Rx Recruiting

Roche warns of counterfeit vials of best-selling cancer drug Avastin

2012-02-15T10:58:00.004-05:00

Roche has issued warnings about counterfeit vials of Avastin. You can read the article here.
A major concern of a number of people I speak with in Pharma is that this sort of issue with counterfeit drugs will only get worse.
According to the article:
"Recent legislation introduced in the House would give the FDA greater resources and authority to inspect foreign drug imports. Separate legislation would create a mandatory barcode system to monitor the authenticity of all prescription drugs moving through the U.S. supply chain."
But the question is - Are these measures going to be enough?

Pharma's Fear of Innovation

2012-02-01T20:55:00.002-05:00

Bill Drummy wrote an interesting article in this month's Pharmaceutical Executive magazine entitled: "Innovation: Why is Pharma Scared to Death?"
Drummy discusses the irony of how an industry that is supposed to by nature be innovative, instead appears to be afraid of the risk inherent in innovation.
Drummy believes that this lack of innovation is hurting the health of the industry.
He writes that:

"According to a new report published by Deloitte, the 12 largest pharma companies saw their ROI drop by 29 percent in the last year. The average internal rate of return for R&D dropped to 8.4 percent from 11.8 percent a year ago."

Drummy opines that the reason for Big Pharma's lack of innovation is that Executive Management at these companies are fostering a risk-averse culture. And he believes that unless there are changes in attitude at the top, Big Pharma companies will continue to eschew risk, and with that, continue to stifle innovation.

I think Drummy has a point. I was speaking a couple of years ago with a mid-level executive at one of the major Pharma companies. I asked him why his company's pipeline was so barren.
He laughed and replied that, "People here are less interested in making drugs, and more interested in 'covering their asses' ".

Reasons for Optimism

2012-01-31T20:58:00.003-05:00

Great article in the Wall Street Journal entitled "The Coming Tech-led Boom".
You can read it here.
The article highlights some coming Technological Transformations that bode well for the U.S.
While I don't necessarily agree with every point in the article - it is nice to read something positive about the United States' long term prospects for a change.

The Resume Black Hole

2012-01-26T17:36:00.004-05:00

The Wall Street Journal has an interesting article by Lauren Weber on Tuesday entitled "Your Resume vs. Oblivion".
You can read the article here.
The article discusses one of the major problems facing job seekers - the fact that their resume may never be seen by the Hiring Manager.
Ms. Weber writes:

"Many job seekers have long suspected their online employment applications disappear into a black hole, never to be seen again. Their fears may not be far off the mark, as more companies rely on technology to winnow out less-qualified candidates.

Recruiters and hiring managers are overwhelmed by the volume of résumés pouring in, thanks to the weak job market and new tools that let applicants apply for a job with as little as one mouse click..."

Ms. Weber goes on to write:

"Only 19% of hiring managers at small companies look at a majority of the résumés they receive, and 47% say they review just a few, according to a recent survey by Information Strategies Inc., publisher of Your HR Digest, an online newsletter."

So what is a Job Seeker to do?

The answer - go back to the basics. By far, the single most effective way to get a job is by Networking. The bottom line is that you need to find someone who will place your resume on the desk of the Hiring Manager and say to them, "Here's someone I think you should talk to."

So reach out to the people in your own network. Or if you don't have a large network - you can "borrow someone's network" by using a Recruiter. Either way - by networking you will find that you will have far more success in your job search.

Big Pharma's new business model

2012-01-02T20:25:00.005-05:00

The Wall Street Journal had an excellent article on 12/27 about Big Pharma's new business model.

In the article Scott Gottleib discusses an event last November that marked the end of an era for Big Pharma - Lipitor went off patent. Lipitor was the last of the big blockbusters for the industry.

While the industry has hit a bit of a rough patch - Gottleib says things are improving for the industry overall.

In his article, Gottleib details how Big Pharma is changing the way it discovers and develops new drugs. No longer are companies simply "screening millions of random compounds against a molecular target".

Instead Companies are embracing a model where, "Drugs are designed around the individual biological receptor they're targeting rather than being screened out of a library of random compounds"

Gottleib highlights other changes in the industry. He writes:

"...pharmaceutical companies started to carve up their sprawling research enterprises into smaller, more focused teams. The right size of a research team is now said to be 20-40 people. To get at new science early, drug makers rely on collaborations with academic research teams and licensing deals with smaller biotech outfits."

Again - while the industry still has challenges to face - it nevertheless appears better days lie ahead.

Nothing Wrong With Being a Workaholic

2011-12-12T21:50:00.003-05:00

I've been busy so I haven't had time to catch up on my reading. But I did come across an interesting tidbit.

For those of us who like to put in a long day - here is some good news:

The Wall Street Journal reported in an article in November that according to a study from the Rouen Business School in France there is nothing wrong with being a Workaholic.

The author states that:

"...workaholism – defined by work involvement, feelings of being compelled to work and work enjoyment – can actually be constructive.

As long as the compulsion to work is self-driven, it can lead to personal feelings of accomplishment (I finished that project! I solved that accounting problem!) and benefit the organization (That project is finished ahead of schedule! Our clients think we’re great!) according to Yehuda Baruch, the management professor behind the study."

So if you enjoy what you do - and you want to boost your career prospects - ignore the nay-sayers and put in the hours.

And remember - as Samuel Goldwyn once said:

"The harder I work, the luckier I get."

Biotech's Biggest Spenders for 2011

2011-11-25T17:22:00.003-05:00

Interesting article over at Fierce Biotech on list Biotech's Biggest Spenders in 2011.
You can view the article here.

And the article makes an interesting observation comparing the size of R&D budgets for Biotech compared to Big Pharma:

"If you add up the R&D budgets for the top 15 public biotechs in the world, you'll find a tab that runs right about $10 billion. That's not small change, by any means, but to put it in some perspective, it is interesting to note that Roche, which has the largest research budget for any biopharma on the planet, spent a bit more than that last year advancing new drugs and technology."

The Holiday Season is a great time to look for a job

2011-11-25T16:58:00.006-05:00

I was speaking with a candidate on this past Wednesday before Thanksgiving. Even though he had just recently been laid off, he told me that he figured that with the holidays coming up, that he was just going to lay low and then start aggressively start looking for a position on Jan. 2.

I told him he was making a mistake.

While there is a myth that all hiring screeches to a halt during the Holiday Season, the holidays are in fact a great time to look for a job.
In fact, in my 20 years as a Recruiter, I have consistently had my strongest billing months in Nov. and Dec.

There are a couple of reasons for this.
1- Most people stop looking for a job during the Holiday Season. They have bought into the myth that nothing will happen so they stop looking. That lowers the number of people actively looking and therefore lessens the competition.
2- There are situations, especially at companies that operate on a calendar-year basis, where a Hiring Manager is told that if he/she does not fill his/her position by the end of the year, they may lose the position.

Don't misunderstand - there are companies that essentially 'shut-down' around the Holidays.
But there are companies that are still hiring. And there still exist enough opportunities out there that anybody who stops their job search during the Holiday Season is making a big mistake.

Young Professionals value Social Media Access at Work

2011-11-07T21:44:00.002-05:00

There is an interesting article over at Fast Company that discusses some recent findings based on Cisco's second annual Connected World Technology Report.

The article states that:
"According to the report, 40% of college students and 45% of young professionals would accept lower-paying jobs if they had more access to social media, more choice in the devices they could use at work, and more flexibility in working remotely."

The article continues:
"One in four college students, according to the report, said issues like these--while likely baffling to older generations--would represent key factors in their decision to accept a job offer. (To demonstrate just how obsessed Millennials are with their precious tech, Cisco also discovered that more than half of respondents said they'd rather lose their wallets or purses before losing their smartphones or mobile devices.)"

Whether these findings apply to young Professionals across all industries or simply to the Tech industry was not specifically discussed in the article.
Nevertheless, these findings are striking.
And cash-strapped Pharmaceutical and Biotech companies that are looking to secure top talent may find that there may be options other than simply paying more salary that will enable them to hire the people they need.

Pharma Firms Increase Outsourcing Spending

2011-11-01T18:15:00.002-04:00

Interesting article over at World Trade 100...The article discusses the growing outsourcing trend in Pharmaceuticals.
The article states that:
"Outsourcing deal signings in the pharmaceutical vertical grew at a faster pace than in other verticals in 2010, surging to a ten-year high that represented 81 percent growth over 2009 as compared to the overall industry average of 13 percent..."

It goes on to mention that:
"The pharma industry is a nascent adopter of outsourcing as compared to some other industries, but multiple factors have emerged that are driving adoption, and we saw strong evidence of these dynamics coming into play last year when the market peaked," says Amneet Singh, VP, global sourcing. "The spike we saw in 2010 was largely the result of pent-up demand from the recessionary economy; however, the business drivers for outsourcing adoption remain and continue to evolve. Cost pressures, a changing pharma ecosystem, emerging markets and other market forces are continuing to drive the market. Moving forward, we expect to see an increase in sourcing of drug development and research, supply chain, data management, and analytics functions."

The amount of outsourcing that we are seeing is large...and it looks like the trend will only continue.

Rallying Pharma's Rebels - article in Forbes

2011-08-03T21:50:00.002-04:00

Very interesting article over at the Forbes Magazine Website. You can read it here.

The article discusses the ideas of Bernard Munos who had worked in sales for 30 years at Eli Lilly.
According to the article, Bernard, "has spent the past decade studying pharmaceutical innovation. He thinks he has an answer to what ails Big Pharma: Cut research and development.

That's just part of his prescription for changing how medicines are invented. Munos says the drug industry needs to spend research money in an entirely new way. Instead of chasing improvements to blockbuster drugs that help lots of people a little bit, it should focus on true breakthroughs that help patients a lot. And rather than do the research in-house, companies should close their labs and outsource the work to tiny, nimble startups that can explore bigger, crazier ideas."

The article concludes with a list of Munos' Laws:

1. Regain the trust of physicians, regulators and payers.
2. Stop chasing blockbusters, which help lots of people a little bit,
and start chasing breakthroughs, which help patients a lot.
3. Do what works. Stop trying to manage drug discovery with Six Sigma processes.
4. Lower costs with collaborative research.
5. Mitigate risk by developing lots of potential breakthroughs, not by
trying to develop projects that seem low-risk. History says the risk
is never low.
6. Don't move anything into human trials unless it is a potential breakthrough.
7. Cut research and development.

While I don't agree with everything Mr. Munos proposes, I do think he raises some very valid points.

Drug Makers Expect Tough 2011

2011-01-30T20:26:00.002-05:00

According to an article in the Wall Street Journal, the Pharmaceutical industry is anticipating a tough year in 2011.
But our experience suggests otherwise.
Beginning in the middle of last year and continuing so far through the very early part of this year, we have seen not only a strong uptick in hiring, but attitudes overall seem to be improving in the industry.
Bottom line: The news coming out of the industry is starting to be more positive.
Hopefully the worst is behind us...........

Recruiters Rethink Online Playbook - Article in WSJ

2011-01-19T20:26:00.005-05:00

An article in yesterday's Wall Street Journal details the decision by a number of companies to rethink how they recruit new talent.

