Connect with us

Uncategorized

CBDC- Navigating Pros and Cons to Ease Apprehensions

Before you read our thoughts on Central Bank Digital Currencies (CBDC), pull out your wallet and count the cash in it. Then, add any cash under a mattress…

Published

on

Before you read our thoughts on Central Bank Digital Currencies (CBDC), pull out your wallet and count the cash in it. Then, add any cash under a mattress or in a bank vault to that amount. That total, be it $12 or a couple of thousand dollars, is the only cash you have.

The bank holding your savings or checking account does not have a pile of cash in a large vault with your name on it. It resides in the ethernet as a series of digital 1s and 0s.

In addition to most of your non-physical cash, your stocks, bonds, and other assets are mostly or entirely stored digitally. Whether you write checks or pay bills online, your credit card, mortgage, and car payments occur digitally. Like it or not, we have evolved into a digital financial system.

Given this reality, it’s worth exploring the trepidation some have about the eventual rollout of CBDC.

Key Takeaways

  • Fractional Reserve banking allows for economic growth but does have its risks.
  • Advantages of CBDC
  • Heightened surveillance and traceability of CBDC are highly concerning.
  • CBDC gives the Fed even more power.
  • The banking system will change, hopefully for the better.

Banking and Fractional Reserve Magic

There are $17.2 trillion in deposits at commercial banks. In addition, other types of banks, credit unions, brokerage accounts, and financial institutions hold cash deposits. Compare that to the nation’s monetary base of $5.5 trillion.

Under our fractional reserve system, the amount of money in the banking system is far less than the amount people and businesses think they have. In Bank Stocks, Do the Rewards Warrant the Risk, we share the example below to highlight how fractional reserve banking creates money.   

Under the fractional reserve banking system, on which America’s financial system operates, money is “created” via loans. Here is a simple example:

  • You deposit $1,000 into a bank.
  • Your neighbor borrows $900 from the same bank to buy a TV from Costco.
  • The bank holds the remaining $100 as reserves.
  • Costco deposits the $900 into its account at the same bank.
  • The bank turns around and lends $810 of Costco’s $900 deposit.
  • The cycle continues as money multiplies despite the actual cash in the financial system remaining at $1,000.

Whether or not your neighbor pays back the $900, you and Costco have a combined $1,900 in your accounts. In this case, the $900 the bank created via the loan to your neighbor is new money out of thin air

Given a good percentage of “money” is simply a figment of our imagination, why are people so trusting of today’s financial system but so wary of CBDC?

Pros of CBDC

We elaborate on the cons in this article, but appreciating digital currency’s advantages is worthwhile.

  • Digital transactions are more efficient and often more secure, thus are less costly
  • The Fed can more effectively conduct monetary policy if they choose. As we will discuss, some may also view this as a con. We are in that camp.
  • Instaneious transactions and settlements.
  • Reduces the need for middleman banks, further lowering the economic costs of banking.
  • Illegal financial activity is easier to trace.
  • They can provide financial inclusion for those without a bank or reside where banking services are limited.

Cons of CBDC

Monetary Policy

In 2020 and 2021, the U.S. government wrote stimulus checks directly to its citizens. Never has the nation witnessed such a quick and impactful stimulus. The government can do the same with CBDC but even quicker and more impactful. In seconds the government could credit your CBDC bank account. Further, the government could put a “use by” date on said stimulus. Use it in three weeks, or it vanishes. They might also decree that stimulus deposits can only be used on specific goods or services they want to help. CBDC help ensures that stimulus effectively generates economic activity in a timely and directed fashion.

Of course, the likely abuse of such a system, which is inevitable, is a significant flaw. As we have been learning, showering citizens with cash can be very inflationary. Further, it can result in an unfair distribution of funds and potentially where the stimulus is spent.

Unfortunately, the MMT cat is out of the bag. Whether it’s a physical check or CBDC, the government discovered the holy grail of stimulus during the pandemic.

