Consumers and pharma companies far apart in views of drug industry, PwC finds

Significant differences between the public's view of pharmaceutical companies and the industry's self-perception have caused the pharmaceutical industry to lose the trust of its key stakeholders, according to a PricewaterhouseCoopers report released this month, titled "Recapturing the Vision: Restoring Trust in the Pharmaceutical Industry by Translating Expectations into Actions." The disconnect is contributing to the decline in the industry's reputation and causing the US industry's messages about its value to society to fail in the court of public opinion, says PwC.

In a US nationwide survey of consumers and pharmaceutical industry stakeholders, including physicians, health insurers, researchers and policymakers, PwC found that the public believes the industry has put profits before patients, abandoning its original vision of improving human health. As a result, the public disregards the benefits that pharmaceutical companies bring to health care. According to PwC, unless the drug industry takes decisive steps to understand and narrow the gap between its actions and public perception, its damaged reputation will continue to pose a threat to the long-term success of the sector.

Public questioning industry's motives