for Your Brand, Company, or the Industry as a Whole
Building trust equity in the pharmaceutical industry hinges on a commitment to transparency, reliability, and ethical practices. Engaging with healthcare professionals and patients through educational initiatives and open dialogue helps to demystify complex information and foster a sense of reliability between the two. Yet, there are also challenges companies face when trying to obtain trust from the public. PM360 asked a few specialists to share their intake on building trust equity with patients in the industry. We asked:
• How can transparency and communication play a role in enhancing trust equity for a healthcare sector brand?
• What are the common pitfalls or challenges companies face when trying to build trust equity, and how can they be overcome?
• In what ways can a company’s commitment to ethical practices and corporate social responsibility influence its trust equity, particularly in industries with high scrutiny like pharmaceuticals?
• How can you tell you’re hitting the mark when trying to build trust in your brand?
The opinions expressed by the authors in the Think Tank section are their own and do not necessarily reflect those of their affiliated companies or organizations.
Toby Katcher SVP, Video Investment, Dept Lead CMI Media Group tkatcher@cmimediagroup.com
Building trust equity is crucial, but it’s difficult and full of challenges that might compromise a brand’s credibility and authenticity. A major flaw is the way ethical and transparent advertising is perceived, especially when conveying complex medical information. Legal regulations and industry jargon can muddy the waters making it hard for consumers and HCPs to get the honest, clear message they need.
So, how do we fix this? We must prioritize open and honest communication that satisfies the audience’s need for understandable information while simultaneously sticking to FDA guidelines. It’s a tightrope to walk, but it’s doable. To avoid overwhelming or misleading potential users, we need to provide a full comprehensive picture in a fair and balanced manner. Utilizing interactive video advertising platforms can enhance clarity by enabling consumers and HCPs real-time interaction with the material, and providing access to more information through QR codes or embedded links.
Keeping messages consistent across different platforms is another difficulty that can lead to fragmented experiences. It’s tough, but pharma brands should make sure their messaging is consistent, whether it is aired on traditional linear TV, OTT media, or CTV. This consistency helps hammer home the brand’s message and builds trust. Using data-driven insights to personalize messaging to specific audiences can greatly increase trust. By using analytics to understand and predict consumer behavior, brands can craft messages that really hit home.
It’s not just about being relevant, it’s about resonating with audiences. This targeted approach not only makes campaigns more effective, it shows that brands care about what consumers want. Pharma advertising needs to focus on three things: transparency, message consistency, and personalized communication. Get this right, and brands can build stronger relationships with their target audience. More credibility equals more success in the market and better trust equity.
Julie Pilon Chief Strategy Officer IPG Health Julie.Pilon@ipghealth.com
Trust and equity are inextricably linked, with each reinforcing the other. Equity lays the foundation for trust, and as trust deepens, it strengthens a commitment to equitable practices. In healthcare, where the stakes are particularly high, this connection is crucial. When individuals feel they are treated with fairness and respect, their trust in a brand is fortified.
To build this trust, healthcare brands must deeply understand the diverse communities they serve. This means empathizing with their unique challenges and offering solutions that resonate on a personal level. The journey toward equity begins early, particularly in the clinical trial phase. Including diverse populations in these trials is not just about representation; it’s a critical step to ensure all voices are heard and unmet needs are addressed. Currently, people of color make up only 28% of clinical trial participants in the U.S., a figure below census estimates. Investing in trust equity from the outset is therefore essential.
Inclusive practices must be woven into every strategy. By amplifying the voices of historically underrepresented groups, healthcare brands can establish trust from the start. A significant opportunity lies in supporting healthcare providers (HCPs) with the tools and resources needed to improve patient experiences for Hispanic and Black communities—groups that are three to five times more likely to report negative healthcare experiences than their white counterparts. Brands have a meaningful role to play by offering solutions that promote fairness and equity in patient care.
When brands authentically reflect and value diverse communities, people are more likely to engage, participate, and trust. This effort transcends merely adding seats to the table; it involves building a larger, more inclusive table where trust and equity are not just goals but everyday realities.
Stacey Crowley SVP, Growth RevHealth stacey.crowley@revhealth.com
Corporate social responsibility is one of the most important things in pharma today. If they get it wrong, the impact is devastating. Two must haves are building credibility and fostering a real relationship with the public.
Building credibility is a no brainer. The saying “actions speak louder than words” couldn’t be more true when it comes to pharma and social responsibility. So, before you put a vision statement on your corporate website you need to be walking the walk and showing the actions that alter up to that vision. Ideally, this is done with other partners such as patient advocacy groups—them sharing from their perspective is key. If you are the only one talking about it, it’s harder to build credibility.
Deeply understanding how patients’ lives are affected is the start of fostering a real relationship. There are so many comments across social about the cost of drugs and the misunderstanding of side effects on TV commercials. Pharma needs to evolve communications, spell out what they are doing and why, with purpose and memorability.
I recently saw the most engaging videos for a hemophilia treatment. The side effect profile video was done in a way that gets you to want to watch it and continue to see what’s next. Sounds unbelievable right? The “host” was so engaging in the way that primetime videos are done, having transitions at the right time for the right impact. They used sports to make things relatable when talking about their Account and Community Managers.
John Kenny EVP, Managing Director, Strategic Planning EVERSANA INTOUCH john.kenny@eversana.com
Why does building trust equity seem so elusive to pharma marketers? Among American consumers, only 18% view the pharmaceutical industry positively. Among healthcare providers (HCPs), 80% report mistrust of pharma’s digital content. These are not new issues, so consequently, we see a lot of discussion on how critical it is for pharma brands to “build trust” as a precondition for pharma brands to succeed. But if pharma brands continue to lack trust with consumers, why do we see the industry rapidly growing with launch after launch of new brands? The truth is, both in pharma and elsewhere, very few brands are trusted and there isn’t much that pharma marketers can or should do about it.
When we encounter a brand for the first time, we don’t trust it. Why should we? Especially if it’s an important, complicated, expensive decision. These types of profound decisions require cautious skepticism. Especially if we encounter it through advertising—as advertising is clearly a biased perspective! So, when does trust happen? Slowly, over time, after consistently using a brand, we come to trust it. Trust therefore is a winner’s issue. This is why, when marketers measure trust, they’re really measuring how successful a brand is—how frequently have HCPs and patients been using it. A brand’s level of trust is highly correlated with the market size of the brand. If you’re going to use trust as a measure, it’s critical you control the size of the brand. Once you do this, the “trust advantage” of most big brands disappears.
So yes, the pharmaceutical industry has a trust problem and for marketers managing a brand launch, your biggest competitors will generally appear more trusted than your new-to-market brand. But don’t focus communication on these issues—stick to the core deliverables of driving awareness, consideration, and trial. Take care of those and trust will take care of itself.
