Tips for communicators from the Fierce Biotech Summit 2024
Colder weather is coming, but biotech’s winter is actually heating up.
You could hear the excitement for the upturn as leaders shared their insights at last week’s #FierceBiotechSummit in an unseasonably warm Boston.
While the numbers don’t match the sentiment, with Q3 numbers tracking much like 2023 numbers, there are some takeaways that can help thaw #biotechwinter:
1. The #PR role is morphing. Communications is no longer just about media hits. The role is broad and demands a seat at the leadership table.
The communications role now includes Public/Corporate Affairs, Internal and External Communications, Corporate Communications, Investor Relations, etc. Executives are taking notice. Robert Ang, president and chief executive officer of Vor Bio did a fireside chat with Sarah Spencer, Vor’s vice president of corporate communications and investor relations. Their partnership was indelible.
As Robert Ang noted, humility isn't thinking less of yourself. Humility is "also thinking of others."
Robert recognizes the need for communications to have a seat at the table. He remarked that sometimes leadership teams inadvertently rely on their communications teams as a channel to distribute information, only after leadership makes a decision. They agreed: this approach is not partnership and doesn’t work.
Tips from various panelists over the two day event:
- C-SUITE: Sarah Spencer reminded communications professionals to bring your value to the table to earn a seat and become an invaluable strategic partner. Christine Cassiano, executive vice president, chief corporate affairs and brand strategy officer at Allogene Therapeutics recommended that communications professionals looking to play a strategy role remember that the C-suite really cares about #investorrelations. Get some experience in IR.
- EMPLOYEES: Kimberly Kraemer, chief executive officer and chief brand strategist of Waterhouse Brands urged communicators not to forget employees as a stakeholder. “Re-recruit your #employees everyday,” she said.
ABC: Align executives and employees, Build (relationships), Connect target audiences. - Kimberly Kraemer
- MEDIA: Media maven Angela Salerno-Robin, executive vice president, integrated media strategy of dna Communications had an interesting fact: “We scroll through 300 ft of information a day – that’s as big as Big Ben!” Angela Salerno-Robin encouraged communicators to remember this as we put ourselves in the seat of those receiving the message (media, C-suite, patients, etc.)
2. Efficiency and partnerships are part of the strategy from the jump.
As pharma re-focuses their priorities and investors continue to be judicious, partnerships and deals are on the horizon. One asset is being studied in various ways – pathways and disease areas. One asset is not enough and business development in both sectors are looking for collaborations that make sense – beyond the deal price and outlook, they are looking for a cultural fit and a track record of success. Contrary to public opinion, drugmakers’ goal to help patients with unmet needs was palpable.
Roles for communicators:
- Meg Alexander, president and chief operating officer at Ovid Therapeuticspointed out that most companies will have to pivot their #pipeline at some point and companies may have to transact creatively to get deals done. As a communicator, my takeaway was to build flexible messaging around the pipeline, catalysts and company focus. The eggs may not be in the same basket in the future.
- Kate Beresford O’Malley, vice president, corporate affairs at Moderna, recommended: “Communicate early, communicate often.”
- Reshema Kemps-Polanco, executive vice president and chief commercial officer at Novartis echoed the sentiment that due to ever-increasing competition and costs, more collaboration and partnerships are needed in order to bring new medicines to the #patients who need them.
Thanks for a great conference Michelle Benz and the Fierce Biotech team! Can’t wait for next year’s rolled up week of biotech conferences!
