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Real-Time News & Business Readiness

Real-Time News & Business Readiness. An Example of Why It Makes All The Difference. May 14, 2002. All Information Is Not Equal. INFORMATION YOU CAN USE. . $2 million. INFORMATION. $2. It’s All In The Timing. Pharma: Not Just Supply & Demand.

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Real-Time News & Business Readiness

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  1. Real-Time News & Business Readiness An Example of Why It Makes All The Difference May 14, 2002

  2. All Information Is Not Equal INFORMATION YOU CAN USE  $2 million INFORMATION $2 It’s All In The Timing

  3. Pharma: Not Just Supply & Demand • Pharmaceutical market is vastly more complex than other, supply-and-demand industries • Intense pressures greet drugs going to market • Government agency approvals, monitoring • Legal system • Clinical trials • Profound R&D costs, restraints • Domestic and international regulation • Payer/Provider issues

  4. The Result • General business environment is challenging at best • Anything at any time can thwart or spur a drug’s journey to or place in the market • Real-time information doesn’t just arm navigation of departments or careers, but the entire business Goal: An Optimal Posture of Business Readiness

  5. For Example • PAL: Organized Consumers Fighting Back • Prescription Access Litigation Project, founded Jan. 2001 • Coalition of 70 consumer advocacy groups in 34 states • Targeted drug companies with expiring patents (vast minority in market) • PAL’s goal: open up generic market, decrease cost of drugs • Tool of choice: class action litigation • Between 3/01 and 12/01, PAL launched initiatives against six major drug therapies

  6. Did It Matter In the Market? Absolutely • From April to December, 250 articles and broadcast news stories on lawsuit • New York Times and The Wall Street Journal; National Public Radio; a profile on CBS Evening News Eye on America series; and consistent coverage by local news outlets across the US • Total impressions: over 150 million • All with consumer bent • Government takes notice (State AGs, US Senate)

  7. Industry Response • Access to real-time news enabled industry to know and then respond appropriately to news • And companies responded with strong messaging: • It’s not true. • Drugs are expensive to make. Understand that R&D is a big investment and not all drugs are successful. • We’re the good guys. • Coordinated PR and advertising campaign

  8. Conclusion • “Readiness” is critical for business • A culture that expects the unexpected • Understands information is key; smooth information flow within corporations tantamount • Information now, information past • Communication—internal & external—that is based on real perceptions and real facts does have the potential to impact the bottom line • Messaging is real and passes muster • Every department vested in the message and the context

  9. Thank You

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