The pharmaceutical industry has been one of the most-hated sectors globally for a long time now, a fact which is hardly surprising given its legacy of predatory business practices, artificially inflated prices and the profit-fuelled opioid crisis. But in a global pandemic, Big Pharma has ultimately become key to preserving our future. With politicians world-over promising prompt vaccine rollout and approval, could this be a key opportunity for the sector to salvage its reputation? Chloe Kent reports.
It’s not hard to hate Big Pharma. The industry has been hampered with reputational issues for years and the absurdly high prices of cheap-to-manufacture drugs, sky-high executive salaries and apparent tendency to put profit before the greater good have done little to help the problem.
In Gallup’s 2019 industry favourability poll, pharma ranked below all other public and private sectors in the US, with a positive perception of only 27%. This marked the lowest favourability it had had since Gallup began polling in 2001, a state of affairs which was hardly surprising given the year it had had.