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December 13, 2010

65% of life sciences company professionals to use social networks: Deloitte

Undefined FDA guidelines, and consumer privacy concerns are the hurdles to social networks adoption

By CBR Staff Writer

In a survey of online social networking in life science companies, approximately 65% of surveyed life sciences company professionals say their company uses or plans to use social networks at a company level in some capacity, while 35% report no plans to do so, according to a new report by Deloitte Consulting.

The survey titled ‘To Friend or Not? New Insights About Social Networks in the Life Sciences Industry’ survey respondents say undefined Food and Drug Administration (FDA) guidelines, consumer privacy concerns and a lack of a clearly demonstrated return on investment are the top three hurdles to widespread adoption.

Moreover, 50% of surveyed respondents reported that they are responsible for managing risk related to online social networks, but their companies do not have a formal risk policy in place while 43% do not have procedures for managing adverse events.

Deloitte Consulting life sciences and health care clients principal Chris Franck said while many are waiting for more comprehensive guidelines on social networking to be released by the FDA, the potential for risk is great in the world of social media.

"Implementing and clearly communicating formal procedures for engaging with customers and managing the risks of social networking are important factors for life sciences companies to address to protect brand integrity," Franck said.


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