Biotechnology companies are built on innovation, yet many have been slow to use social media. This presentation was part of a panel session at the AusBiotech 2013 conference, and explores how, and why, social media can benefit biotechs.
2. Today’s Panel
Alan Oakley,
News Corp
Australia
Jeannene O’Day,
Daily Gloss
Rebecca Wilson,
Buchan Consulting
Tweet us a question @rebecca_buchan #AusBio13
3. Why is it important?
2.4
billion
connected to
the internet
YouTube is more popular than
cable television in the US
1.15 billion
Facebook users
61%
231.7 million
active users on Twitter
worldwide
95% log in
every day
5,700 tweets
per second
of decision makers use
Twitter a business and
marketing tool
4. Who is on Social Media?
The biggest risk is not taking any risk…In a world that’s
changing really quickly, the only strategy that’s guaranteed
to fail is not taking risks” – Mark Zuckerberg
5. Even Scientists use social
media!
Almost
1 million
followers
8 Million
Facebook
Likes
198,795
followers
7. Pitched to
media
Content
Shared on
social media
Emailed to key
contacts
Retweeted /
Shared
Forwarded to
contacts
Asked to
guest blog
Asked to
speak at event
Recommended
by contact
Lead generation,
investor deicisions
The content journey
8. The world is mobile & social
Benedict XVI
Francis I
11. Regulation
•
•
•
•
Guidance note 8
• HCPs only
• Must comply with Code
Disclose on ASX first
• Adverse events apply
Monitor relevant sites
Secondary channel for
news
• Social media guidance by 2014
• ‘Warning letters’ only, to date
13. Why use social media
Understand risks
and opportunities
Watch your
competitors
Follow smart
people and learn
from them
Listen in on your
investors/
customers/clients
Build networks,
relationships &
visibility
Know what
everyone else is
talking about
15. Risk management
Personal:
Use privacy settings
Log out of shared devices
Set up push notifications to stay on top
Think before you post
Corporate:
Have a social media policy and communicate it
Train staff who need it
Put in place monitoring
Always have a crisis comms plan – and include social media
ASX Guidance Note 8:Disclose information through the ASX firstDissemination by other means does not abrogate this requirementMonitor relevant major social networking sites (especially around price sensitive announcements)Best practices:If information released by employees or others through social media, disclose information to ASX and trading holt (potentially)Use social media as secondary channel for dissemination (due to text limitations, consider linking to announcement)Risks of unauthorised disclosures remain (eg Whitehaven Coal - activist impersonated financier David Jones takeover)Promotion of therapeutic productsUnder TGA Code if a pharma company wants to use social media to promote prescription medicines to healthcare professionals, the site must be accessible by only healthcare professionals.Information provided must comply with the Code and the TGA-approved product information Information must not be misleading, must not encourage inappropriate or excessive use and must not be likely to lead to consumers self-diagnosing or inappropriately treating serious diseaseAdverse event reporting for marketed productsTGA’s Pharmacovigilance Guideline – must record and deal with all adverse events (including potentially those raised in social media)Congress passed the Food and Drug Administration Safety and Innovation Act (FDASIA) which contains a provision mandating that FDA issue final social media guidance no later than July 2014.To date FDA has issued Warning letters on social media, but has not taken any further steps other than several meetings. Source: http://www.policymed.com/2013/09/fda-and-social-media-dos-and-donts-based-on-warning-letters-waiting-for-july-2014-guidance.html
Neuren was forced into a trading halt after commentary was posted on social media regarding its Rett Syndrome trial. The parents of a subject participating in the trial suggested that certain of the symptoms had improved during the trial. The trial is blinded and has not been compromised, with results due 2HCY14.
There’s no need to be a social media guru from Day 1. Start out by listening, then become more engaged.