And the Winner is…. The Value of Awards

Did you watch the Academy Awards?  Regardless, I bet you know that Moonlight (eventually) won best picture and Emma Stone won best actress.   While accepting a health science award may not offer the same red carpet experience and drama, the opportunity for recognition is one that should not be overlooked.  As such, we recommend life and health science companies take the time to identify and apply for applicable awards.

Tangible recognition.  Winning an award is a tangible recognition of a company’s expertise.  As such, awards provide independent validation of a company’s credibility and work.   While some awards are initiated by third parties, others are awards for which you can submit on your own behalf.  In either case, an award can provide credibility and visibility in a crowded marketplace. Also, winning an award can be important not just for external audiences, but also for employees, partners and investors.

The award landscape.  There are an array of honors offering different types of recognition for different work. There are awards that recognize commercial success and others that celebrate pre-clinical development work.  There are also awards that celebrate innovation or scientific advancement. While some are general health science industry awards, others focus on categories such as biotech or biopharma.  Important too, some recognize the work of a specific person such as the Chief Scientific Officer.  Some recognize emerging companies, or even companies in emerging markets while other awards recognize market leading research.

Reap the reward.  While some awards are initiated by the grantor, many more require an application by the company.  Therefore implementing a good award program – planning, preparing and applying – can be a valuable addition to your company’s strategic communications program.

Spread the word.  Once you’ve brought home the honor, don’t forget to spread the word.  This includes everything from placement of the award in a prominent location to issuing a press release and ensuring distribution across social media channels.  While you may not get to walk the red carpet, awards can offer a valuable opportunity to extend credibility, raise visibility and ultimately contribute to business success.

LaVoieHealthScience helps advance health and science innovations. We have 16 years’ experience of specialized thinking and delivering strategic communications. Contact us today to learn what we can do for you.