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Periscope — February 2012 Issue

New Business Opportunities for Companies Serving Pharma

February 2012

The PharmSource PERISCOPE provides valuable insight into sales issues and trends for companies that sell goods or services to bio/pharma. It helps you recognize new business opportunities, and overcome sales obstacles. Enjoy the February issue.

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382 overall leads for pharma vendors were reported by the PharmSource Lead Sheet in January 2012:

Lead Type January 2012
Non US 129 129
Early Dev 72 72
Late Dev 45 45
Large molecule 54 54
Small molecule 109 109
Newly-funded 123 123
New sourcing 18 18
Parenteral 67 67
Oral 72 72
Total Leads 382 382

Below are two actual leads from recent issues of the PharmSource Lead Sheet (PLS), the weekly, web-based information service that delivers new business opportunities and key market intelligence information to companies serving Bio/Pharma. It includes new information on products in development, acquisitions, alliances, financing transactions, and more, and delivers up to 70+ fresh leads each week in pharma/biotech companies around the world. Use the PLS to stay on top of opportunities as soon as they’re announced, to keep attuned to market activity and trends, and as a key resource for targeted marketing.

For The Week Of
January, 29th 2012



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This section of the PERISCOPE summarizes a sampling of the many recent appointments of new people to high-level positions in pharma/biotech. For more information of this nature, see the “Key Appointments” section of the weekly PharmSource Lead Sheet.


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User Tip

E-mail Success: What Do You Expect?

Those of us in business development would love to have immediate access to accurate e-mail addresses for our prime contacts. But in a large industry with an enormous number of potential contacts, there’s no easy way to get these guaranteed correct addresses: many companies have circuitous e-mail formats or several different formats (they intentionally want to discourage communication with “outsiders”), and even if an e-mail address is correct, corporate spam barriers often stand in the way. Then there are the hurdles that occur once your message actually arrives in someone’s inbox: Will they open it? Will they read it? Will they respond?

For these reasons and more, e-mail success is a challenge for virtually everyone – and it always will be. Long familiar with the issues, PharmSource does not recommend using e-mail as the first method of contact for hot/warm leads like those reported in the weekly PharmSource Lead Sheet. We believe e-mail outreach should be just one element in a multi-pronged contact approach that also includes phone calling and direct mail. It goes without saying that outreach efforts that depend solely upon e-mail are very unlikely to succeed.

With realistic expectations and an approach to prospecting that strategically uses e-mail together with phone calls and direct mail, you’ll greatly increase the odds of successfully reaching your targets. To facilitate the e-mail aspect of making contact, the PharmSource Lead Sheet includes a field that’s populated with one or more standard e-mail formats used by specific companies. These have been verified by PharmSource to be in use by at least some employees at each company. Expressed using the name "John Q. Doe" (i.e., john.doe@company.com; j.doe@company.com; etc.), the formats can be readily applied to names culled from the PharmSource Lead Sheet.

Taking a practical approach to e-mail outreach can greatly reduce frustration, increase productivity and help you achieve your goal of making successful contact. Fast, easy, successful e-mail contact with first-time prospects is a serious long shot – don’t let it deter you from making the very best use of your time.


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By Meridith Powell

If you want to succeed in 2012 then you need to sell less. Yes, you heard me: buckle down and sell less. Wow! That’s like music to your ears, right? Short of public speaking, or going to the dentist, the thing people (business owners and professionals) hate most is selling. Well if you are one of those people, 2012 is your year! If your goal is to increase your profits and grow your bottom line, then one of the best ways to do it is by selling less to your customers and prospects. Sound crazy? Well, maybe just a little.

Welcome to the Trust & Value Economy. Where not only the market has changed, but so has your customer. With globalization, increased competition and advancements in technology, your customers have realized that they can buy anything they want anywhere they want to. Meaning that what you sell has become a commodity, but how you sell it is your competitive advantage. This puts tremendous importance on the relationship. How well you connect, communicate and proactively serve your client base is the only way to differentiate yourself from your competition, and the only way to truly get your customers to want to buy more.

Face it: when what we sell has become a commodity, then the only other factor left in the sales process is emotion. We all know buying is emotional, and in a Trust & Value Economy, where our customers can buy our products and services anywhere, emotion becomes the most important part of the sales process. If you want to succeed in 2012, then you have to emotionally connect with your customers, you have to build trust and value. It is all about the relationship. Put your efforts there and you will see a high rate of return on your investment.

So how do you sell less to sell more? How do you build relationship?

1. Don’t chase new business — that is, until you have secured your existing business. Believe me, you do not need any more new customers if you are not caring for the ones you already have. Take a look at your customer base. Do you know who your best customers are? Does everyone on your team? Can you easily identify which customers have the most potential? If you want your business to grow, then don’t chase new business until you make sure you know and value the business you already have.

2. Commit to details — What do you know about your customers–I mean really know about your customers? What does every core member of your team really need to know in order to serve your customers? Sit down, make a list of what you need to know to truly understand, anticipate and exceed your customers’ expectations. Create that list, then go out there and discover the details of your customers’ lives. You’ll be amazed at what you uncover and more amazed by what you sell.