The other monetary policy concern is that the Fed can administer negative rates and not worry about cash fleeing the banking system. Negative rates stimulate economic activity as they disincentivize savings in favor of consumption. Money-like surrogates that offer liquidity, like gold and bitcoin, maybe more valuable in such an environment.

Tracability & Surveillance

Many people fear that with CBDC, the government can more easily monitor and control your transactions. Such should be a big concern. However, they can watch all your non-cash transactions today and are likely doing it. Further, the government can access more information than you can imagine between cameras on many street corners and our devices like phones, computers, and many home products.

With CBDC, the government could theoretically freeze your bank account or even take your money. While also a concern, this already happens at banks. It would just be more efficient.

CBDC will make it a little easier for the government to infringe on our privacy and freeze our spending. But, with technology and the proliferation of the Internet of Things, such privacy and rights have already been lost with or without CBDC. The surveillance ship has sailed.

Banking Sector Difficulties

People do not need to hold CBDC at a bank. As such, deposits, a cheap source of bank funding, will vanish. As we see with the banking sector today, bank assets must decline as deposits exit the banking system.

If CBDC results in fewer bank deposits, the supply of bank-originated loans may decrease. In step, interest rates on mortgage, auto, corporate, and all other loans would likely increase. Other entities may replace banks, but it will probably come at a higher cost to the borrower.

Summary

With technology comes fear. The traceability and expanded government powers that accompany CBDC are alarming.

Given the inflation outbreak and the widening gap between wealth classes, giving the Fed expanded monetary policy latitude is concerning.

However, like it or not, while CBDC provides the government with more access to surveillance and more powerful monetary policy tools, they will likely attain those abilities with or without CBDC.

CBDC are the next step in financial innovation. Regardless of what we think, the government will do what it deems in its best interests. CBDC will replace physical currency; it’s just a question of when.

The post CBDC- Navigating Pros and Cons to Ease Apprehensions appeared first on RIA.

Read More

Continue Reading

Uncategorized

The best real estate coaching programs for 2024

Hone your skills and level up your business this year by investing in an expert real estate coaching program

Published

on

Real estate is a vibrant, dynamic and competitive industry. From the thrill of a sale to the pursuit of new leads, it keeps you on your toes. That said, it can also be incredibly isolating, and it can be hard to stay motivated. As a way to deal with this, many agents and brokers seek out professional mentorship as a means to gain insight and level up their performance. Across the country, the best real estate coaches serve as valuable mentors who can help agents and brokers achieve the success they deserve. 

“It’s really hard for independent business owners to get unbiased advice from themselves,” says Kyle Scott, President of SERHANT. Ventures. “So they need unbiased experts to work with that will help them grow their business — someone who has been there, who has done it, and who is able to see their business from both the 35,000-foot view and down in the weeds.” 

A quick internet search will prove that real estate coaching programs are plentiful. Whether you’re looking to expand your team or client network or figure out how to delegate work so you can focus on the tasks you do best, a real estate coaching program could be a valuable launchpad. But when it comes to choosing the right one for your unique needs, there’s a lot to consider. Here, we highlight some of the best real estate coaches in the industry and their programs.

Summary

Who can benefit most from real estate coaching?

An unbiased view is worth millions. Often, we turn to our closest friends and family for guidance. Unfortunately, they’re usually not familiar with the ins and outs of the real estate industry and can’t provide you with the relevant feedback you need. As a result, many independent contractors rely on themselves, which generally doesn’t work either.

You can’t advise yourself, you’re too close to it. A coach works best for someone who is actually looking to grow their business, someone who is looking to put in the time and the energy to make a difference in achieving more income this year. Hire a coach if you want to start taking your business to the next level for any reason — you want to make more money, have more freedom with your time, or stop riding the ins and outs of the commission cycle.President of SERHANT. Ventures

1. Sell It Like Serhant

Key Facts

Grown throughout the pandemic, the Sell It Like Serhant program has been carefully adapted to the current market. It follows a weekly and bi-weekly platform featuring one-on-one virtual coaching from Serhant’s proprietary video platform. After a half-hour or hour-long group meeting every week or every other week, participants follow actionable steps to help them grow their business. Thus far, more than 22,000 enrollees in 128 countries have been through the Sell It Like Serhant program.