The article opens by stating that:
"Rather than sift through mounds of online applications, they are going out to hunt for candidates themselves."

The article continues by citing the experience of SAIC:
"Inundated by online applicants, McLean, Va.-based government contractor Science Applications International Corp. plans to cut the number of job boards it uses in the coming fiscal year to six from 15 or so, says company vice president Kara Yarnot.

SAIC has asked its 125 U.S. recruiters to find candidates for analyst, engineering, and other jobs on professional social networks instead.

'It's almost a throwback to the old, dial-for-dollars method of recruiting,' says Ms. Yarnot. 'We need to reach candidates earlier, before they're being pursued by competitors.' "

It's not a surprising development. A lot of my clients have complained of being flooded with scores of resumes from unqualified candidates when they post jobs online. They feel that that job boards are generally not a good source of talent. And what is a job board but essentially an electronic version of a newspaper want ad. The simple reality is that you don't consistently find your best candidates from an ad...whether it is a newspaper or on-line advertisement. The best people are usually not actively looking.

That is not to say you can't fill a position with a great candidate whose resume you snatched off a job board. But as one of my favorite clients...a VP of R&D with a major Pharma company....used to say..."You may get lucky and fill a single position with a great candidate by simply running an ad or scouring an online job board....but you can never build a successful organization that way."

Finding good talent is a labor intensive process. It requires talking to a lot of people. It requires a lot more effort than simply following the old "Post and Pray" approach.

Pfizer continues its buying spree

2010-10-14T11:24:00.002-04:00

This just in:
Pfizer Inc. (NYSE:PFE) and King Pharmaceuticals, Inc. (ETR:KIG) recently issued a joint statement confirming that a merger agreement had been approved by the boards of both companies, and that through this agreement, Pfizer Inc. would acquire King Pharmaceuticals, Inc. for a sum of $3.6 billion. You can read the full article here.
Apparently Pfizer is very excited about not only King's pain drug portfolio, but its pipeline as well.

Pharma layoffs near 35K in first half of 2010

2010-07-01T17:26:00.003-04:00

Fierce Biotech has just posted an article here that contains some fairly scary statistics.
According to the article:

"The pharmaceutical industry has eliminated 34,987 positions so far this year, second only to the goverment in total number of layoffs in 2010."

As I have said before...The Pharma Industry is still a great place to work...but the industry is changing...and the environment is much more competitive.

One long time Pharma Executive said to me recently, "This industry has changed dramatically. It is very different then when I started. But I still love working in Pharma because there are not too many other places I can work where I can make something that actually can save someone's life. That feeling is what got me into the industry. And that feeling is what keeps me here."

I could not agree more....

Find Your Perfect Pharma Partner Online

2010-06-10T12:12:00.002-04:00

Interesting article on Pharmaceutical Executive's website.

According to the article:

"At a weighted cost approaching $1.8 billion to bring a new molecular entity to market, few pharmaceutical companies have the pipelines required to replace revenues threatened by loss of patent protection. As a consequence, there are many within the industry that believe something has to significantly change about the way pharma companies innovate and develop drugs."

Increasingly Companies are expanding beyond the traditional means of finding Partners.
More and more, deals are being initiated using online relationships and networks. The article goes on:

"How do people in these organizations find each other in the new vast virtual pharma world? The old wisdom dictated that business development people worth their salt know who to call, they don't need a database. But this is no longer the case; nowadays, they can take advantage of the growing proliferation of partnering conferences, databases and consultants playing matchmaker.

Matchmaker databases include PharmaLicensing, which recruits innovators to list their assets for partnering and recruits buyers of innovation to find these assets. Thomson Reuters has recently taken this concept a step further in its Outpartnering Registry, which lets innovators list for free their drug partnering interest directly in its pipeline database, which many top pharma business development groups use to find drug licensing opportunities.

Big Pharma companies have traditionally relied on such databases to summarize and index the current state of the drug development pipeline, but, increasingly, smaller companies, venture capitalists and CROs are using such databases to find partnering opportunities."

While no deal, especially deals as complex as those in Pharma, will be done totally online, it appears that the concept of 'online networking' is continuing to extend beyond sites like Facebook and into Pharma. It truly is becoming a virtual world.

Judge's recent ruling and its impact on the Generics Industry

2010-05-28T14:06:00.002-04:00

Interesting post by Ed Silverman on Pharmalot on the decision by US District Judge Berle Schiller to refuse to dismiss a lawsuit by consumers who allege two generic drugmakers failed to warn about side effects caused by differences in their versions of the Wellbutrin XL antidepressant.

Ed writes:
The lawsuit alleges that Teva Pharmaceuticals and Impax Laboratories became aware of the side effect issue, but failed to warn the public about differences that affected the release rate of the active ingredient. “A generic drug manufacturer is not absolved of liability because the FDA has approved its generic product,” Schiller wrote (read the ruling).

Some background: In 2003, GlaxoSmithKline released Wellbutrin XL, an extended-release form of the pill that could be taken just once daily and used a membrane-release technology, which meant the drug would seep at a controlled rate through a membrane that passed through the entire body intact, The Legal Intelligencer writes.

Since the membrane technology was patented, generic manufacturers who wanted to release a version of Wellbutrin XL were forced to devise their own methods of delayed release. Impax and Teva used a different matrix technology and their drugs achieved peak concentrations in two hours. Wellbutrin XL and generic versions made by other companies achieved this in five hours.

For patients who switched, the faster release made the drug less effective in combating depression, according to the lawsuit, which alleges neither Impax nor Teva took steps to warn doctors or patients that their versions worked differently or disclosed side effect complaints.

Bottom line - This decision obviously will have some impact on the Generic Industry. It has somewhat changed the landscape.

But the good companies in the industry will do what they have always done. They will see that the legal landscape has changed...they will adapt and make the necessary changes to deal with the changes...and they will continue to move forward.

Humans: Why They Triumphed

2010-05-23T16:16:00.002-04:00

This post is a little off the beaten path for this blog....but there was an interesting article by Matt Ridley in yesterday's Wall Street Journal. You can view the article here. The article is essentially a synopsis of a new book that Matt has just written. Matt writes in the article that:

Human evolution presents a puzzle. Nothing seems to explain the sudden takeoff of the last 45,000 years—the conversion of just another rare predatory ape into a planet dominator with rapidly progressing technologies. Once "progress" started to produce new tools, different ways of life and burgeoning populations, it accelerated all over the world, culminating in agriculture, cities, literacy and all the rest. Yet all the ingredients of human success—tool making, big brains, culture, fire, even language—seem to have been in place half a million years before and nothing happened. Tools were made to the same monotonous design for hundreds of thousands of years and the ecological impact of people was minimal. Then suddenly—bang!—culture exploded, starting in Africa. Why then, why there?

The answer lies in a new idea, borrowed from economics, known as collective intelligence: the notion that what determines the inventiveness and rate of cultural change of a population is the amount of interaction between individuals. Even as it explains very old patterns in prehistory, this idea holds out hope that the human race will prosper mightily in the years ahead.....

Matt goes on to describe in detail why he feels that our human propensity to trade, whether it is trading material items or ideas, bodes well for the future of mankind. His overall viewpoint is extremely uplifting and positive. And his thesis is a refreshing break from all of the doom-and-gloom predictions that we tend to hear. [His perspective is very similar to an economist that I greatly admire; the late Julian Simon. Julian felt that man's ability to think and solve problems was our greatest resource.] There is so much negativity out there, especially in the Biotech and Pharmaceutical industries, that it is easy to be overwhelmed. It is important to realize that while there are problems and issues that need to be addressed, in the long run things will get better.

I enjoyed the article so much that I ended up buying Matt's book on Amazon yesterday. I will post more on the book once I receive it.

More good news for Biotech in the Health Care Reform Legislation

2010-04-19T15:12:00.004-04:00

Most people have been focusing on the 12 year Data Exclusivity afforded by the Health Care Reform Bill. But Forbes magazine has a great article regarding a part of the Health Care Reform bill that is not getting a lot of discussion.
In the article, the authors state:

Buried in the recently passed health reform package is a provision that provides an unusual and tremendous benefit to small and mid-sized (under 250 employees) biotech firms and their investors. This extraordinary gift from Congress (courtesy of a push by Sens. Robert Menendez, D-N.J.; Maria Cantwell, D-Wash.; and John Kerry, D-Mass.) provides a 50% tax credit for qualified biotech investments for tax years 2009 and 2010, or a grant for the same amount tax-free.
Thus a biotech company that has a tax liability can see its tax bill slashed and a business that has no tax liability can receive a nontaxable grant for the same amount. Bottom line: With this new provision a biotech business can look to put big money in its pocket immediately. Your business makes a qualified investment of $1 million and it gets a $500,000 tax credit or a $500,000 check from Uncle Sam. Wow.

This could prove to be a phenomenal boon to the industry.....

More Good News - R&D Investment by U.S. Biopharmaceutical companies is up

2010-03-18T10:07:00.002-04:00

Fierce Biotech reports here that:

Despite a fragile economy, America's pharmaceutical research and biotechnology companies invested a record $65.3 billion last year in the research and development of new life-changing medicines and vaccines - an increase of more than $1.5 billion from 2008, according to analyses by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Burrill & Company.

The article goes on to say:

While companies have been forced to make difficult business decisions, research spending as a percentage of sales remained high in 2009. Over the past nine years, America's pharmaceutical research companies have consistently invested around 18 percent of domestic sales on R&D activities.

Again, while the industry is still experiencing dynamic change, at least there are still some positive trends that we anticipate will help to set the stage for future growth within the Pharma industry.

Good News / Bad News for Pharma

2010-03-13T12:29:00.003-05:00

Interesting blog post here entitled "Pharma Layoff Stats Show the Glory Days of Drugs Won't Be Coming Back". The post details the number of layoffs the industry has been experiencing.

While the news has been bleak for the industry, the worst may be behind us.

John A. Challenger, CEO of Challenger, Gray & Christmas, a major Outplacement Consulting Firm says:

"… there is an overall sense that we have turned a corner. With downsizing showing dramatic signs of stabilization, chances are good that increased job creation is approaching."

Mr. Challenger is also quoted as saying:

“We are seeing more job cuts related to business strategy, as opposed to cuts stemming from recessionary pressure. In other words, we expect cuts from mergers and acquisitions or from companies shifting focus from one business area to another.”

My opinion is this....the Pharmaceutical industry is in the midst of a significant contraction.
And the future of the industry may appear bleak.
HOWEVER....there is some truth to the saying that it is always darkest before the dawn.
What the industry is experiencing now is a major shift in its business model.
The old "Blockbuster" model under which the major Big Pharma firms achieved their dominance is no longer valid.
So the industry is changing. And change...even if it is for the good...is not always easy.

Bottom line....I tend to be a contrarian. Any time I hear the 'experts' all lining up in agreement with regards to any topic....I believe that in most instances...over time....the exact opposite will occur.
For example...when I became a Recruiter almost 20 years ago....I remember reading articles about how the Pharmaceutical Industry was bullet-proof. There appeared to be no end in sight for the dominant Big Pharma companies. The stock pickers on Wall Street claimed Big Pharma was recession-proof. They claimed the good times would never end for Big Pharma. The joke was as long as there was Disease...Big Pharma companies would always be extremely profitable.
And at that time...it appeared these companies would rule the Pharma landscape forever.