3. Question your value – ask yourself and every member of your team: what are you doing to really add value and exceed your customers’ expectations? This is a word-of-mouth economy; if you want your customers to stay, then you need to be sure you are giving them a reason. Take advantage of this word-of- mouth economy. If you want people to talk about you and you want to increase referrals, then you need to question your value. What are you doing to wow your customers? What do they get from you that they could not get from anyone else? What are you doing that would make them brag to their friends about you? Nail the answers to those questions and you’ll sell far more by selling less.

Yes, if you hate to sell, then 2012 is your year. Follow these three steps and watch your business grow!

About the Author

“High energy, high impact and highly motivating”— that is Meridith Elliott Powell, founder and owner of MotionFirst. A certified coach, speaker, author and business development expert, Meridith is known in the industry as a catalyst and a woman who makes things happen! Work with Meridith to build your network and change your life. Learn more at http://www.motionfirstnow.com.

Reprinted with permission. Article Source: http://EzineArticles.com/?expert=Meridith_Powell


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By Danielle Lavallee Wasson

In order to increase sales, you must captivate your customers and convince them to buy from you. How many sales do you think you lose because you created most of the objections? Objections come about when customers lack information or have too much information. Your level of experience, curiosity and facility to learn affect your knowledge. Having too much knowledge can be just as much an inference to your sales success as not having enough. As a salesperson, beware of how you share your knowledge.

Using technical industry jargon and bombarding customers with data can create objections because customers don’t understand what you are trying to tell them. It is very easy to want to impress customers with technical terms and to forget that they are not familiar with your product. The problem is that unless this customer has done some research and knows what you are referring to, he will only become confused. At which point, he either walks away or if you are lucky, he starts asking questions. Customers often bring up objections because they do not understand you or simply because they need more information to make a decision. Of course some customers bring up objections just because they are not in a position to buy so they are stalling instead of saying no thanks. Imagine trying to buy a new laptop and the clerk starts reading off all the data on the specifications sheet. This results in the "deer in the headlights" look, i.e., confusion or total boredom. If you see that look, adjust your presentation immediately. Unless the customer is a computer expert, this is way too much information for the majority of buyers.

Information overload creates objections
On the other hand, if you do not know your product, you will probably run out of things to say and your customers will not have enough information to make a decision. If your lack of knowledge is severe enough, you might even misinform them. A customer who is misinformed and later finds out the truth may think you lied, and might not consider that your intentions were honorable. At best, this customer is dissatisfied. At worst, the lack of information might lead to product misuse and be unsafe. Imagine trying to buy a new laptop and all the clerk can tell you is whether or not it is in stock and how much it costs. This is not enough information for the majority of buyers.

Lack of knowledge creates objections>
In both cases, the chances of closing the sale are pretty slim. Customers purchase products because they believe the benefits will fill a need or solve a problem. Your job is to find out what the needs are and which features yield the benefits they seek. It is best to use simple terms and exact descriptions in order to limit confusion. Therefore, if you lack product knowledge, it will be difficult to provide the list of features, advantages and their associated benefits. Remember one important rule in sales: the only benefits that matter are those that matter to the client, not you.

If you are the type of person who remembers every little detail and likes to impress, remember that the customer only wants one thing: find the product to fix his problem or fill a need. Beware of your knowledge. Don’t let yourself become blasé or come across as arrogant. Once you know what the customer needs, keep your descriptions simple and focused on your customers’ needs.

Selling is an art that is perfected over time. Learn from your losses and your wins by analyzing your language, descriptions, listening time versus talk time, and your attitude. If you lack product knowledge, study up on what you sell. Make certain to learn exactly which features provide which benefits. Make a list with features, advantages and their associated benefits (called FAB statements) and keep adding to it. During your presentations, find out what they need and refer to your FAB statements to address those needs. If you have a lot of knowledge, make certain your descriptions are easy to understand and use industry jargon only if you are dealing with a knowledgeable customer. Finally, never forget to ask for the sale.

About the Author

Danielle Lavallee Wasson provides retailers with non nonsense sales and motivational training for their entire team. Retail Sales Coaching need not be expensive. Webinars which limit displacement of staff or on-site training are available at prices you cannot afford to pass up on. Contact your retail sales coach today to book your first training session.

Reprinted with permission. Article Source: http://EzineArticles.com/?expert=Danielle_Lavallee_Wasson

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Prospect Profile highlights a newly funded bio/pharmaceutical company each month. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

Neurocrine Biosciences, Inc.

Neurocrine Biosciences, Inc. . is a public pharmaceutical company that develops and commercializes drugs for neurologic and endocrine system-related diseases and disorders. As reported in the February 2, 2012 issue of the PharmSource Lead Sheet, Neurocrine raised $88.5 million in a secondary public offering.

