Dr. Timothy Rodell, GlobeImmune's president and CEO
Many emerging healthcare companies are operating today under orders to preserve cash to extend their “runways.” For some, this has required reviews of PR initiatives, with the outcomes being decisions to reduce spending. For others, this has led to the formalization and sharpening of the focus of PR efforts combined with increases in spending. That’s right, increases in spending on what are targeted efforts to support critical business-development and fundraising activities.
Take GlobeImmune as an example. When this Colorado biotech company approached Russo Partners late last year, it did so with the realization that a greater PR push before, during and after a significant data announcement could help substantially. While the GlobeImmune executives had relied on news releases to drive information to their target audiences, the understanding that a comprehensive PR program could produce better results led the executives to allocate more financial resources to work that would be led by Russo Partners as outside counselors.
To kick things off, the Russo Partners team of science/medicine communicators — PhDs and more — conducted messaging and positioning activities combined with its signature Newsmakers Workshop. Equipped with a storyline in hand and tactics for use in media interviews, the GlobeImmune executives hit the road — literally and figuratively. In-person and telephone meetings with reporters with wire services, major newspapers and life science publications produced immediate “hits” as well as commitments for reviews of the company’s data-driven story at the time of data release.
When GlobeImmune presented data on its targeted immunotherapy at The Liver Meeting, the information was greeted with open arms from journalists — and ended up in all significant media coverage of developments in the treatment of hepatitis C. GlobeImmune’s formal PR approach proved to be the right one for the company at its stage of development. In fact, the results produced a significant return on investment in the earliest times and led to a solid position of perceived value among the company’s target audiences.
The lesson learned? Yes, cash is king at this time for development-stage companies. However, very small investments in PR can often produce little in return. When handled the efficient way as Russo Partners teaches, PR with a little more “spend” can produce far greater returns that exceed the value of incremental investment.
Russo Partners encourages healthcare companies to evaluate their PR efforts at this time without rushing to judment on decisions. Had GlobeImmune followed this path, it would be one of many companies that cut a critical component of its business plan at a time of greatest need.