But things change. Industries change. Companies change. The world changes.

Now we hear the Pundits claiming that not only is Big Pharma in trouble...but the entire industry is in jeopardy. These same 'experts' are now touting the demise of the industry.

I could not disagree more.

I never believed the claims that the industry was bullet-proof. And I certainly don't agree with the predictions of the industry's demise. Like most things the truth lies somewhere in the middle. There will continue to be change. There will continue to be some 'pain'. But the industry will re-emerge...looking differently....but still in a position to thrive in the future.
And for people who love Science....love solving challenging problems...and relish the prospect of being in a position to help improve the lives and health of other human beings....the Pharmaceutical industry will still be a wonderful industry to work in.

Former Schering CEO sees more Pharmaceutical consolidation

2010-02-13T14:49:00.003-05:00

Fred Hassan sees more consolidation in the Pharma sector.
You can see the interview here.
He claims that further consolidation is imminent because of two major factors:

1] New "Innovation Investments" require larger pools of resources. Hassan feels larger companies are better able to find drugs for complex diseases like Alzheimer's etc.

2] Smaller companies are running into cash-flow problems....and other than being acquired...these smaller companies have limited options with regards to sources of additional capital.

It is a short interview...but Hassan offers an interesting perspective in the clip.

Pfizer to chop billions from R&D

2010-02-04T11:41:00.002-05:00

Fiercebiotech reports here that Pfizer is planning to cut R&D spending by $3 Billion by 2012.

I have felt for years that the Big Pharma business model was no longer valid in the current environment. Bigger is no longer better.

What does that mean for an R&D Chemist/Scientist in Pharma?

It means that while no company is 100% guaranteed secure and stable....going forward....you will have more relative security and stability in the smaller and mid-sized Pharma/Biotech firms than you will have in Big Pharma.

Pfizer and Merck signal impeding deep cuts in R&D

2010-01-11T13:50:00.002-05:00

Pfizer and Merck are starting to release the numbers for their initial cuts in R&D.
However, this article on FiercePharma states:

"These layoffs are just the beginning, of course. Both pharma companies are planning deep cuts to eradicate any overlaps with the companies that they are swallowing. And in another ominous note for Big Pharma's embattled R&D organizations, Merck CEO Dick Clark (photo) told an audience attending a Goldman Sachs event that the company has to look at "the number of research sites you need" post-merger."

The article goes on to state:

"None of this can come as any kind of a surprise at the companies, which have made it clear that the old days of monolithic R&D groups left in complete charge of new drug development are over. They also have to deliver big cuts to investors hungry to see some real synergies following the M&A splurge. The cuts, though, create new opportunities for biotech companies with bright pipeline prospects."

The question is who will oversee drug development then if not R&D?

Pfizer Continues Push Into Generics

2010-01-07T13:01:00.002-05:00

According to an article on FiercePharma, Pfizer has entered into deal with the Indian Generics firm, Strides.

According to the article:

"The drugmaker has agreed to source 40 generic treatments--including a bundle of cancer meds--from the Indian firm Strides Arcolab, for sale in the United States. The drugs will be marketed by Pfizer's relatively new Established Products unit, which sells some 600 off-patent products."

The article also noted that:

"...it's not Pfizer's first generics partnership, nor is it the drugmaker's first venture with an Indian generics maker. Last year negotiated for the rights to more than 30 oral generics made by Aurobindo Pharma, for sale in the U.S. and Europe. The deal also included 12 injectable antibiotics."

Pfizer's Established Products unit has only been around for a short period of time.
According to Pfizer's web site:

"Pfizer's Established Products Business Unit (EPBU) was created in 2008 to provide underserved patients with affordable medicines characterized by Pfizer's reputation for quality, safety, and innovation.

Led by David Simmons, President and General Manager, EPBU is a small, flexible unit that leverages Pfizer's strengths to manage the established product portfolio.

Established products are medicines that have lost patent exclusivity or are close to losing their exclusivity. Pfizer has over 380 established products, including many familiar brands such as Norvasc, Zoloft, and Zithromax.

Pfizer's global sales of established products are more than $10 billion annually."

These are interesting developments for Pfizer as a company....and the Pharma Industry as a whole....

The outdated concept of Job Security

2009-12-31T12:18:00.003-05:00

I have been spending the end of the year going through some old files and catching up on some reading.
In the course of going through some old notes, I came across the following quote from a book entitled Headhunters - Matchmaking in the Labor Market by William Finlay and James Coverdill. I have discussed this quote before, but recent events, especially in the Pharmaceutical and Biotech industries make this quote especially pertinent.
The quote is as follows:

"A vice president for human resources at AT&T argued, as his company was preparing to lay off thousands of workers, that employees needed to abandon old-fashioned notions of job security:
"People need to look at themselves as self-employed, as vendors who come to this company to sell their skills. In AT&T, we have to promote the whole concept of the workforce being contingent." He went on to suggest that even the very concept of a "job" was outdated and that employees needed to think of their careers in terms of "projects" and "fields of work," for the society was becoming one that was "jobless but not workless".

What is especially interesting is that the newspaper article from which the Finlay and Coverdill got their quotes came from is not a recent article. The quote actually came from a New York Times article dated February 13, 1996.

The bottom line is that the concept of job security....of big companies providing steady employment for workers is terribly false. In fact, we can expand on that last statement.
The bitter truth is that the concept of any company guaranteeing your employment is patently false.

The reality is that each individual employee is responsible for their own job security.
You cannot rely on a company to take care of you.
We are all self-employed.
The sooner each individual grasps this truth, the better off they will be.

People Make the Difference

2009-11-28T11:37:00.002-05:00

I came across a post on Pharma Conduct today that referenced an article that appeared in the Christian Science Monitor entitled: People making a difference: Steve Korman.

The article details how Mr. Korman, the CEO of Korman Commuications, has been appealing to his fellow CEOs to resist mass layoffs. The article goes on to say that:

"Korman recoiled earlier this year when he heard Pfizer Inc. CEO Jeffrey Kindler on CNBC explaining that despite the company's $16 billion profit, it planned to cut 8,000 jobs to boost that profit to $20 billion....It was just so cold," Korman says, though in true Korman form, he adds, "I'm sure [Mr.] Kindler didn't mean it to sound that way." But then he returns to his point: "These are not widgets we're talking about.... These are not jobs. These are people, families.... Where are you going to go to find a job these days?"

So, as a Pfizer shareholder, Korman wrote to Kindler and to the CEOs of other companies in which he held stock. He placed ads in The New York Times and The Philadelphia Inquirer."

What is the message that Korman is sending to these CEOs?:

"Stop the "herd mentality" when it comes to mass layoffs. Forgo some short-term profits and stock value and keep people working....His point was that maybe we don't need to make the last dollar."

Now that is a message that we all should be embracing as we roll into the Holiday Season.

Big Pharma - still hungry for Biotech

2009-11-12T13:52:00.002-05:00

Big Pharma's appetite for Biotech deals has apparently not been sated. According to an article on Reuters today.

According to the article:
"Even amid aggressive cost-cutting, many big pharmaceuticals companies continue to seek biotech acquisitions in the hope of finding new drugs to replace those lost to generic competition."

However:
"....they will have to pay more than they did a year ago. The average value of U.S. biotech companies is increasing as funding flows back into the sector after a drought caused by the credit crisis....executives at the Reuters Health Summit said they need to make acquisitions and form partnerships to fill holes in their pipeline of new products, even if the terms are not quite as advantageous as they were a year ago."

Why is Biotech in NYC Floundering?

2009-10-18T15:36:00.002-04:00

Interesting article in The Scientist about the problems besetting the Biotech sector in NYC.
While acknowledging the city's "lucrative scientific output", the reality is that investments aren't "...yielding as many start-ups as other regions with comparable scientific investment."

Why is this the case?

The answer according to Jonathan Bowles of the Center for an Urban Future, a New York City think tank, "is that 'for a long time [technology transfer offices] put too much emphasis on the blockbuster deal,' ignoring smaller technologies that could have been developed by start-up companies with the help of venture backing"

I find it interest that people are still 'swinging for the fences' and pursuing blockbusters....that strategy really seems somewhat dated in this environment.....

Pfizer's Silence

2009-10-11T13:34:00.002-04:00

Pfizer has been very close-lipped about the subject of lab closings and job cuts. Everyone from the Governor of CT to chemists in the lab are on edge.....

Some Good News - Pharma Growing Faster Than Expected

2009-10-08T13:14:00.002-04:00

FiercePharma reports here that:

A boost in American insurance will push worldwide drug sales up by 4 percent to 6 percent in 2010, IMS Health predicts. And global growth will continue at a 4 percent to 7 percent clip every year through 2013. Just six months ago, IMS had predicted that U.S. drug sales would fall by 1 percent to 2 percent this year.

It is nice to get some good news.....

Pfizer/Wyeth Site Closings

2009-09-28T12:26:00.002-04:00

Derek Lowe comments here on fellow bloggers Eric Milgram's crowd-sourcing approach to which Pfizer /Wyeth sites will be closed.
Milgram's approach is interesting to say the least......

Pharmaceutical Industry Experts Wrong Again!

2009-09-17T14:47:00.004-04:00

Recent articles have chronicled the large number of lay-offs that are being experienced in the Pharmaceutical and Biotech Sectors.
FiercePharma had this to say on their website today.

But that is not the whole story.
While it is true that a number of the big firms are downsizing and that some smaller firms are shutting down....My firm seen a large uptick in hiring. While some firms are definitely trying to cut costs in order to deal with their diminished pipelines, other firms are definitely helping to pick up the slack in hiring.

Bottom line - The whole industry is in flux - we are in the midst of a very dynamic time.
But this is still a phenomenal industry to be in....and there are still tremendous opportunities not only in the area of scientific developments....but there are still exist a tremendous number of opportunities that will enable the individual to advance their career.

Years ago the Pharmaceutical industry was being touted as bullet-proof. Major magazines had cover stories where they espoused the theory that the industry was immune to the business cycle. these so-called experts claimed that the industry would continue to experience unparalleled growth with nary a hiccup.

I thought the experts were wrong then.

Now the 'experts' are burying the Pharma industry....now these same experts that years ago called the industry 'bullet-proof' are now sounding its death knell.

The experts are wrong again.

The truth is that there are still tremendous opportunities career-wise in Pharma....And the industry will....once we admittedly go through some more near term pain...emerge much stronger and even more prosperous.

And this is one prediction that will definitely come true.

Are you Single-Minded? Part 2

2009-09-06T14:05:00.003-04:00

Labor Day weekend has got me thinking again about the whole concept of work and what makes a person successful. In my last post, I had discussed the importance of single-mindedness.
After I wrote that post, I remembered an article I had read online years ago, In Defense of Workaholism, that did an even better job of of explaining the concept than I did. In the article, the author writes:

"The truth is this: if you want to succeed..., you have to be at least something of a workaholic. No one admits this, but it's true. You need to work hard to establish yourself, to fortify your reputation, to market your services, and to ensure that your clients are happy. The work never stops -- and because of this, you have to keep in close contact with your inner workaholic....Doesn't matter what your gig is, there's almost always a direct correlation between hard work and success. I'm currently on a tour of Europe with the Orpheus Chamber Orchestra, working on a project that should see the light of day by early next year. Each of the musicians comprising the group is an IP -- juggling their Orpheus gigs with all kinds of other projects. Some play for the New York Philharmonic, the American Ballet Theater, or the New York Opera, some teach at Julliard, others do Broadway shows or commercial work, and most do some combination of these. Each of these people is at the pinnacle of the music profession. And, to a person, they all work their posteriors off. They wouldn't be nearly as successful as they are if they sat around playing pinochle half the day, enjoying some mythical "balanced" work life that we're supposed to all aspire to."

