No Future for Pharma without Trust

Open Water Consultants attended #FTPharma last week.  We'd been looking forward to a panel discussion by industry leaders gathered to address one of the sector's most critical challenges: trust.

 And it didn't disappoint!

The conversation brought together Seyda Atadan Memis, General Manager for the UK and Ireland at Takeda, Michael Elliott, Vice President of Medical Affairs for Europe, Canada, and Australasia at Gilead Sciences, and Jayasree K. Iyer, CEO of the Access to Medicine Foundation.

 Together, they explored the complexities of the pharmaceutical industry's trust deficit, addressing challenges and pinpointing the steps needed for the future. Here are the highlights.

Why Trust Matters

Low public trust in pharma has far-reaching implications, from medication adherence to the adoption of new treatments. As Jayasree K. Iyer said, "You can't sell more expensive blood pressure drugs or your latest innovations if basic trust in the healthcare system is not there."

Decision-makers must recognise trust as a direct factor in patient outcomes - and a strategic imperative.

Core Pillars of Trust: Transparency, Accountability and Fairness

Leaders need to prioritise transparency around business practices to combat public mistrust. In regions where pricing remains contentious, creating more visibility into how prices are determined and exploring equity-based pricing models could be essential.

 Decision-makers must rethink business practices and change their internal narrative to support patient welfare over profit.

Call to Action:  Explore patient-centric pricing models that are fair and reflect the real cost of treatment. Establish partnerships that facilitate access for lower-income countries through voluntary licensing, for example.  

These actions demonstrate a commitment to global health equity and help nurture long-term relationships with local health systems and governments. They also contribute to building stakeholder trust.

Strategy for Broader Impact: Cross-Sector Collaboration

Collaboration with patient organisations, academic institutions, and government bodies can enhance access, improve health outcomes, and showcase the industry's commitment to positive social impact. These partnerships extend the reach of the pharma sector's resources and demonstrate a dedication to sustainable health outcomes.

Call to Action: Forge partnerships that are not merely transactional but rooted in shared goals. Initiatives like Takeda's collaborations in the UK and Gilead's HIV prevention efforts offer a blueprint for impactful partnerships that resonate well with stakeholders and demonstrate shared responsibility in improving public health.

 Building Trust: Shift from Reactive to Proactive

The panellists highlighted that reactive approaches to issues like anti-science rhetoric or price criticism are insufficient. Leaders must adopt a proactive, long-term view incorporating trust-building into their core strategies.

Call to Action:  Embed trust-building as a strategic objective in corporate planning, measuring outcomes related to public perception, transparency, and access. Treat trust not as a passive asset but as an active, measurable goal aligned with each business decision.

Moving forward

By focusing on transparency, patient-centred pricing, collaborative initiatives, and a commitment to proactive trust-building, decision-makers in pharma can position their companies not only as innovators but as trustworthy allies in the journey to better global health.

These insights spotlight the need for consistent, strategic engagement with all pharma stakeholders – transforming trust from an abstract ideal into an actionable, measurable objective.