12.01.14
Medical device companies should task someone or some department with the responsibility to monitor various media streams—including but not limited to social media—to see what others are saying about the company. This establishes early warning systems regarding potential challenges to a company’s reputation. In today’s world, many of these arise through social media. They also can surface in industry forums, academic papers, TV commentary and exposés, blogs, etc.
Astute companies should establish an alert service of emerging risks and online reporting of risks to reputation or opportunities to burnish a company’s reputation.
Here are 10 action items for management:
Medical device companies make products that save lives, prolong lives and enhance the quality of life. Dented reputations here can be matters of life and death, both for patients and to a company’s product liability. Use these tips and tactics to avoid calamities and to preserve your company’s strong image.
Astute companies should establish an alert service of emerging risks and online reporting of risks to reputation or opportunities to burnish a company’s reputation.
Here are 10 action items for management:
- Conduct a reputational “inventory.” Start by thoroughly assessing the device firm’s current risks and vulnerabilities. Consider all stakeholders, both internal and external, who will gauge your reputation and whose goodwill is critical for continued functioning.
- To thine own self (and others) be true. Tell the truth, and tell it immediately. Public relations experts say that if the news is bad, get it out and get it out early.
- Involve lawyers, but… Have legal counsel preview all corporate statements before release. But don’t embrace the “no comment” approach. The lawyer’s knee-jerk “no comment” response can undermine the long-term interest of the device firm. While competent and seasoned legal counsel can protect a company’s reputation, their involvement can be overdone.
- Do not have lawyers steer the ship. Do not relegate crisis or reputational risk management to inside or outside legal counsel, though they should be part of the team in crafting policies and responses.
- Build a team for centralized communication. Designate a crisis management team or individual to address any and all media inquiries. Authorize no one else to speak for the company.
- Sweat the details on ethics and standards. Conduct rigorous due diligence regarding ethical practices and standards.
- Audit suppliers and business partners. Perform independent audits of third-party suppliers and subcontractors.
- Avoid hasty or premature liability concessions. Present a calm, sympathetic face but do not admit legal liability.
- Retain public relations professionals. Consider hiring a public relations firm or expert consultant in crisis management.
- Play offense as well as defense. Consider buying advertising in print, broadcast or Internet media to address the crisis and the company’s response.
Medical device companies make products that save lives, prolong lives and enhance the quality of life. Dented reputations here can be matters of life and death, both for patients and to a company’s product liability. Use these tips and tactics to avoid calamities and to preserve your company’s strong image.