Bottom line - if we want to be successful...we need to focus on that goal.

Don't fall for 'The Balanced Life' myth.

And as the old saying goes - "If you try to chase two rabbits, you end up catching neither."

Are you Single-minded?

2009-08-26T12:00:00.003-04:00

While the bulk of my posts have focused on developments in the Pharmaceutical industry, I also like to post occasionally on topics related to Career Development.
And along those lines, there is an interesting post here.

We often hear it touted that we should all strive to be well-rounded....that we should work to improve our weaknesses....that we should strive for a balanced life.

David Rendall does not agree with that philosophy. He writes:

"While you are busy diffusing your time and energy broadly in an effort to improve in a variety of different areas, someone else is obsessively developing their strengths and flaunting their weaknesses. They aren't allowing their weaknesses to distract them from focusing on the areas in which they have the greatest potential.

If you want to win, in your career or your business, you need to be singleminded. Don't let your weaknesses and the goal of being well-rounded keep you from a maniacal focus on improving your strengths."

I think his point is valid....Being successful in any one area requires sacrifice....including possibly giving up the pursuit of success in other endeavors.....

Rise in Hiring Activity

2009-08-12T13:18:00.003-04:00

Good news for job seekers in the Pharmaceutical/Biotech sector....
We have seen a significant surge in hiring.
I am not sure if this is just a blip on the radar....or if this development is the start of an upward trend.

Nevertheless - for now - there is a lot of hiring going on....

Bristol’s $2.1 Billion Medarex Deal -Brilliance or Desperation?

2009-07-25T15:14:00.005-04:00

The Wall Street Journal's Health Blog briefly discusses this week's acquisition of Medarex by Bristol-Myers Squibb here.

The article describes BMS as "an old-line pharma company sitting on a lot of cash ($8.1 billion as of the end of the second quarter, according to Bristol’s latest earnings report this morning) and facing the generic competition for its blockbuster Plavix in a couple of years." On the other side of the aisle, you have Medarex, which is more of the 'New Kid on the Block...the hot upstart Biotech with promising cancer meds in late stage development and testing.

The reality is this....The potential rewards of this acquisition are promising...but the price of admission is high.
According to the WSJ article..."Bristol is paying a 90% premium to Medarex's Wednesday closing price,..."

And a quick glance at Google Finance shows that Medarex earned $10 Million last quarter...but lost almost $47 Million.

So while the potential is there...the question is...Did BMS pay too much for some potential?
Is this a strategically brilliant move? Or is it one that smacks of desperation?

Celgene's Revlimid shows promise as first-line treatment

2009-07-24T11:21:00.002-04:00

Reuters reports that:
"Celgene said its multiple myeloma drug Revlimid significantly improved progression-free survival in patients undergoing initial treatment. The study's findings could boost the chance of expanding Revlimid's use outside the U.S., the company said. The product is approved only for patients who failed to respond to other therapies. "

Very nice development for Celgene......

Pharma Death Spiral

2009-07-22T11:12:00.002-04:00

Sally Church has another interesting post on her blog where she asks what Pharma companies are in the proverbial 'Death Spiral'.
There is no doubt about it....the Pharma/Biotech industry is going through a very dynamic time.
The reality however is that while there are a number of Pharma and Biotech companies that are in serious trouble, there are an even greater number of companies that are doing well. These companies are poised to not only survive in this new marketplace, but will actually thrive.

There will be losers in the industry...and change is inevitable. But we can rest assured that the industry will continue to thrive. Unless someone invents a pill that totall eradicates illness in all humans, the Pharma/Biotech industry as a a whole will continue to be successful.

Senate panel gives 12-year exclusivity to biotech drugs

2009-07-14T14:31:00.002-04:00

The Senate Committee on Health, Education, Labor and Pensions approved a 12-year data exclusivity clause for Bitoech companies before they have to share their drug-making data with generic drug manufacturers. You can read the article here.

There was a strong push by the Obama administration for a seven-year exclusivity limit.

According to the article:

"Biotech companies had pushed for a longer period of data exclusivity because, they say, it can take 15 years and as much as $1 billion to bring a new medicine to patients. They say data exclusivity to recoup money they’ve invested to make the product.

But supporters of a shorter time limit say long-term data exclusivity gives profitable biotech companies an unfair monopoly on the costly drugs. They say their ability to make biosimilars - the lower-cost generic versions of the biotech drugs - will lead to lower health-care costs."

But the 12 year exclusivity period is by no means a done deal...the measure still needs approval buy the full House and Senate.

Stem cells used to repair heart damage

2009-07-10T23:39:00.002-04:00

I know....3 posts in one day....But this story is absolutely fascinating...and this is why I love the Pharma/Biotech industry.

Your Biggest Weakness - How to answer this Interview Question

2009-07-10T23:14:00.002-04:00

Over on the Recruiter's Roundtable at Yahoo Hotjobs there was a discussion regarding how to field one of the most commonly asked Interview Questions, "What is your Biggest Weakness?"
You can view the whole discussion here.

I thought the advice from Delynn Senna, Executive Director from Robert Half International, was excellent. She replied:

"There are times when I ask job candidates this question. It's not that I want to nitpick or make people feel uncomfortable, but rather I want to see in which areas they feel they need to improve and what they are doing about it. In order to advance professionally, we all need to be able to honestly identify not just our strengths but also our weaknesses and how we can upgrade in these areas.

I recommend that job candidates be upfront during interviews. Don't say you have "no weaknesses" or "work too hard." Instead, tell hiring managers what you are working on improving and what you've done to build your skills in these areas.

One thing to keep in mind: If one of your weaknesses is directly related to the position and could potentially take you out of the running, the opportunity may not be right for you."

Bottom line - the reality is that you should be honest. If you really have a weakness that would inhibit your ability to do the job....then you really should not be interviewing for it.

New Biotech Firms' Discoveries Need More Protection

2009-07-10T22:33:00.002-04:00

Just read an interesting article here.

The article states that...

"According to a new study commissioned by the National Venture Capital Association....Early-stage venture capital-backed biotech companies should be able to hold exclusive rights on their medical discoveries for at least 12 years because their investors expect 20% returns to repay them for the “extraordinary (investment) risk.”

However, the article goes on to say that:

"Legislators now formulating a new FDA approval process are assuming a 10% internal rate of return for venture capital fund investors."

The articles closes by saying:

"A shorter exclusivity period would make it difficult for venture capital backers of biotech companies to earn returns on these companies, according to the study by Joshua Lerner, Jacob H. Schiff Professor of Investment Banking at Harvard Business School; and Iain Cockburn, professor of finance and economics and Everett W. Lord Distinguished Faculty Scholar in Boston University's School of Management."

I think the article is spot on.
The reality is this....no one is going to assume risk without the promise of some reward!!
It is that simple.
However Congress seems to believe that Venture Capitalists are going to fall all over themselves to fund companies involved in risky drug projects and that these same Venture Capitalists will assume all of the financial risk if the drugs fail. Yet Congress assumes these same folks are going to do this without the promise of any real Return on Their Investment.

Sometimes this stuff just boggles the mind....

Talent is more expensive than capital

2009-06-30T13:58:00.004-04:00

Great post over at Talentism entitled - Start: 20 Rules for Recruiting in the Creative Age.
You can read the whole post here.
But my favorite rule is Rule #1 [also repeated for emphasis as Rule #20].

1.) Talent is more expensive than capital.

Good companies remember this rule. Bad companies never learned it.

Japan approves first generic biotech drug

2009-06-25T11:21:00.002-04:00

According just a story in Reuters that just broke here:

Japanese regulators approved a human growth hormone from Novartis AG, the first green light in Japan for a biosimilar or generic version of a biotech drug, the Swiss drugmaker said on Thursday.

Biosimilars are viewed as a promising new market, given the pent-up demand for cheaper versions of extremely expensive biotech drugs, some of which are coming to the end of their patent life.

Somatropin, made by Novartis' generics unit Sandoz, is for treatment of growth hormone deficiency in children and growth disturbance associated with Turner's syndrome or chronic renal insufficiency, the group said.

It will be interesting to see how this development plays out.....

Nobel laureate Richard J Roberts says "Future is in Biotech"

2009-06-20T13:39:00.002-04:00

The recent economic woes have cast a pall over a wide swath of industries. The Pharmaceutical and Biotech industries have been particularly hard hit this time.
And for the first time in my 18 years as a Recruiter, I actually have candidates asking me how to transition out of the Pharma/Biotech fields.

But not everyone is despondent about the prospects for the industry.

Nobel laureate Richard J Roberts opines here that "The futures lies in Biotech."

Roberts says that despite the current economic woes, now is the best time to be in the industry. Roberts goes on to say:

"Recession is the right time for this because there are no competitors. The early bird always gets the worm....We still know very little about biology and the mechanisms of life. So this provides us with a huge opportunity to focus on areas that humanity needs most. Far from being a negative factor, the recession has provided us with an opportunity to plan and consolidate better."

Roberts adds that the "key thrust areas where the biotech industry can catch up are genetically-modified food, bio-energy, stem cell research, synthetic biology and personalised medicine."

Personally I think Roberts is right on the mark. The future for Biotech still burns brightly.

The Power of Weak Ties on Facebook

2009-06-18T18:16:00.003-04:00

I just heard about this video and this website on Twitter today.
Shama Hyder has been named one of the 50 Most Influential Women in Social Media and she has a great video over at her site, Shama.Tv that discusses The Power of Weak Ties on Facebook. [Although the value of 'weak ties' extends not just to Facebook, but across all social media. And in fact, I think it is fair to say that, 'weak ties' have value in the 'analog' world as well :)]

I think not that only job seekers, but anyone who is looking to improve themselves, will enjoy this video. It is good stuff!

Creative Marketing Promotion - Free Hair Color For Job Hunting Women

2009-06-14T15:10:00.002-04:00

This is a little off-topic from what I usually post about....but I thought this promotion by tng worldwide and Kemon was a really great example of some creative marketing coupled with companies offering a good old-fashioned 'helping hand' to the community. Kemon and tng worldwide are teaming up to offer free hair color for job hunting women in the Detroit area. You can read the details here.
The program is called Hair for Success.
According to the article:

Larry Gaynor, CEO and president of tng worldwide....convinced local salons to donate their time, talent and services for the Hair For Success event, while tng worldwide is supplying the Kemon coloring product that stylists will be using on the women. It is one of the most sought after color products in the industry. Gaynor expects to help 2,000 women during Monday’s event by giving away about $100,000 in professional color treatments.

This program is a great example of 'giving before you get'. And it seems like this event will be a winner for all who are involved.....

