Re-posted from the Cross-Border Biotech Blog
By Jeremy Gruschow
In December, I wrote a post listing the top 3 reasons biotech companies should use social media and noted that we would be following adoption and use of social media by biotechs as one of our Trends in 2010.
The 2010 Dose of Digital Dosie Awards held voting for finalists this week, including for Best Facebook Page, Best YouTube Channel, Best Twitter Feed and Best Blog (in a number of categories). The pharma and healthcare social media wiki that Dose of Digital maintains is a growing list, but still doesn’t include very many biotech companies.
So, why haven’t we seen more social media among biotechs?
Is it fear of FDA admonishment? This blog post/video clip from Future of Pharma spends some time blaming the FDA’s evolving social media policy. If the FDA were the problem, though, pharma companies wouldn’t be moving into social networking either. But they are.
Is it fear of creating reporting obligations because of casual mentions of adverse events? Looking at one community shows that a significant number of reportable adverse events could be unearthed; but Dose of Digital doesn’t view this as a risk or an excuse for avoiding social media, and explains why here.
The real answer is simpler: the value of a social network is the network. Until a critical mass of biotechs seed a social media presence, most other companies will not realize sufficient value in being online themselves.
The critical mass is starting to build: Michael Gilman, the Founder/CEO of Stromedix is on Twitter, as is Richard Pops, the CEO of Alkermes. On Twitter, they interact with investors, journalists and patient communities; which points out that it’s not just a critical mass of other biotechs that creates social media value.
For example, the HIV Vaccine Trials Network (HVTN), at Fred Hutchinson Cancer Research Center in Seattle, is running a series of ads on Facebook to recruit patients to its trials; one of their sites is using Craigslist and individual patients are reporting about their experiences with the trials on blogs and on Facebook. The Canadian Breast Cancer Foundation and the McGill University Health Centre are also using social media for outreach.
My bottom line: social media will be an increasingly common tool for biotech companies in business development, corporate communications, patient recruitment and for employee recruitment and development. The sooner you start the more expertise you’ll have.
Jeremy Grushcow is a Foreign Legal Consultant practising corporate law at Ogilvy Renault LLP. He has a Ph.D. in Molecular Genetics and Cell Biology. His practice focuses on life science and technology companies.