United States

Life Sciences Industry Embracing Social Media, But Clear Governance Framework Needed to Avoid Risks

Oct 12, 2011
From the Healthcare & Life Sciences Institute

This BNA's Life Sciences Law and Industry Report focuses on the need for pharmaceutical companies to adopt a clear social media governance framework to avoid risks. For pharmaceutical and life sciences companies, social media is no longer just social—it’s commercial, and it’s becoming a key element of business strategy.

According to respondents from pharmaceutical and life sciences companies who participated in a recent KPMG LLP webcast poll, almost half confirmed that their organizations are actively using social media channels to conduct business. Furthermore, poll findings showed that many pharmaceutical and life sciences companies are adopting social media as part of their human resource, manufacturing, marketing, research and design, and sales activities.

In fact, many companies are continuing to evolve their use of social media, as 28 percent of pharmaceutical and life sciences respondents indicated "other" uses of social media beyond the areas listed. Clearly, innovative pharmaceutical and life sciences companies will continue finding even more ways to use social media.