Be Professional when Job Hunting

2009-06-13T12:45:00.002-04:00

Marvin Walberg has a good article with some basic common-sense tips about how to conduct yourself on your job search. You can read the article here.

One of his tips is as follows:

Get a permanent and appropriate e-mail address. If you want, use one for friends and fun and another for business, using your name or initials — no cutesy names like hotmamma1795@hotmail.com, or — well, you know what we mean.

Now you would think that most people would know that they should use an appropriate email for their business related conversations....but that is not always the case. Years ago, I had a candidate that had an email address that was, shall we say, somewhat pornographic in nature. It was listed at the top of her resume. When I mentioned to her that she may want to consider using another email address for her job search, she balked at the suggestion.

Needless to say, I did not spend any more time working with her.

Palm's Pre Proves The Value of Recruiting Talent

2009-06-09T21:15:00.005-04:00

Greg Kumparak over at MobileCrunch writes here about the resurgence of Palm.
How did Palm do it? They went out and recruited the people that they needed. And did they simply post a couple of ads and hope the right people responded to them?
No - Palm went out and aggressively recruited the talent that they wanted and needed from their competitors.

Kumparak writes:

"In early June 2007, Palm was teetering on the edge of obscurity. Their flagship Treo product line had gone stale, numbers were down across the board, and rumors of a sale were abound. On June 4th, 2007 it was announced that Elevation Partners had purchased a 25% equity stake of Palm for $325 million. Flash forward to today; just two years later (almost to the day), Palm has launched the Pre, a phone which managed to nab the attention of just about every blog and blog reader out there.

So what changed? What had that new-found $325 million bought them? Talent. Lots and lots of talent - from their competitors, no less. With a good amount of lucky timing and some decent salary proposals, Palm managed to snatch up at least 8 people who were just oh-so-damn good at what they do, ending up with the Palm Pre and webOS as a result."

The moral of the story....if you want to build a quality organization....if you want to make products that people want to buy....you can't just passively sit back and wait for talented people to beat a path to your doorstep. You have to go out and find them!!!

Worker Burnout

2009-06-06T16:15:00.002-04:00

Joel Cheesman writes here that workers who have survived layoffs are increasingly experiencing burnout. Joel writes:

"...according to CareerBuilder’s latest survey of more than 4,400 workers nationwide.

Forty-seven percent of workers reported they have taken on more responsibility because of a layoff within their organization. Thirty-seven percent said they are handling the work of two people. Thirty percent feel burned out.

To accommodate growing to-do lists, 34 percent of workers who kept their jobs after a layoff reported they are spending more time at the office. Seventeen percent are putting in at least 10 hours per day. Twenty-two percent are working more weekends."

Should be interesting to see if these 'burned-out' employees stick around...or if they end up moving on to other companies once the economic recovery begins.

Why should a company hire you?

2009-05-30T14:08:00.002-04:00

Just a quick post...
I just got off the phone with a candidate.
I asked him - "Why should my client hire you?"

The candidate's response was to simply list their current job responsibilities.
Basically they rehashed the list of responsibilities that appears on their resume.

That type of answer will not get you hired!

Bottom line - on your interview - don't simply discuss your responsibilities.
Instead focus on talking about your accomplishments.

More on this topic later.....

J&J and the Merck/Schering Reverse Merger

2009-05-30T13:26:00.002-04:00

J&J filed for arbitration to end its revenue-sharing deal with Schering-Plough, due to Schering's merger with rival drugmaker Merck.
The problem for J&J is that Merck and Schering designed their deal as a reverse merger.

Here is J&J's problem....This is traditionally how a Reverse Merger works (you can read the complete BioJobBlogger post here):

Generally speaking, a failing or failed publicly traded company that is listed on one stock exchange or another merges with a privately held company. The privately held company takes over the public stock listing and manages the day-to-day operations of the new business. Private companies that engage in reverse mergers are usually looking for cash infusions for product development or a stock listing (without going through an initial public offering) which offers it shareholders immediate cash value. Investors who previously held stock in the public company are either compensated for their shares in cash or given shares (at a negotiated price) in the new entity. Any cash (or assets) left in the public company can be used to develop the formerly private company’s product(s) and if successful, shareholders in the old public company can eventually benefit.

But last I checked, neither Merck or Schering is a private company. So why in the world would they do a reverse merger?

Here's why - Again, according to the BioJobBlogger:

Schering-Plough markets Remicade outside of the US under an agreement with Johnson and Johnson which sells the drug in America. A termination clause in the original marketing agreement stipulates that the ex-US rights to Remicade (and another drug being developed) would revert to Johnson and Johnson if control or ownership of Schering Plough changes. Remicade, a treatment for rheumatoid arthritis, developed by Johnson and Johnson’s subsidiary Centocor, represented $2.1 billion in sales for Schering in 2008. Further, about 70% of Schering Plough’s revenue comes from outside the US. That said, the success or failure of the deal really hinges on whether or not Johnson and Johnson will challenge the change-in-control clause for Remicade. To obviate that possibility, Merck devised an unusual reverse merger strategy in which ownership of Schering Plough will not change hands—at least on paper anyway. Instead, even though Merck is putting up the money to purchase Schering, and Richard Clark, Merck’s Chairman and CEO, will run the newly combined company, Merck would technically become a subsidiary of Schering Plough and consequently there would be no change in Schering Plough management!

It will definitely be interesting to see how the arbitration process plays out.

Where do you find the time?

2009-05-16T14:01:00.003-04:00

I sometimes get kidded by my family and friends about the amount of time I spend on the various forms of Social Media. People who think nothing of sitting on the couch and watching a 3+ hour Yankees game...or hunkering down for a night of American Idol are always questioning me as to where do I find the time for my Blog, Twitter, Facebook etc.
Well, this afternoon I was reading Connie Crosby's blog and came across this post. Connie had embedded a video where Clay Shirky talks about this very issue.
Next time I am asked the question regarding where do I find the time...I will point them to this video.

Biotechs To Dangle Data for Cash at Cancer Drug Meeting

2009-05-15T21:47:00.002-04:00

An article in today's Bloomberg paints a pretty bleak picture with regards to the prospects for a number of cash poor small biotechs. For some of these companies, this year's American Society of Clinical Oncology meeting will be their last attempt to obtain a much needed infusion of cash.
According to Steven King, Chief Executive Officer of Peregrine Pharmaceuticals Inc.

"Failing to secure a development partnership, or to be sold outright, may force research delays and project shutdowns that can add years to the time it takes to bring a drug to market, or end the effort entirely...The current economy has made this the most important year, of all the years I can remember, for small biotechnology companies to get the attention of potential partners and investors at ASCO."

Steve Elek, head of Health-care Transaction Service for PricewaterhouseCoopers LLC elaborates further that,

“Without access to capital, early-stage biotechnology companies are looking to sell when a year or two ago they would never think of it....Ideally they would be able to move along a little further in the process to maximize value, but the cash burn makes that not feasible for them. I expect to see a lot more biotech M&A activity over the next six to twelve months.”

Not an easy time to be a baby biotech.....

Jeff Kindler and Dunbar's Number

2009-05-11T18:35:00.002-04:00

Interesting thought....the size of the group that Jeff Kindler proposes for a successful R&D group is 150 people....which is what Robin Dunbar postulates is the "theoretical cognitive limit to the number of people with whom one can maintain stable social relationships."
Coincidence or not....

Pfizer CEO’s Three Tips for Research Success

2009-05-11T18:26:00.002-04:00

Jeff Kindler in today's Wall Street Journal's Health Blog gives this summary of what he feels will lead to success in today's Pharma industry:

1. Each group should have between 100 and 150 scientists — few enough that they can all get together in the cafeteria to talk about what they’re doing.

2. Each should be run by a chief scientific officer prominent in the field.

3. They should be left alone “to create their own culture,” and should be judged, for the most part, on a single metric: Discovering drugs that demonstrate proof of concept.

Bottom line - Kindler's blueprint for R&D success looks striking similar to what GSK is currently doing.

Indian drug sales to US plunge 40%

2009-05-11T16:24:00.002-04:00

The Financial Times reports here that Drug Sales that:

"Indian exports of pharmaceutical products to the US fell almost 40 per cent in the five months between October last year and the end of February....The trend is likely to disappoint analysts. India's pharmaceuticals industry was touted as a sector that could weather the global financial crisis."

Interestingly, sales of Pharmaceuticals from companies in China, Israel and South Korea gained dramatically.

Networking: The Most Effective Way to Find a Job

2009-05-05T23:43:00.002-04:00

Matt Berndt has an interesting post on his blog entitled - Networking: The Most Effective Way to Find a Job. In his post he cites the following statistic:

According to a survey of 2002-2004 graduates of the UT College of Communication done five years after graduation:

More than 70% found their first job out of college via their networking activities
More than 78% found their current job (five years after college) via their networking activities

He goes on to write:

Again, this doesn’t mean they ignored online job boards, they just didn’t depend upon them as their primary means of finding employment.

I agree 110%!!
I always tell candidates that networking....whether by using their own network contacts or by using a Recruiter's network of contacts is by far the most effective way to get a new job. And if you have exhausted your networking options....and are still unable to gain access to a specific company....then by all means use the job boards. But Job Boards should only be a last resort....not your first option.

Swine flu could jump start new drugs

2009-05-03T13:34:00.003-04:00

What is bad news from a societal standpoint could benefit companies in the Biotech/Pharma sector.
Fortune Magazine details in an article here what companies stand to gain from the potential Swine Flu pandemic.

The pharmaceutical industry faces unprecedented barriers to evolution

2009-05-03T13:26:00.002-04:00

Great article here that details the challenges that the Pharmaceutical industry faces as well as the potential solutions to these challenges. Not a long article - but very well written and informative.

Statins guard against Prostate Cancer

2009-04-26T12:11:00.002-04:00

There is a fascinating article that was just posted on Forbes.com. You can read it here.
According to the article:

Several new studies suggest statins help prevent prostate cancer and reduce the risk of erectile dysfunction.

"At this point in time, there seems to be mounting evidence that there may be a future role for statins in prostate cancer treatment or prostate cancer prevention," said Dr. Lionel L. Banez, from the Division of Urologic Surgery and Duke Prostate Center at Duke University Medical Center and lead author of one study.

From a Men's health standpoint, this is great news.

great career advice

2009-04-13T11:25:00.002-04:00

Someone just posted this quote on Twitter and I thought it is very sound advice:

"Someone with a job is never secure, someone with a calling is never unemployed."

Medical Devices Face New Scrutiny From FDA

2009-04-11T11:50:00.002-04:00

This article appeared in the Wall Street Journal on April 8th.
According to the article:

The Food and Drug Administration asked several medical-device makers to justify their products' safety and effectiveness, as part of a move to require tougher evidence standards before products can be sold.

But here is the kicker:

The agency's request comes in response to a 1990 order from Congress that directed the FDA to gather rigorous evidence before a manufacturer can sell medical devices considered to be in the most risky category, known as Class 3.

But despite several attempts during the 1990s, the FDA hasn't finished implementing the law. In the past five years, it allowed hundreds of new Class 3 devices to be sold based on a less rigorous showing -- called a 510(k), after a section of federal law -- that they are "substantially equivalent" to combinations of other products marketed before 1976. Such evidence often is collected in a laboratory, not with a clinical trial in patients.