What We Love

Serhant offers daily office hours so participants can pop into virtual sessions to ask questions or get expert advice between their regularly scheduled sessions. A community platform also allows participants to pass referrals to each other. Thus far, it seems to have worked: To date, participating agents have closed over $250 million of referral deals.

Pricing

There are different membership tiers, depending on the level of guidance you need. The introductory Real Estate Core Course starts at $497. Prices are higher for a more specific course or one with 1:1 coaching.

Who’s it Best For?

If you’re looking to build a memorable personal brand, SERHANT. is the way to go. “The number one differentiator about our program is we understand that as a real estate agent, you have one job: to generate leads,” says SERHANT. Ventures President Kyle Scott. “Our number one focus is helping you build a clear, compelling, memorable personal brand and put your lead generation on autopilot. So that way, you can do what you do best, which is build relationships and close deals.”

Visit Sell It Like Serhant

2. Tom Ferry International

Headshot-Serhant

Key Facts

For good reason, Ferry International refers to itself as the real estate industry’s leading coaching and training company. Focused on Ferry’s “8 Levels of Performance,” the programs are a staple of real estate coaching. Their new group coaching sessions cover various aspects of real estate sales.

Prospecting Bootcamp is a 14-hour program comprised of seven two-hour group coaching sessions, and includes a peer-to-peer collaboration space. It involves independent work pulled from training videos and downloadable resources.

Recruitment Roadmap consists of hour-long sessions each week for ten weeks. Completed over Zoom and through the Tom Ferry video platform, each group coaching program offers a high level of specialization.

Finally, their Fast Track program offers 12 interactive group coaching sessions designed to help new agents build the necessary skills to succeed — like mastering listing presentations and handling objections. 

What we love 

If you’re looking for the gold standard of real estate coaching, Tom Ferry has the goods to back up the bravado. Because of their many years in the biz, Tom Ferry has a huge base of coaches, which means there are plenty of options to find the program best suited for your specific needs.

Pricing

Tom Ferry’s Prospecting Bootcamp and Fast Track coaching programs cost $999 but can be broken down into three monthly payments. The Recruitment Roadmap group coaching costs $1,499 but can be split into three monthly payments of $500. Consider their free coaching consultation if you want to dip your toes in the water. Check out their customer reviews, where several coaching program alums rave about the program.

Who’s it Best For?

If you thrive in a group setting that allows you to feed off the energy of others, Tom Ferry might be right for you. Their group coaching programs are new and more affordable alternatives to often costly 1:1 coaching fees.

Visit Tom Ferry

3. Tim and Julie Harris

Headshot-Serhant

Key Facts

The dynamic duo of real estate coaching, Tim and Julie Harris are a major name in the industry. Under their business, Harris Real Estate Coaching, their programs are divided into three tiers: Premier, Premier Plus, and VIP, all of which rely on a user-friendly online platform.

Pricing 

Premier platform costs $197 per month, but a 30-day free trial is available. Premier Plus costs $599 per month, while VIP costs $999 per month. Of course, their wildly successful podcast is a great free resource to tap into, as well as Tim and Julie’s many written contributions to HousingWire.

Who’s it Best For? 

If you’re constantly on the go, the ability to access the course from any device is a major asset.


4. Candy Miles-Crocker

Headshot-Serhant

Key Facts

Newbies are welcome at Candy Miles Crocker’s program. Known as the “Real Life Realtor,” she’s the brain behind Real Life Real Estate Training. With a variety of courses in her offerings, including a plethora of self-paced online courses, Miles-Crocker gives new agents a leg-up on the rest.

