Big Pharma’s Covid booster

Andrew Ross SorkinJason KaraianMichael J. de la MercedLauren Hirsch and

The pharmaceutical industry is popular right now, which is perhaps unsurprising considering that the end of the pandemic depends on Covid-19 vaccines. Drug makers’ rapid response to the crisis has transformed public sentiment about the industry, moving it from one of the most reviled to one of the most respected, according to new data from the Harris Poll, revealed exclusively in DealBook.

A year of living in fear created unlikely heroes. For the past year or so, the Harris Poll has monitored public sentiment in weekly surveys of more than 114,000 people. At the height of the emergency, more than half of respondents were afraid of dying from the virus and a similar share were afraid of losing their jobs. “Only in the past month, with vaccines rising and hospitalizations and deaths declining, is fear abating,” the report noted.

Business got good grades during the pandemic. Many respondents cited companies as important to solving problems, where previously they were considered the cause of social woes. (Two-thirds said that companies could do a better job coordinating the vaccine rollout than the government could.) Approval ratings rose for many industries from January last year to February this year. But the reputation of the pharma industry — stained by its role in the opioid crisis and criticized for high drug prices — benefited the most. In January 2020, only 32 percent of respondents viewed the industry positively; late last month, that had almost doubled, to 62 percent.

  • “The pharmaceutical industry’s ability to innovate and perform under intense pressure and in a time of crisis is the ultimate validation for any business,” said John Gerzema, the C.E.O. of the Harris Poll.

Read the full story at The New York Times DealBook.