I know the proverbial wheels of Justice and Government grind slowly...but this is ridiculous.
This law has been on the books since 1990 and the FDA still has not fully implemented it.
And now the FDA is going back to the Manufacturers demanding more data on products that are already approved and on the market.....And these companies may actually have to go back and run Clinical Trials on already approved products.....Incredible!

Inspirational 97 yr. old doctor

2009-04-08T13:02:00.002-04:00

This post is a little different from my standard subject matter. But I figure anyone who is 97 years old and is still working and productive is definitely worth listening to. Hopefully you find Shigeaki's message as uplifting and inspiring as I did. And you can read the whole article here.

An excerpt from the article is pasted below:
At the age of 97 years and 4 months, Shigeaki Hinohara is one of the world's longest-serving physicians and educators. Hinohara's magic touch is legendary: Since 1941 he has been healing patients at St. Luke's International Hospital in Tokyo and teaching at St. Luke's College of Nursing. After World War II, he envisioned a world-class hospital and college springing from the ruins of Tokyo; thanks to his pioneering spirit and business savvy, the doctor turned these institutions into the nation's top medical facility and nursing school. Today he serves as chairman of the board of trustees at both organizations. Always willing to try new things, he has published around 150 books since his 75th birthday, including one "Living Long, Living Good" that has sold more than 1.2 million copies. As the founder of the New Elderly Movement, Hinohara encourages others to live a long and happy life, a quest in which no role model is better than the doctor himself.

Pharma Innovation in Legal Jeapordy

2009-04-04T14:01:00.002-04:00

Lawrence McQuillan writes a fascinating and frightening article regarding recent court rulings that will have a potentially tremendous negative impact on drug innovation. You can read the article here.
The recent Supreme Court ruling in Wyeth v. Levine (which held that even when a drug has been approved by the FDA, the drug manufacturer can still be held liable under state law) has garnered a lot of press.
But an even more frightening decision was rendered in CA in the case of Conte v. Wyeth.
McQuillan writes:

In Conte, a California appellate court ruled that those harmed by a drug don’t have to settle for suing just the manufacturer: now they can sue the inventor as well....The case involved plaintiff Elizabeth Conte, who claims to have suffered severe neurological problems after taking a generic version of the antacid drug Reglan. Conte first sued the generic drug’s manufacturer, alleging that the company was liable for the injuries caused by its product. But then she filed suit in California state court against Wyeth, the inventor of Reglan, though she had never taken Wyeth’s product. Incredibly, the appellate court ruled that Wyeth was legally liable for any adverse effects caused by the generic version of its drug. The makers of the generic product got off scot-free....In January 2009, the California Supreme Court decided not to review the decision, so it’s now Golden State law. Wyeth’s warning labels, and those of other drug inventors, will now apply not just to their own products, but also to those of other companies, which they do not control....The Conte ruling carries extremely harmful implications for drug innovation. The typical pharmaceutical company spends more than $1 billion developing a new drug and bringing it to market through a complicated approval process. Given current patent law, the company has just a few years to recoup its investment before generic drugmakers can enter the marketplace and churn out copies sold at a fraction of the original’s price. Making drug inventors responsible for problems with generics makes drug development that much more expensive—so much so that many companies will likely no longer be able to afford it. They’ll pull out of the market, and pharmaceutical innovation will decline. Conte also guarantees that pharmaceutical-company resources that would have been used for R&D will now be spent on legal defense.

In the long-run, the societal costs of these decisions will be staggering. Innovation will be stifled.
Drugs that could be developed that will save and/or improve people's lives will never leave the lab. It truly amazes me that the courts can arrive at these type of conclusions and that these types of decisions can actually be rendered.

Pharma Business Model Blues

2009-04-03T22:52:00.002-04:00

Rick Edmonds has an interesting post here entitled -Newspapers, GM and Big Pharma: Sharing the Business Model Blues.
Edmonds writes:

Pharma seems to be where newspapers were a decade ago, even five years ago -- loaded with cash, still highly profitable, but experiencing marked reduction in revenue growth. Cracks have appeared in the pipeline of developing new medicines and selling them for years as high-priced, proprietary brands.

He does not dispense any specific detailed solutions to the problems that beset Big Pharma....but the post is still an interesting read.

New Senate Bill Takes Shortcuts on Path to Biosimilars

2009-03-31T13:11:00.002-04:00

Senators Charles Schumer, Sherrod Brown, Susan Collins and Mel Martinez have introduced a bill regarding the approval process for the approval of Biosimilars.

However, according to Biotechnology Industry Organization President Jim Greenwood, the bill proposed by Senators Schumer et. al. is essentially a recipe for disaster.

According to Greenwood:

“While well-intentioned, the bill introduced today by Senators Schumer, Brown, Collins and Martinez follows its companion bill in the House (H.R. 1427, The Promoting Innovation and Access to Life-Saving Medicine Act) through the looking glass to a world of biosimilars that would jeopardize patient safety and undermine future medical breakthroughs.

“The legislation short cuts scientific requirements needed to ensure patient safety and creates an imbalanced system that could chill investment in research focused on discovering new treatments and cures for devastating diseases, such as cancer, Alzheimer’s, Parkinson’s and multiple sclerosis.

“As the U.S. Food and Drug Administration (FDA) has noted, biotech drugs are so molecularly complex that they are almost impossible to replicate accurately with existing science. Even minor differences in the purity of a biotech drug can change its efficacy and safety. With this in mind, any biosimilars legislation should mandate that FDA approval of a biosimilar include clinical trial data demonstrating its safety, purity and potency. Yet this bill includes language that would discourage the FDA from conducting certain clinical trials.

“More, the bill unfairly tilts the playing field toward biosimilars manufacturers. This legislation provides for less data exclusivity than traditional pharmaceutical drugs currently receive under the Hatch-Waxman regime even though every credible study on this issue has found that biologics will need greater data exclusivity than traditional drugs to ensure future medical breakthroughs. Additionally, innovators would be required under the bill introduced today to share detailed information about every applicable patent to biosimilar manufacturers, making it easier for the biosimilar company to bypass valid patents. Innovators, on the other hand, would have no ability to receive relevant information from the biosimilar manufacturer about the molecules, ingredients, and processes they use to create the biosimilar.

“A successful pathway to biosimilars must strike the right balance in ensuring patient safety and providing fair, responsible incentives for continued biotech research into cures for diseases such as cancer, multiple sclerosis, Alzheimer’s and HIV/AIDS and unmet medical needs. The bill introduced today fails to meet this reasonable metric.

“We urge Congress to ensure that any pathway for approving biosimilars is grounded in sound science, safeguards patient safety, and preserves incentives to develop future breakthrough therapies and cures.”

This topic is sure to be hotly debated over the coming months.....Stay tuned.

The Struggle for Baby Biotechs

2009-03-16T11:36:00.002-04:00

Sally Church has a great post on her blog about the coming cash crunch for baby Biotechs.
You can read it here.
Actually you should visit Sally's blog often. Her posts are consistently top-notch.

2009-03-04T22:55:00.001-05:00

Contradictory Supreme Court Decision and the Costs to Society

2009-03-04T22:39:00.005-05:00

According to an article in the New York Times here - today's Supreme Court decision sets the following scenario:

An injured consumer can sue a drug maker — but not a medical device maker?

That seemed to be the contradictory result of a decision Wednesday by the Supreme Court, ruling that federal law does not protect drug companies from product liability suits in state courts.

In contrast, the Supreme Court ruled last year that federal law does bar such lawsuits against the makers of heart stents, artificial joints and other critical medical devices.

While legal eagles will debate the nuances of today's decision - here is the real issue:

"[Today's]....decision would make companies more reluctant to produce beneficial drugs that come with higher risks."

Everything you ingest, whether it is Steak, Peanut Butter, Aspirin, and even Water, carries with it an element of risk. you cannot eliminate risk.
As a society, the cost of not developing life saving but potentially risky drugs, is a cost that we cannot afford to bear.

Genentech: Worth More Than Pfizer?

2009-03-02T21:45:00.002-05:00

I am going to have to file this post under the Category of things I never thought I would be writing - but according to an blog post on the Forbes website last Friday - Genentech is worth more [in terms of Market Cap] than Pfizer.

Matthew Herper writes here that:

"Check this out: This morning, Genentech's market capitalization of $91 billion exceeds that of much-bigger Pfizer ($84 billion.) Pfizer has annual sales of $48 billion, compared to $13 billion for Genentech....Over the past two years, Genentech shares have been basically flat, but Pfizer's stock has plunged more than 40%."

Who would of thought this was possible?

Publish Post

Pfizer wants to become more like J&J - easier said than done

2009-02-23T17:30:00.003-05:00

Jacob Goldstein posts at the Wall Street Journal Health blog that Pfizer's Jeff Kindler is quoted by Bloomberg as saying that:

“We are breaking the company down into smaller units so we aren’t dependent on any single product. I am a great admirer of J&J and Abbott’s business model.”

While Kindler expresses admiration for J&J and Abbott, the article goes on to stress that Pfizer is a long way from replicating the business models of those two companies.

Goldstein goes on to write:

If you were about to lose a $12 billion-a-year blockbuster, you too would be eager to be less dependent on any single product. J&J is indeed a famously decentralized company, and Kindler last year said he would reorganize Pfizer into smaller business units.

What’s more, the Wyeth acquisition will help Pfizer diversify into businesses such as animal health, consumer products and vaccines.

But the buy will hardly turn Pfizer into another J&J. Pfizer will likely pull in less revenue from Wyeth’s consumer health division (which includes brands such as ChapStick and Advil) than it drew from its old consumer health business, which it sold in 2006 to J&J.

What’s more, Pfizer still won’t be a player in the medical device business, which has been central to Abbott’s growth and a key piece of J&J’s revenues.

Way back in the ’90s, Pfizer had its own medical devices unit. But the prescription drug business was booming at the time, so the company sold off its medical device business.

The question now is - Does Pfizer intend to go out an acquire a Medical Device company in a bid to remake their company?

Thomas Friedman - Invest in Biotech, Nanotech and Clean Tech

2009-02-22T13:48:00.002-05:00

Thomas Friedman has a great piece in yesterday's NY Times. In a nutshell, Friedman thinks we should not be bailing out the economy's losers. Friedman writes:

"Our motto should be, 'Start-ups, not bailouts: nurture the next Google, don’t nurse the old G.M.’s.'"

Friedman elaborates his point when he writes:

"Yes, we have to shore up the banking system, which underpins everything; and finding a fair way to prevent hardworking people, who played by the rules, from losing their homes to foreclosure is both right and essential for stability. But beyond that, let’s think, talk and plan in more aspirational ways. We’re down, but we’re not out. As we invest taxpayer money, let’s do it with an eye to starting a new generation of biotech, info-tech, nanotech and clean-tech companies, with real innovators, real 21st-century jobs and potentially real profits for taxpayers."

Phenomenal stuff...and as usual Friedman is spot on in his assessment of what we need to do as we move forward to the Next Economy.

