26 Mar The Importance of Pharma Industry Regulation
To some extent, every industry has a regulatory blueprint for maintaining standards, creating consistency, and upholding ethics. The life or death nature of pharma requires stringent rules and regulations, particularly when trading in healthcare and consumer products.
There have been a number of well-documented scandals affecting the pharmaceutical industry over recent years.
Given the fact that consumers value trust and transparency as much as product price, these scandals only serve to tarnish the reputation of the pharma industry as a whole.
That said, to build consumer trust, it’s important to embrace industry regulation, using it as a blueprint or clearcut code of ethics relating to product development and marketing.
Concerning trust, transparency, and ethical messaging, regulation is key—as outlined in the essay, ‘Role of regulatory affairs in the pharmaceutical industry’ by Jony Mallik:
“The success of a regulatory strategy is less dependent on the regulations than on how they are interpreted, applied, and communicated within companies and to outside constituents. Regulatory Affairs plays a crucial role in the pharmaceutical industry and is involved in all stages of drug development and also after drug approval and marketing.”
To forge meaningful relationships with your target consumers, understanding all forms of relevant regulation is essential. Using these guidelines to steer your marketing activities, it’s important to spread awareness through your marketing communications while focusing on specific customer pain points without sharing any information that could prove inaccurate.
In the pharma industry especially, keeping an open line of communication with your customers across touchpoints is essential, sticking to reality and building an engaging narrative around stats, facts, figures, and evidence to inspire trust and offer value.
There’s ample room for creativity in terms of pharmaceutical marketing, but it is important to develop campaigns and strategies that fit within the rules—if you don’t, the consequences could prove disastrous to your brand reputation.