What we love

Miles-Crocker is still an active agent, working with clients to close deals. Her 20+ years of experience practicing in Washington, D.C., Virginia and Maryland have helped her build “systems, strategies and scripts” that she shares with her coaching clients.

Pricing

The CORE Essentials Blueprint program retails for $1,597. Smaller, more specific courses, such as The Buyer Presentation, are priced at $347.  While all pricing isn’t listed on her website, Miles-Crocker also offers a free course that includes her 6-point system for growth.

Who’s it Best For?

Miles-Crocker’s courses could be beneficial if you are new to agent life or looking to get your business reorganized. She even has one specifically for your first 30 days as a real estate agent.


5. Ashley Harwood

Ashley Harwood_headshot

Key Facts

Boston-based Ashley Harwood inspires introverts with her convincing, heartfelt and high-touch approach to practicing real estate. Her very human, very relatable Move Over Extroverts coaching approach is the perfect antidote for cheerleader-style coaches that urge you to door-knock, chase down divorce leads or become a social media superstar.

What we love

Harwood is a licensed agent coaching agents week-in and week-out at no less than three Keller-Williams offices in the great Boston metro. We love her humanity, inspiring videos, and her latest enterpise — The Quiet Success Club. Inspired by Susan Cain’s New York Times bestseller Quiet, about the power of introverts, Harwood brings together a community of like-minded real estate agents wanting a more client-centric approach to succeeding as an agent.

Pricing

Join The Quiet Success Club for $45 per month (paid monthly) or get two months free when you pay for an annual subscription (for $450). The club is currently offering founding member pricing for $25 per month or $250, but it’s a limited-time offer available only under April 30, 2024. Or get a lifetime membership to Harwood’s suite of courses, called IntrovertU, for a one-time cost of $997.

Who’s it Best For?

Introverts, of course! While you may not count yourself as one, if you read Susan Cain’s book, you may unearth your more introverted traits — like recharging your battery by being alone. Ok, even if you don’t bask in solitude, Harwood promises a calming community where agents can be themselves, be seen, and where they don’t have to be the loudest voice in her mastermind group, purposefully (and quietly) designed to teach successful lead generation and other strategies.


6. Levi Lascsak

If you’re looking to improve your social media game, Levi Lascsak is the YouTube master. The author of Passive Prospecting specializes in helping real estate professionals embrace the video platform, and he does so in jam-packed, 2-day virtual events. Discover how he earned over $4 million in gross commission income as a new agent.

What we love  

Lascsak’s social media marketing skills are top-of-the-line. While he may not be part of the traditional world of real estate coaching, Lascak’s ability to relate to younger audiences is an asset that Millennial and Gen Z agents might appreciate.

Pricing

The live, 2-day events are available at a discount for $47. But as you can expect, he’s got endless information available for free on YouTube.

Who’s it best for?

If you’re a digital native looking to pack a bunch of education into a short period, a Lascsak course is particularly beneficial.


7. Jess Lenouvel

Headshot-Serhant

Key Facts

Promising to help agents scale from six to seven figures, The Listings Lab founder Jess Lenouvel is the author of More Money, Less Hustle. A strong example of a coach with a significant understanding of social media, Lenouvel hosts vibrant live events that hype up the audience and prepare them to take their career to the next level.

What we Love

Lenouvel emphasizes the significant power of mindset to achieve one’s goals. She understands how quickly the market shifts and emphasizes staying on top of trends to succeed.

Pricing

Tickets to The Listings Lab retail for $997, but Lenouvel offers a variety of free resources as well, like her Listing Lab guide.

Who’s it best for?

Lenouvel’s live events focus on messaging. For those looking to solidify their brand and develop a clear, concise message, her events might be what you need.


8. Buffini & Company

Headshot-Serhant

Key Facts

Another giant of the real estate coaching industry, Buffini & Company is one of the largest coaching and training companies in the United States. They have two major coaching programs:  The Leadership Coaching program includes three monthly coaching calls, free admission to a 2-day conference, and curriculums and training led by Brian Buffini. There are also bi-monthly coaching sessions and a monthly web series with a live Q&A.