Corporate Highlights

  • Neurocrine was originally incorporated in California in January 1992 and was reincorporated in Delaware in May 1996.
  • Corporate Headquarters: San Diego, California – approximately 210,000 square feet of laboratory and office space.
  • As of December 31, 2010, Neurocrine had approximately 66 full-time employees, of whom 48 were engaged in, or directly support, R&D activities, and 18 were in general and administrative positions.

Sourcing Opportunities

  • Neurocrine anticipates using the net proceeds from the offering to fund R&D efforts and for general corporate purposes, including working capital.
  • Neurocrine depends on independent clinical investigators and contract research organizations to conduct its clinical trials.
  • Neurocrine currently relies on contract manufacturers to produce sufficient quantities of its product candidates for use in preclinical and anticipated clinical trials. In addition, the company intends to rely on third parties to manufacture any products that it may commercialize in the future.
  • Some of the contract manufacturers that Neurocrine has identified to date only have limited experience at manufacturing, formulating, analyzing and packaging its product candidates in quantities sufficient for conducting clinical trials or for commercialization.
  • Neurocrine currently has no distribution capabilities and has limited experience in marketing or selling pharmaceutical products.

Business Relationships

  • In July 2001, Neurocrine entered into a worldwide collaboration with an affiliate of GSK to develop and commercialize CRF antagonists for psychiatric, neurological and gastrointestinal diseases. Under the terms of this agreement, Neurocrine will be eligible to receive milestone payments as compounds progress through the R&D process, royalties on future product sales and co-promotion rights in the U.S. in some circumstances.
  • In October 2007, Neurocrine entered an agreement with Dainippon Sumitomo Pharma for the development and commercialization of indiplon in Japan. Neurocrine received an initial payment of $20 million and is eligible for additional milestone payments upon future events related to the development and commercialization of indiplon in Japan that could total $115 million.
  • In June 2010, Neurocrine and Abbott entered into an agreement to develop and commercialize elagolix for the treatment of endometriosis-related pain and uterine fibroids. Abbott received worldwide exclusive rights to develop and commercialize elagolix and all next-generation GnRH antagonists for women’s and men’s health. Neurocrine received a $75 million upfront payment and will receive funding for all ongoing development activities as well as up to $500 million in milestone payments.
  • In June 2010, Neurocrine entered into a worldwide collaboration with Boehringer Ingelheim to research and develop small molecule GPR119 agonists for the treatment of type 2 diabetes and other indications. The companies will jointly identify and advance candidates into preclinical development. Boehringer Ingelheim is responsible for the global development and commercialization of potential GPR119 agonist products. Neurocrine Biosciences received a $10 million upfront payment.

Pipeline

Product Candidate Indication Dosage Form Status Next Anticipated Step
G Protein-Coupled Receptor 119 (GPR119) Type II Diabetes Unknown Preclinical TBA
GnRH Antagonists Men’s and Women’s
Health, Oncology		 Unknown Preclinical TBA
NBI-98854 Schizophrenia Unknown Preclinical TBA
CRF1 Antagonist (586529) Mood Disorders Oral – Unspecified Phase I TBA
CRF1 Antagonist (561679) Stress-related
Disorders		 Oral – Unspecified Phase II TBA
Elagolix Endometriosis and Uterine Fibroids Tablet Phase II TBA
NBI-98854 Tardive Dyskinesia Powder Phase II Plans to initiate a Phase IIb trial in H1 of 2012
Urocortin 2 Cardiovascular Parenteral – Unspecified Phase II TBA


Finances

(In $ thousands) 2009 2010
Revenues 2,953 33,501
R&D Expenditures 33,722 31,151
General & Administrative Expenditures 14,360 13,273
Total Operating Expenses 56,623 47,223
Capital Expenditures 35 315


Contact Information

Neurocrine Biosciences, Inc. Key Officers
12780 El Camino Real Kevin Gorman, PhD, President & CEO
San Diego, CA 92130 Chris O’Brien, MD, CMO
Phone: (858) 617-7600 Haig Bozigian, PhD, SVP, Pharmaceutical & Preclinical Development
Fax: (858) 617-7601 Dimitri E. Grigoriadis, PhD, VP, Research
Web: : www.neurocrine.com/ Cheryl Chen, Senior Director, Clinical Operations


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The PharmSource Lead Sheet is the weekly web-based information service that identifies fresh business opportunities for companies serving pharma and biotech. Respected, endorsed and depended on by the top companies, the PLS informs you of new business opportunities. It lowers your prospecting costs, raises the productivity of your sales staff, and helps keep your lead funnel full.

If you’re not yet a subscriber to the PharmSource Lead Sheet, we invite you to take a complimentary test-drive to see for yourself how this service can be a vital tool for growing your market share and building your brand recognition.

Subscribe by February 29, 2012 and

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*This offer is for new subscribers only at the Corporate subscription level or above.

To request a free test-drive of the PharmSource Lead Sheet, call Nathaniel Celentano at 1-703-383-4903, ext. 112 (ET USA) or complete this simple form and we’ll contact you:

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