Career Adventure Blog

2009-02-22T12:53:00.002-05:00

I just discovered a great blog by Kristi Daeda called Career Adventure.
Kristi is an HR professional and a Career Coach who I met on Twitter.
The posts on her blog are excellent and full of specific and tangible information that will be of help to any job seeker. Go over to her site and take a look....you will definitely learn something.

Job Hunting is all about Networking

2009-02-22T12:29:00.002-05:00

David Rosman writing in the Columbia Business Times has a great article about Job Hunting.
You can read the article here.
Rosman's main premise is that Networking is what is going to help the majority of people find jobs. He also talks about JobAngels, which is "a 'grassroots' non-profit organization whose mission is to connect talented career professionals with those searching for work."
The work of the people involved with JobAngels further underscores the importance of networking.
Rosman closes the article with some solid advice:
There are four “Rosman Maxims” concerning the planning and execution of a career hunt. First, your future employer only cares how you can make them money, save them money or save them time. What you want is not even on the radar.
Second, a résumé will never get you the interview. But a well written, documented and professional résumé will reduce the likelihood of being first on the rejection pile.
Third, “It you tell enough people what you want, you will eventually get it.” Network, network, network. The idea that the majority of jobs are never advertised may or may not be true. However, with many companies now looking for qualified professionals, the more people in the field who know you are available, the higher the likely hood you will hear about the opening.
Fourth, “SW/SW/SW/N.” This goes along with the “If at first you don’t succeed” idea. You are going to get rejection letters; that is a fact of life. Yet another fact, many potential employers may never get back to you. These are not personal rejections. Just put a smile on your face and remember, “Some will. Some won’t. So what. Next!”

Get a copy of The Innovator's Prescription

2009-02-18T00:11:00.002-05:00

I am in the middle of a phenomenal book entitled The Innovator's Prescription by Clayton Christensen. The book provides a comprehensive blueprint for repairing our health care system.
I will discuss the book in more detail in later posts. But if you are involved in any way in the Pharmaceutical Industry...drop everything and get yourself a copy of this book. It is not an easy read. It will make you think. But it is absolutely brilliant!

Quote by Seth Godin

2009-02-16T22:14:00.003-05:00

I just came across a great and motivating quote by Seth Godin this evening.

"None of us is as smart as all of us."

It is hard not be somewhat overwhelmed by the problems we are facing not only as a nation, but as a global economy.
Yet the reality is that as severe as our problems in world currently are.....if we all work together, collectively we can...and we will....find solutions. No one single person is smart enough to solve these problems. But all of us together are smart enough to solve them.

Who is Sanofi-Aventis gonna buy?

2009-02-11T20:58:00.003-05:00

Reuters reports that Sanofi-Aventis is in the market to make an acquisition.
The article states that:

Sanofi has been mentioned as a possible buyer of Dutch vaccines maker Crucell (CRCL.AS), which has a market value of about 1 billion euros, and there has also been speculation it could make a play for its U.S. partner Bristol-Myers Squibb (BMY.N), which has a market value of around $45 billion.

My gut feeling is BMS is not a target. BMS is too big. Various other news outlets speculate while Sanofi is willing to open up it's purse strings....their targets are more likely to be small and mid-level companies. And the word on the street is that Sanofi is content to leave the big mega-mergers to Pfizer.

P&G to exit the Pharma Industry

2009-02-08T19:29:00.003-05:00

The Financial Times is reporting that P&G may be looking to exit the Pharma industry.
The article states that:

Mr Lafley [P&G's CEO] said that when P&G had been investing heavily in pharmaceuticals in the 1990s, the returns had been well above those from consumer products. “Today, pharma companies trade at multiples at or below consumer products,” he said.

He also drew attention to greater regulatory obstacles within the pharmaceuticals industry, and increased competition from generics that reduces the pay-off of companies’ research and development.

Mr Lafley said that in weighing potential divestitures, its primary focus in making decisions would be “creating maximum value for P&G shareholders”.

This is probably a wise move for P&G. The company never seemed fully committed to the Pharma industry. People in P&G's Pharma division have always told me that they felt that the Company's primary focus was on the Consumer Goods side of the business. P&G is a wonderful Consumer Prouducts company....but developing Pharmaceuticals is a whole lot different than making Shampoos.

Merck to go shopping?

2009-02-04T21:36:00.002-05:00

It looks like Pfizer is not the only Pharma Company with it's checkbook out.
The Wall Street Journal quotes Merck's Chief Executive Richard Clark as saying that "Merck would look 'across the whole spectrum' of deals, including a major takeover. 'I don't think in today's world any CEO can categorically rule out any type of transaction,' "

Traditionally Merck has been proud of its internal R&D programs.
But now apparently Merck wants to go shopping too.

Pfizer / Wyeth - The Opportunity Costs for R&D

2009-01-31T15:22:00.003-05:00

Derek Lowe has a great post over at SeekingAlpha.com about the drag on productivity that this merger is having on both Companies' R&D Departments. Derek writes:

I’d imagine that things have slowed down a great deal. No one knows what the future will be like, what parts of the company will stay, and which people will be asked to stay with them. How do you make plans under those conditions? For many people, the project they’re working on is now very much a secondary consideration.

Even outside the personal level, there are a lot of paralyzing influences. The same uncertainties about individual jobs apply to development projects. Some of what Wyeth is working on surely overlaps with what Pfizer’s already doing. So which project goes forward? Not both of a matched set, that’s for sure. There are some projects at both companies that are dead in the water, but no one can be sure which ones, and no one will know for some time to come....all this has a ferocious price, when you measure it in opportunity costs. The people caught up in all this could be doing something much more productive with their time, for sure. This sort of thing doesn’t show up on the books. And the longer the process drags on, the worse it’ll be.

Derek is correct....not every cost will show up 'on the books'. And this merger could ultimately prove to be extremely expensive for Pfizer....both in terms of Real Costs and Opportunity Costs.

Pfizer - Wyeth - Bane for Small Biotechs???

2009-01-27T10:37:00.003-05:00

The NY Times has an article today entitled "Wyeth Deal May Slow Pfizer Biotech Acquisitions".
The article states,

"Pfizer’s deal to buy a big pharmaceuticals rival, Wyeth, raises questions about how willing — or able — Pfizer will be to enter deals anytime soon with biotechnology companies, many of which are struggling to stay in business."

And, in the article, Oleg Nodelman, portfolio manager at the Biotechnology Value Fund is quoted as saying,

“There are probably 5,000 biotech companies out there that are waiting for a deal to save them."

However, Mr. Nodelman is not totally pessimistic regarding the future of the smaller biotechs.
The article closes by saying that fortunately -

"Big pharmaceutical companies are not the only ones who can buy companies or drugs. In some cases, mid-size biotech companies like Cephalon and Myriad Genetics are outracing larger companies to snap up some drugs.

That is why Mr. Nodelman, at the Biotechnology Value Fund, said he did not expect the Pfizer-Wyeth deal to have much of a braking effect on acquisitions of small companies or their drugs. “All it means is there is one less company that might do a deal with them.”

Geron's Embryonic Stem Cell Trial - Not exactly what the Media is touting

2009-01-26T18:22:00.010-05:00

The FDA just approved the first human trial embryonic stem cell derived based treatment.
Geron Corp. has announced that the FDA approved its application to begin trials for an embryonic stem cell -derived treatment for spinal cord injuries.

The media is playing up this development as evidence of a 'Brave New World' with regards to Stem Cell research....that we are at the cusp of new research using Embryonic Stem Cells, and that the new Obama administration is shepherding in this new era in Research.
Forbes.com wrote:

The change has already begun. Just two days after his inauguration, President Barack Obama is set to clear the way for the first human testing of embryonic stem cells on people with spinal injuries, and biopharmaceutical firms like Geron are set to benefit.

Yet the facts say otherwise.

According to an L.A. Times article, even Dr. Thomas Okarma, Geron's CEO,...'the timing of the FDA's decision -- made late Wednesday but announced Friday by the company -- had nothing to do with the change of administrations in Washington....."We have no evidence that there was any political shadow over this process." '

Even more important according to Dr. David van Gend, National Director of Australians for Ethical Stem Cell Research, is the fact that Embryonic Stem Cells (ESC's) are not:

"....being given to patients at last. They are not. They never have been and never can be put into humans, because embryonic stem cells form tumors in animals. Only adult stem cells can be put into humans – and have been used now successfully in thousands of patients.”

Further reading shows that what Geron is actually doing is testing to see if their "hESC-derived oligodendrocyte progenitor cells that have demonstrated remyelinating and nerve growth stimulating properties leading to restoration of function in animal models of acute spinal cord injury", actually works in humans.
Again the distinction is important.....they are not injecting actual ESC's into people....the cells are actually derived from ESC's.

So while the research Geron is conducting is absolutely exciting and promising.....it is not exactly what the Media is touting....

Pfizer and Wyeth - Misery loves company?????

2009-01-25T18:50:00.002-05:00

Eben Tessari writes "5 Reasons Pfizer Shouldn't Buy Wyeth" over at SeekingAlpha.com.
You can read his complete post here.

And what is Eben's only justification for the proposed merger? - "Misery loves company."
Not exactly a stellar reason to consummate a $60 Billion merger.

Pfizer - Wyeth Merger - Is it a bad idea?

2009-01-23T14:30:00.003-05:00

With all the talk about the proposed merger between Pfizer and Wyeth....I took the time to re-read an article from Fortune Magazine that I had saved on my computer. It was written in August 2007. You can read the article here.
Although some of the details and facts discussed in the article are dated [the article is 18 months old].....I wonder how many of you would agree with the author's conclusions. John Simons' closed his article by writing:

Pfizer could have an investor revolt on its hands if it does decide to propose a Wyeth acquisition. In recent years, top management has sworn off its appetite for big deals, promising a new focus on targeted acquisitions and alliances with smaller (read: more innovative) drugmakers and biotechs. Last winter, incoming CEO Jeff Kindler promised Pfizer would radically change the way it does business. That departure from the old way included a round of difficult cost cutting and "right-sizing" at the company. So, Pfizer needs to continue it's austerity campaign, and "oh yeah", in the meantime, conjure up some novel medicines.

The question is.....is John's assessment still correct in 2009....or is it time for Pfizer to do a deal?
Will this deal make Pfizer's problems go away?
What are your thoughts?...............

Merck goes hunting - Other deals pending???

2009-01-11T17:23:00.005-05:00

Merck has made good on its promise to make deal making a priority in 2009.
Last Friday, just 9 days into the New Year, Merck announced that the company had signed a diabetes and obesity drug deal with Galapagos worth up to $233 million. You can read the specifics about the deal here.

And with Pfizer's Jeff Kindler telling the press that Pfizer is willing to do a deal with a big rival....Who knows....2009 may be a very active year on the M&A front.

Missing Pharmalot

2009-01-05T17:50:00.002-05:00

Ed Silverman who runs the blog Pharmalot just posted a surprising announcement today.
He is shutting down Pharmalot. You can read his post here.

I thoroughly enjoyed reading Pharmalot daily and I learned a tremendous amount from Ed.
Ed is a tremendous writer and has a Herculean work ethic. As he jokes he lives tethered to his laptop.

Ed....we are going to miss you in the blogosphere. Best of luck!!!