Buffini & Company also performs a REALstrengths profile — an in-depth personality assessment. In the One2One Coaching program, there are two coaching calls per month, a monthly marketing kit, the REALStrengths profile, and as with the SERHANT. program, Buffini features the Buffini Referral Network, allowing participants to send and receive referrals with other agents.

What We Love

Buffini coaches aren’t independent contractors. Instead, they’re full-time employees who go through intense training. Thus far, they’ve conducted 1.7 million coaching calls and more than one million hours of coaching.

Pricing

The Leadership Coaching program costs $1,499 a month. Private coaching, referred to as One2One Coaching, costs $549 per month. Two tiers of Referral Maker courses are available from $45 to $149 each per month.

Who’s it Best For?

Team spirit is the name of the game for Buffini’s Leadership Coaching program. If you’re a team leader looking to improve your coaching skills and assist your team in leveling up, the Leadership Coaching program might be right for you. If you want a more personalized path as a solo agent, the One2One Coaching program may be a better fit.


9. Vanda Martin

Key Facts

A popular name in the real estate coaching industry, Vanda Martin’s VIP Coaching Program follows three components: coaching, content, and community. Martin doesn’t shy away from mistakes – instead, she emphasizes avoiding indecision that puts you behind the pack. 

What we love

Positive vibes are plentiful in Martin’s world, and her energy is tangible. Just check out her Instagram videos.

Pricing

Martin’s pricing isn’t listed.

Who’s it best for?

If you’re looking for a female leader who emphasizes loving your job and building habits that will take you to a greater level of success, Martin’s ability to convey those feelings is clear. Just check out the endless testimonials on her website.


9. Tat Londono

Key Facts

Tatiana Londono is the founder and CEO of Londono Realty Group Inc. The author of Real Estate Unfiltered, she offers a variety of programming that ranges from free templates to intensive coaching sessions. The Millionaire Realtor Membership provides weekly input from Londono, while the intensive Millionaire Real Estate Agent Coaching Program focuses on building 12-month objectives using a custom success action plan. It uses live programming and workshops with Londono herself, as well as an exclusive online community and referral network for members.

What we love

Londono’s keen sense of social media and her posts are a masterclass in how to boost your engagement on platforms like TikTok and Instagram. Don’t miss her takes on Taylor Swift’s real estate portfolio.

Pricing

There are several tiers of Londono’s programs. The Millionaire Realtor Membership costs $97 per month, while the intensive Millionaire Real Estate Agent Coaching Program doesn’t publicly list its price tag. However, you can access her “six-figure real estate scripts” for free on her website.

Who’s it Best For?

Londono’s programs specifically target agents who are looking to scale their business. If you’re struggling with lead generation or want to increase the number of views you’re racking up on social media, Londono is a valuable source within the industry.


10. Steve Shull

Headshot-Serhant

Key Facts

Steve Shull’s Performance Coaching focuses on using consistent execution to achieve your goals. With options ranging from 1:1 private coaching to small group coaching for 10 to 20 agents, the groups have 30-minute Zoom calls three times a day, but the number of sessions you choose to attend is up to you.  Several self-directed courses are also available on the website, focusing on topics ranging from mindset to time blocking.

What we love

If you’re not positive you want to make the investment, Performance Coaching allows a 14-day free trial of daily accountability calls. 

Pricing

Small group coaching costs $6,000 a year, and while 1:1 coaching prices aren’t listed online, you should prepare for a hefty price tag. 

Who’s it Best For?

If you have a specific area you’re looking to improve upon, Performance Coaching offers coaches with unique areas of expertise, ranging from CRMs to business strategy. Tailoring your program to your greatest areas of weakness can help you become a more well-rounded agent.


11. Aaron Novello

Headshot-Serhant

Key Facts

Aaron Novello of Elite Real Estate Coaching has several programs tailor-made for agents looking to hone their craft. A Masterclass in Systems works to teach agents how to scale their real estate business, organize their team, and use programming like Follow Up Boss to manage their business.

