• Access to real-time news enabled industry to know and then respond appropriately to news
• And companies responded with strong messaging:– It’s not true.– Drugs are expensive to make. Understand that R&D is a
big investment and not all drugs are successful.– We’re the good guys.
• Coordinated PR and advertising campaign
Conclusion
• “Readiness” is critical for business– A culture that expects the unexpected– Understands information is key; smooth information flow within
corporations tantamount• Information now, information past
– Communication—internal & external—that is based on real perceptions and real facts does have the potential to impact the bottom line
• Messaging is real and passes muster– Every department vested in the message and the context
Thank You