So why do pharma brands struggle? Pharma is inherently purposeful, but it’s apologetic about creating drugs for profit. This is strange as it’s really no different from selling tea bags or fizzy drinks – they’re all businesses that exist to make money. The only real difference is that pharma products improve and save lives. 

Historically, the pharma industry has been very driven by price, so profit over purpose. This has made it harder for pharma companies to shout about ‘doing good’ as they’ve feared being called out. This fear does not just affect pharma. Companies in all categories make mistakes, but not all know how to own them and move past them.

Most pharma relationships are between brands and doctors. It’s then down to the doctors to act as the intermediaries between brands and patients. Compared with other categories, this creates another layer of communications, as pharma brands need to talk to both doctors and consumers. This additional layer of complexity has made it harder for pharma companies that have a people-focused purpose. 

Patients are at the heart of most pharma companies’ purpose statements, and the industry is clear that it needs to put them first in everything. But pharma congresses and clinical seem to be more brand-led than people-led. Pharma brands must start having direct relationships with consumers, allowing them to be real partners in what they do. This will bring pharma brands in line with today’s expectations and provide real differentiation from the competition.

There are a lot of opportunities for pharma brands looking to use their scale and influence to make a positive impact on the world, while also growing the bottom line. As we outlined in our recent Health Report, moving from a focus on treating patients when they’re sick to looking after the whole person – with activities focused on health and wellness – is the best way to set up pharma and all other health brands. We call this ‘the new era of healthcare’. 

In this new era, we need to go ‘beyond the pill’ and think more broadly about how to advance health equity, improve provider experiences, diversify clinical trials, close education gaps, improve population health, and enhance patient experiences. 

Environmental, social, and governance (ESG) reporting is an increasingly critical tool within the pharma industry that links directly with corporate purpose. There is a growing trend towards greater transparency and accountability, driven by regulatory pressures, investor demands, and societal expectations. This presents an opportunity to identify and communicate key focus areas and overcome false barriers to driving value on those impact investments.

Revolt’s upcoming report – ‘The Cost of Silence’ – shows that pharma has one of the strongest correlations between reputational performance and the degree to which companies are perceived as sustainable, showing that those companies that take action today will benefit tomorrow.

Doing purpose properly in pharma might be a different ball game, but for those able to give purpose real meaning, the opportunity to make a positive impact and translate that into growth is enormous.