Stress Can Help Kill Cancer Cells

2008-12-27T21:30:00.003-05:00

Interesting article out of The Brookings Register in South Dakota.
Researchers at South Dakota State University "...are investigating whether "stressing" cancer cells can make cancer radiation treatment and chemotherapy more effective. "

According to the article...

"Professor Xiangming Guan of SDSU's Department of Pharmaceutical Sciences explained that when cancer cells are tired out, they are easier to kill using free radicals, the basic mechanism behind radiation and some chemotherapy drugs."

Guan goes on to explain....

"We have also demonstrated that the stressed cancer was more sensitive to radiation treatment in several different human cancer cells such as ovarian cancer, lung cancer, breast cancer, and skin cancer ."

Interesting idea....and it makes intuitive sense. We all know that a stressed organism is more susceptible to illness. It only makes sense that this principle would apply at the cellular level. Except in this case scientists would be applying this principle to make 'stressed' cancer cells 'sick'.

Additional Information on Peyronie's Disease

2008-12-23T13:17:00.003-05:00

Just a follow-up to my last post......
I have had the good fortune to have been communicating with Stan Hardin who is the head of The
Association of Peyronie's Disease Advocates. Stan reached out to me after I had written a post that was questioning Pfizer's decision to partner with Auxilium to develop a drug for Peyronie's Disease.

Stan took the time to provide additional information about not only the physical aspects of the disease, but he addressed the serious emotional issues that men afflicted with this disease have to deal with. Additionally Stan pointed out that up to 9% of men are afflicted with the disease.
You can read more about both Peyronie's Disease and Stan's organization at their website here.
The site is extremely well done and informative.

And best of luck to both Pfizer and Auxilium in their quest for a cure.

Update re: Pfizer and Peyronie's Disease

2008-12-21T19:37:00.002-05:00

Well...I stand corrected.
In my last post I discussed Pfizer and Auxilium's drug development agreement for a drug to target Peyronie's Disease.
And in my post, I was somewhat critical of Pfizer's decision.
However, a reader was able to provide me with additional information re: Peyronie's Disease. It turns out that that the number of men suffering from Peyronie's Disease is not 1-4%, The percentage of men afflicted by the diesease is 9%.
You can see a brief article about the disease here.
But, equally as important, the reader's discussed some of the emotional issues that men suffering from this disease face. He made me realize how devasting this disease can be to men who are afflicted by it.

Bottom line.....
Pfizer and Auxilium are working to find a cure for a disease that, if they are successful, will not be a blockbuster. To use a baseball analogy, it will probably be a 'single', not a 'home run'. Nevertheless this drug will improve the lives and health of a significant percentage of people. And, when it comes down to it, improving the lives and health of people is the real purpose of the Pharmaceutical Industry.

How Will Pfizer Spend Their Cash?

2008-12-20T23:34:00.003-05:00

Mike Huckman of CNBC reported earlier this week here that Pfizer's streak raising dividends ended after 40 years. What does this signify for Pfizer?

Huckman reports that Miller Tabak, healthcare analyst Les Funtleyder, feels that -
"The dividend is still above seven percent which makes the company seem almost distressed." Yet, the cash hoard could turn out to be a major advantage. Funtleyder continues by writing..."longer the cost of capital stays high, the more cash on a balance sheet becomes a competitive advantage. Should we be in for a prolonged lull in the capital raising cycle, PFE may be able to buy its way out of some of its pipeline deficiency."

So say Pfizer is looking to 'buy its way out of some of its pipeline deficiency'. That could be a viable strategy. So what type of deals would they look to strike? What type of cutting edge drugs would they deem worthy to invest in? How would Pfizer strategically spend their cash?

Late this week we got an answer. Pfizer signed a drug development partnership with Auxilium Pharmaceuticals and is paying $75 million up and and up to $410 million over time if additional milestones are met. But as Huckman writes....this is not your "typical" drug partnership -

"So what makes this so unusual? Well, it's the drug AUXL is developing. It's a two-in-one for a rare disease that causes fingers to curl toward the palm and--and, no, I'm not making this up and it's not a joke--for penises that curve. The "problem" is called Peyronie's disease and it reportedly affects one to four percent of men. I'd never heard of Peyronie's until I read the press release."

I don't know about you...but if I still owned Pfizer stock...I think I would rather that they just gave me the dividend.

Monkeys Reading Resumes

2008-12-17T20:24:00.003-05:00

Interesting post over the wirelessexecutiverecruiter.com blog.
Carl Schumacher writes that you should write your resume as if a monkey was going to read it.
Carl writes,

"If you were driving down the street and you saw a Billboard but you couldn’t make out what it said because the worlds were too small and the message was hidden in a thousand words, you would probably not understand it or crash your car trying to figure it out.

But on the other hand, if it said “EAT AT JOE’S” there would be no mistaking the message.

So is my message when referring to your resume. If you were trying to show something to a monkey you wouldn’t do it quietly or subtlety. You would be obvious about what you were doing. You’d talk simple to a monkey — Monkey want a Banana? Monkey want a toy? — straight forward and obvious."

Carl makes an excellent point.

Too often I have had tremendously qualified candidates write resumes that are vague or do not spell out in detail what their accomplishments are. The candidates try to be subtle in their approach. When I ask them to provide more detail or be more direct in their resume, the candidates will literally reply...."Well, the Hiring Manager will know what I mean." or " Any one who is in the industry will know that I have that type of instrumentation experience. I don't have to spell it out on the resume."
But that is wrong. When you are writing a resume, you do have to be specific. You do have to provide details. You have to be simple and direct. Or, as Carl Schumacher so aptly puts it....you gotta assume the person reading your resume is a monkey!!

Big Pharma not a Threat to Biotech yet

2008-12-16T22:39:00.001-05:00

Interesting article here at The Street.com.
As Adam Feuerstein writes:

A whole host of things have to go right before drugmakers like Merck(MRK Quote - Cramer on MRK - Stock Picks) or Novartis(NVS Quote - Cramer on NVS - Stock Picks) can compete in the biotech arena.

So the Biotech industry has no reason to fear Big Pharma....at least not just yet.

Merck and Generic Biotech Drugs

2008-12-09T12:14:00.002-05:00

Merck has announced that it is creating a new division to sell Generic Biotech drugs.
Generic Biotech Drugs are appealing to Big Pharma because the cost to develop and manufacture these types of products are projected to be significantly less than developing a new Drug Compound. However, the revenue from Biotech Generics will be significantly higher than from traditional small molecule Generics. The math is simple...Lower Cost + Higher Revenue = More Profits.
And Merck may have a leg up on their competition in the Biotech Generics arena.
According to the article in Forbes:

"Merck has a killer app when it comes to making copycat proteins (see "Needle Work"). In 2006 it dropped $400 million on privately held GlycoFi to get its hands on a technology that can produce biotech drugs cheaply in yeast, instead of in complex and finicky mammalian cells. Merck wanted the tools for its own drug development. But one of GlycoFi's proofs of concept was a scientific paper showing its method could be used to create a copy of Amgen's Epogen. The paper was published in Science in September 2006. Merck will file a copycat Epogen with the U.S. Food and Drug Administration in 2012."

Seth Godin on Recruiting

2008-11-30T12:44:00.005-05:00

I was poking around the 'Net this morning and came across a fantastic post by Seth Godin.
Seth is a best selling author/entrepreneur who focuses primarily on the subject of Marketing.
In this post, Seth discusses the importance of Talent to an organization, and then wonders why most companies do such a poor job recruiting the type of superior talent they need.
Seth writes:

"Most hiring managers don't understand organizations that go to extraordinary lengths to find and retain amazing people."

Unfortunately, Seth continues:

"Most hiring, especially in a down market, is handled as a mostly bureaucratic task. Find people who fit in, do a rudimentary background check to eliminate problems, try not to break any hiring laws..."

And Seth closes his post by asking:

"If talent is so important that you are betting the company on it, why aren't you actually investing in finding and retaining that talent?"

So we all need to ask ourselves....What are we doing, both as companies and as Recruiters, to ensure that we are hiring and retaining the best talent on the market?

Another article about the trouble at the FDA

2008-11-26T20:47:00.005-05:00

Today's Washington Post has an article that discusses the issues facing the FDA....and the article does not paint a pretty picture. William Hubbard, a long time former employee at the agency is quoted as saying:

"FDA is close to being at a tipping point -- the agency is hanging on by its fingertips in protecting us,"....If something is not done, they could become a failed institution, and no one wants that. The FDA is not only important to protecting the public health but also to the industries it regulates."

David Ross, another former FDA employee says:

"I'm afraid we're going to see more horrible things happen if we don't get our act together on this."

The problems are not just related to Pharma though according to Christopher Waldrop of the Consumer Federation of America.

"Food safety tends to get short shrift...The drug side tends to get much more attention than the food side. Food is equally important and needs to get the attention it deserves."

Some of the problems the article cites are woefully inadequate and antiquated computer systems
and a lack of resources and people with which to execute much needed inspections....especially overseas.

Today's article in the Washington Post couple with the recent New York Times Magazine article [discussed in an earlier post] present us with a frightening commentary with regards to the state of the FDA. Unfortunately the problems won't be solved overnight. But there is no question that the problems at the Agency need to be addressed quickly and aggressively....for all of our health and safety.

Obama and Big Pharma

2008-11-04T22:19:00.002-05:00

Well....it looks like Barack Obama is going to be the next President of the United States.
Now the question is how will his victory affect the Pharma industry?
Here is an article from the Wall Street Journal from two weeks ago that laid out how an Obama or a McCain victory would impact the industry. According to the article, Big Pharma could be the biggest loser no matter who won the race.

The Safety Gap

2008-11-02T20:18:00.002-05:00

Today's N.Y. Times Magazine contains a frightening article about the about the challenges facing the FDA. The short version is the FDA is under-equipped, under-staffed, and under-capitalized to deal with the challenges of a Global economy. For example, the FDA's limited resources prevent it from adequately policing the very manufacturing sites where there are most likely to be problems. And even if inspectors do successfully audit a site, they rarely if ever are able to go back to follow-up. The article states:

"And when inspectors find dangerous conditions at domestic plants, they generally return promptly to ensure that those conditions get fixed. Not so in foreign plants. In a report released Oct. 22, government auditors reported that between 2002 and 2007, F.D.A. inspectors found dangerous conditions in 15 foreign plants. Only one of those plants was reinspected within two years, the auditors found. In every other case, the agency took foreign managers at their word that promised changes were made."

The article goes on to cite numerous examples that illustrate the issues and problems that the agency faces.

Bottom line...the Food and Drug Safety system in this country is broken and it desperately needs to be fixed.

Cash Poor Biotech Firms

2008-11-02T15:33:00.003-05:00

Interesting article in the Wall Street Journal about the impact that the global crisis in liquidity will have on small biotech firms. According to the article:

"In the U.S., 38% of 370 small biotech companies are operating with less than a year's worth of cash, and nearly 100 publicly traded biotech companies have less than six months' cash..."

Unless these companies find capital....the majority of them will cease to exist.

Bottom line: For the sake not only of the Pharma/Biotech industries, but for the sake of the economy in general, we have to find a way to increase the flow of capital. Without access to capital,
good ideas are never developed and good companies cease to exist.