Trust: A Value Imperative for Pharma
Despite the vital work they do, pharma companies often struggle to earn the trust of consumers and the public. However, “trust is fundamental to a pharma company’s ability to deliver on its mission, both from business value and social contract perspectives,” write Lynn Foster, Morten Nielsen and Saule Serikova in the current issue of Pharmaceutical Executive. To address this puzzling problem, the authors provide insights into the concept of trust, presenting a “hierarchy of trust” and strategies for executives to operationalize trust within their organizations.
To build trust, pharma leaders must first trust themselves and focus on fostering trust with all constituents. This includes practicing transparency, inclusion, and follow-through, such as explaining decisions transparently, acknowledging mistakes, modeling trustworthy behaviors at the executive team level, creating a culture of clarity and humanity, and holding oneself and others accountable.
Read in PDF Format: “Trust: A Value Imperative for Pharma”
In an accompanying podcast, Nielsen speaks with Pharmaceutical Executive’s Francis Pollaro about the finer points of building trust – from building blocks of the hierarchy to the operationalizing strategies, with culture being critical. “Trust is not the result of compliance,” Nielsen points out. “It is the result of a culture of transparency, inclusiveness and fairness.”