Here’s Ian Read of Pfizer, on that company’s reputation (and that of pharma in general):
True enough. Has Pfizer lost a gallon or two? He doesn’t really say. His piece also does not say if there are any specific actions that Pfizer (or other companies) have taken that might have caused some of this respect leakage. Nor does it go into any detail about what steps might be taken to get any of it back, other than boardroom-speak like “connect better with our stakeholders”. But it’s a start, I suppose.
. . .many people — including not only regulators but also legislators and their constituents — have a say in how we can conduct our business. At the same time, many have a great and sometimes emotionally charged interest in what our business produces, what we charge for our products and how we sell them, among other topics. And all of this together shines a brighter light on our business than most others, which makes our reputation all the more important to us. In fact, everything from government reimbursement for our medicines to protection of our intellectual property to our ability to continue innovating in our labs depends on our reputation. Indeed, our virtual license to operate depends on this. It depends on earning the respect of our regulators, legislators, healthcare professionals, patients, R&D partners and of our employees, current and future.
This is why we made “earning greater respect from society” one of our four business imperatives not long after I was named CEO of Pfizer in late 2010.
Without this respect and the consideration that comes with it we could not sustain our business, with its innumerable collaborative dependencies and its central place in an area of life so important to us all, our health. Making reputation and respect all the more important to us is knowing that we gain it in drops, but lose it in gallons.