Biopharma’s Public Image: A Political Tightrope in 2024

Americans’ opinion on its medicines sector is dire. When it comes to the public’s positivity ratings about professions, you have farmers at the top and pharma at the bottom. Here are some ways to change that.

As the 2024 presidential election looms, the biopharmaceutical industry finds itself in a precarious position. On one hand, its contributions to global health are undeniable—think of the rapid development of COVID-19 vaccines that saved millions of lives. On the other, public perception of big pharma is at an all-time low, trailing even behind the much-maligned oil and gas industry. How did we get here, and more importantly, how do we change the narrative before it's too late?

It's a staggering indictment of an industry that should be celebrated for its innovations. The disconnect is glaring: while the sector develops life-saving treatments, the public sees only the soaring drug prices and relentless lobbying efforts.

At today’s BIO International Convention panel discussion convened by Genentech and hosted by Fritz Bittenbender , industry leaders and former politicians grappled with this paradox. If left unaddressed, some warn that it could lead to policies that stifle innovation and hinder patient access to vital treatments.

Neil Newhouse, a veteran pollster, doesn't mince words. "The COVID bump the industry had is gone. It's disappeared," he stated. This sentiment was echoed throughout the session.

Kathleen Rice , a former Democratic congresswoman, captured the frustration perfectly: "We saved millions of lives during COVID and got very little recognition. We are at a tipping point as an industry." Indeed, the industry's hopes of post-pandemic acclaim have been dashed.

So, what's the remedy? Personal stories says Greg Walden , a former Republican congressman, suggests a pivot in strategy. "You need to show people your success stories on a local level, on a personal level." Imagine a campaign where the faces of those saved by cutting-edge treatments are front and centre. These aren't abstract numbers—they are your neighbours, your friends, your family members.

Yet, this isn't just about heartwarming yarns. The pharmaceutical industry is the second-largest spender in advertising in the USA, just behind retail. Walden's challenge is straightforward: "Slice off 10% of your ad budget and tell the story." It's a stark contrast to the current strategy and one that could resonate deeply with voters.

The timing couldn't be more critical. The political landscape has shifted dramatically, with both major parties undergoing significant transformations. The Republican Party, traditionally an ally of big business, has adopted a more populist stance. Meanwhile, the Democrats are navigating their own internal divisions. Newhouse paints a sobering picture: "This is not your parents' Republican party... It's a different Republican party, more populist and less supportive of big corporations."

Kathleen Rice adds another layer of urgency. "Throw your knowledge at them," she urges, advocating for a deeper, more consistent engagement with policymakers. It's not enough to rely on financial contributions; the industry must invest in educating lawmakers about the complexities and challenges of drug development.

?Public dissatisfaction is palpable. Newhouse's data reveals a profound anti-corporate sentiment, with 72% of Americans expressing dissatisfaction with the influence of major corporations. The biopharma sector, just four years ago was a beacon of innovation hopes, is now lumped in with industries perceived as greedy and out of touch.

Yet, there are some positive possibilites. Despite the negative perceptions, Americans still value pharmaceutical innovation. They understand the importance of a strong, innovative pharmaceutical industry for future treatments. This dichotomy—admiration for innovation but disdain for corporate behaviour—is the tightrope the industry must navigate.

The coming election will be a critical juncture. The industry must pivot now, reshaping its public image through powerful storytelling and relentless engagement. The stakes couldn't be higher. As the political and public scrutiny intensifies, the biopharma industry must prove that it is a vital, life-saving force worthy of the public's trust and support. The clock is ticking.