Is the Return Greater Than the Risk for Pharma Companies’ Investing in Social Media?
While social media takes over what sometimes feels like every aspect of our lives, the pharma industry is facing some challenges in embracing it fully and is missing out on some real benefits. As you may know, pharma companies must comply with strict FDA guidelines, especially when it comes to adverse effect reporting, so understandably, they are hesitant to open themselves up to the mass of conversations happening online. On the pharmaphorum blog, Wendy Blackburn of Intouch Solutions describes the challenges pharma companies are experiencing on Facebook. However, as our latest white paper describes, the instances of adverse effect reporting are smaller than pharma companies imagine and the benefits to be gained are substantial.
The FDA is still determining new policies for dealing with social media so things will continue to change in the industry, but we are hopeful that companies will soon be able to use social channels so that the company and consumers alike can benefit from the transparent conversations that social media breeds. At Visible, we already work with a number of pharma companies that are embracing the power of social media and leveraging the data available. I am confident this is a trend that will continue to grow as it gains momentum in the industry.
Check out our white paper on the subject: Is the Return Greater Than the Risk for Pharma Companies’ Investing in Social Media?
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