The Role Play Mastermind is for agents looking to prepare themselves for tough discussions by working with a role-play partner for 15 to 30 minutes, five days a week. The group coaching option includes a variety of scripts Novello used to close on homes, as well as mindset guides, skill sheets, and expert guidance from experts in the field.

What we love

Novello’s exclusive accountability group allows active members and former coaching clients to share everything from guidance to motivation. If you’re looking to save money, Novello also has a free podcast available on YouTube.

Pricing

Group coaching costs $250 per month and comes with a money-back guarantee. Novello’s masterclass also retails for $250. The Role Play Mastermind costs $500 per year.

Who’s it best for?

If you struggle with having difficult conversations and are looking for solid templates to guide you, Novello’s Role Play Mastermind is a solid investment. The group coaching option emphasizes taking the educational portion and putting it into practice in the real world rather than just watching videos.


12. Krista Mashore Coaching

Key Facts

Filled with energy and known for popping up in the press, Krista Mashore is the mind behind Unstoppable Agent, her 3-day mastery class. It includes over 15 hours of coaching, group workshops, breakout sessions, and skill-building workshops to provide you with the skills to implement digital marketing successfully into your real estate business. 

What we love 

A positive attitude counts for a lot, and Mashore’s personality is a key component of the success of her course.

Pricing

Mashore’s accessibility is another one of her program’s best assets. Her 3-day class is currently priced at $47, but pricing occasionally varies.

Who’s it best for?

If you crave energy and enthusiasm, Krista Mashore has the goods. She’s also an expert on working in today’s low-inventory market, which is ideal for someone struggling with the current housing shortage. But she’s also got a good sense of humor, which shines through in her social media presence.


The full picture: The best real estate coaches for 2024

Hiring a top real estate coach goes far beyond just expanding your skills. While growing and educating yourself as you navigate your career is essential, hiring a coach is all about seeking to achieve more. Whether you’re looking to boost lead generation, build a solid personal brand, or make more commission income, having the input of a seasoned expert is a priceless step in the right direction. As you can see through the endless reviews and testimonials on coaches’ websites, agents who want to scale their business and take their profits to a higher level often seek the outside guidance of a coach. While the cost of hiring someone may be significant, the return on investment is equally as monumental.

Frequently Asked Questions

  • How much does real estate coaching cost?

    Real estate coaching programs vary in price significantly. Most cost over $500 per month, with others charging several thousand dollars per month. “Oftentimes, it is the case that you get what you pay for,” said Kyle Scott, President of SERHANT. Ventures.

    However, prices can also vary depending on the specific niche of real estate coaching you’re focusing on. The more specificity you’re seeking, the higher the financial investment. Of course, self-led courses are likely to cost much less.

  • When is the best time to take advantage of real estate coaching?

    Does your career feel stalled right now? Are you ready to take your career to the next level, but you’re not sure where to start? In a down market, you can channel your time and energy into actively improving your business skills so that you’ll be sufficiently prepared for when the market changes.

    “When things pick up again, you’re ready to capture the climbing market,” says Scott. “If that’s the case, then the best time to embrace coaching is now. At the same time, a thriving market presents agents with new challenges, ranging from having to turn away business or being unable to service your existing business in a way you’re proud of,” Scott noted. “In that type of market, a real estate coach can help you determine what kind of junior agent or assistant would serve you best. How do I figure out how to manage my business in a way that I can keep up with the volume?”

Read More

Continue Reading

Uncategorized

Part 1: Current State of the Housing Market; Overview for mid-March 2024

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to star…

Published

on

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024

A brief excerpt:
This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:

However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.

There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).

And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.

But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
There is much more in the article.

Read More

Continue Reading

Uncategorized

Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds

The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…

Published

on

The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.

Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.

Rob Jekielek

“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”

The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.

Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.

The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.

“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.

Read More

Continue Reading

Trending