Pharma, Reputation and Crisis
The Harvard Club of New York
June 14, 2016
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How important is reputation to the Pharmaceutical industry?
From Warren Buffett to Shakespeare, business and societal leaders emphasize that good reputation is our most valuable asset. Certainly, when reputation is lost, it can cause tremendous loss of value - Volkswagen, BP and indeed the entire banking sector have felt the pain of such loss in recent times. But does this hold true for the pharmaceutical sector? Many firms in the sector have gone through scandals involving corruption, test data falsification, bribery and more without losing substantial traction in the markets – events which might have paralysed other industries.
Research from CARMA shows that, globally, critics of the industry are growing stronger, opposition to certain practices is growing harsher and the regulatory and political attitudes persistently challenging for the industry. This conference will examine how critical good reputation really is to the sector, what to do in the face of reputational loss and how to sustain strong reputational capital.
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