Biomedical companies face unique challenges when it comes to media communication. Crisis communication, in particular, can make or break a company — all the more so in a sector as sensitive as healthcare.
Crises can strike a biotech company at any point — the dream partner company that had shot you to fame dumps you just before your treatment candidate goes into trial, sending your shares through the floor; or a freak adverse effect pops up during a phase III trial and suddenly all the media are at your door, asking questions that you are only just starting to explore. How can a company survive such a crisis and turn it into an opportunity?
The healthcare sector overall is thriving financially amid the Covid-19 pandemic and the economic fallout of widespread lockdowns that has rocked economies around the world. This is in part because healthcare is seen by investors as an essential service and a relatively safe investment. Down the road, that means more research, more clinical trials, more news to be communicated, and, given that about 90% of all new treatment approaches fail, more crisis communication.
“Every company at some point in their growth will have bad news, because that’s the nature of science,” said Ashley Tapp, Senior Associate Partner at Consilium Strategic Communications,