The pharmaceutical industry hasn’t always had the best reputation. However, with pharmaceutical companies racing to create vaccines to combat the COVID-19 pandemic, positive public opinion has risen in regards to the industry. So says a report [download page] from The RepTrack Company.
Globally, Pharmaceuticals, Biotechnology & Life Science ranks 8th among the most reputable industries, with a reputation score of 72.8 — ranked on a scale of 0-100 where 60-69 is average, 70-79 is strong and 80+ is excellent. This is up one position from 2020.
Pharma’s reputation in the US is slightly lower, with an average reputation score of 67.6 in 2020 — an improvement of 3.8 points year-over-year. An indicator that the creation of vaccines for COVID-19 has improved the reputation of the Pharma, Biotech & Life Sciences industry in the US is witnessed in the leap in score between Q4 2020 and Q1 2021. In Q4 the industry’s score was 66.9, yet by the end of Q1, it rose 3.4 points to 70.3.
This rise in score also boosted Pharma from the 9th most reputable industry in the US (out of 11 cited) in Q4 2020 to #5 in Q1 2021. The lift in reputation is impressive considering a Q3 2020 survey from Gallup found that the Pharmaceutical industry had one of the most negative perceptions among the US public, second only to the Federal Government.
The report takes a deeper dive and looks into the improvement in the reputation of one Pharma company, Johnson & Johnson. The company saw its reputation climb by 2.8 points between Q4 2020 (67.7) and Q1 2021 (70.5), an increase driven by bumps in scores for Citizenship (+4.1), Product (+3.4) and Innovation (+3.0). Similarly, Moderna and Pfizer ranked within the top 10 most visible companies with the best reputation in a survey conducted by Harris Poll and Axios.
The full report can be found here.