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Periscope — September 2011 Issue

 

New Business Opportunities for Companies Serving Pharma

September 2011

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 September issue.

The PharmSource Team

254 overall leads for pharma vendors were reported by the PharmSource Lead Sheet in August 2011:

Lead Type August 2011 YTD
Non US 118 1,056
Early Dev 53 596
Late Dev 48 476
Large molecule 42 502
Small molecule 90 958
Newly-funded 54 615
New sourcing 22 157
Parenteral 51 646
Oral 69 597
Total Leads 254 2,723

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
September , 11th 2011



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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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PharmSource Lead Sheet Adds Expanded Coverage

We’re pleased to announce that, effective September 2, 2011, the PharmSource Lead Sheet includes coverage of the following new information:

  • Therapeutic Area Additions/Changes
    • New category: Muscular/Musculoskeletal
    • New category: Transplantation
    • Neurology and CNS will now be combined into a single therapeutic area: Neurology/CNS
    • Cardiovascular will now appear as Cardiology/Vascular
  • Molecular Formula

    For products in development for which a verified molecular formula has been identified, the product name will be directly hotlinked to a rendering of the chemical structure. When a drug is made up of two or more compounds, the product name will be hotlinked to a pop-up box that will allow the user to select and view each distinct structure. On the spreadsheet download, product names will be hotlinked in Column AC (Molecular Formula). When no molecular formula is available, the product name will not be hotlinked.

  • Stock Exchanges & Stock Symbols

    For public companies, the associated stock exchanges and stock symbols can be found in the weekly issue by clicking on a company’s name, then viewing the Qualifying Information section. On the spreadsheet download, these will be located in Columns U (Stock Exchange) and V (Stock Symbol). These fields will be suppressed for companies that are not publicly traded.

Important Information for CRM Users

If you currently map PharmSource spreadsheet downloads to a CRM or other database, you may want to add these new fields/revisions to your export. When mapping, always use field names, not column letters. Be aware of Therapeutic Area changes above if these are relevant for you.

As always, we welcome your suggestions and feedback. We are avidly interested in continuing to enhance the PharmSource Lead Sheet and make it an indispensable resource for you in building your business. Please contact us any time with questions or suggestions at info@pharmsource.com.

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By Michael Pedone

Sales Question: “I have over 7 years of sales experience (not all with the same company) but have yet to reach that “Top Sales Rep” status based on my numbers. What do I need to do?”

Everyone wants to be considered one of the best, but only a few are willing to do what it takes to get there. If you’re one of the few with a deep desire to be in that top 10% category, here’s a five step plan that can help separate you from the rest of the pack.

1. Love What You Sell/Believe in What You Do

This does not mean “trick” or “fool” yourself into loving what you sell/do. It means take a real hard look at yourself and be honest… is what you are doing/selling right now where you are supposed to be? If the answer is “No” then the odds of you reaching the top are slim. And even if you do, so what? You still won’t be happy.

A house divided against itself cannot stand. Loving what you do and peak performance/results go hand-in-hand. Sometimes the first step to becoming a top salesperson is having the wisdom to admit you’re in the wrong place, and the courage to make a change.

2. Accountability

Hold yourself accountable for your success. Take responsibility when things don’t work out, and praise others when they succeed.

Just because the economy is bad doesn’t mean you can’t make more money than you ever have before. Who says you can’t have your best year ever? Too many potentially great salespeople sabotage their chances by placing limits on themselves and blaming outside forces. Currently, the “economy” is the reason for poor results. When the economy is back on its feet, it will be that the “leads are bad” or “our competitors have a better product/service/pricing,” etc.

Realize that you alone are responsible for your own success, and there is enough business to go around for you and your competition.

3. Find a Mentor

Now that you’re in the right spot (or confirmed you were in the right place to begin with) and have committed to holding yourself accountable and responsible for your own success (or failure), the next step is to find a mentor who is willing to take you under his/her wing.

Mentors, in my opinion are different from coaches/consultants, etc., and the best mentors I ever had didn’t cost me a dime. They were usually top salespeople at the company I was working for at the time, or a VP of Sales or even the CEO. I would seek out those who had already achieved what I was after and ask for their advice. Don’t be afraid to ask for help. Successful people like to share their knowledge with those who want to be successful. What they don’t want to do is waste their time with those who only say they want to be successful.

4. Do What Others Won’t

Get to work early, listen to motivational tapes on the way to work, role-play in the morning, read sales books, jump at the chance to go to sales seminars and/or attend sales webinars that your company is willing to pay for – and be willing to pay for them out of your own pocket if they won’t.

There’s a reason why the Top Salesperson category is a small group. The majority aren’t willing to do what the few are willing to do. If you are going to run the race, run through the tape rather than give up.

5. Become a Mentor

Share what you’ve learned. Not only does it keep the cycle going for the next generation, it also helps you stay sharp.

About the Author

Michael Pedone, founder and CEO of SalesBuzz.com, is well known to many in the world of online business. He recognized a crucial weakness in most sales companies’ seminars: the initial glow of enthusiasm whipped up by charismatic speakers soon wears off leaving attendees selling just as little as before. He wanted to offer sales professionals a more effective, affordable sales training mode. The online sales training programs he designs for SalesBuzz.com harness the power of technology to help companies keep their training costs under control. Students benefit from learning new sales strategies they can start using immediately, and they learn conveniently, at home or at the office, without having to travel to a workshop in a far-away locale. Michael can be reached at SalesBuzz.com Online Training Solutions, tel. 1-888-264-0562.

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By Mike Schultz

  1. I’m booked for at least six weeks. I couldn’t handle another deal if it landed on my desk
  2. My business development discussions, if I get into a good one, take an hour. I only have 45 minutes to make calls now so I should wait until I have more time.
  3. This isn’t a good use of my time. Somebody else should source leads and I should deliver work.
  4. I’m not good at it so what’s the use? (And I sure can’t tell anyone this, so I’ll make up another reason.)
  5. In my business, leads only come through referrals. Proactive outbound business development, even networking, doesn’t work. Why bother?
  6. I’m deathly afraid of selling.
  7. If I reach out to prospects, I will sound like a used car salesperson. Since I’m a professional, I can’t set up that dynamic.
  8. I know how to talk about what I do (I think). Yet, for some strange reason, the words never come out right.
  9. I don’t even know who to contact. I have the time and the will, but what do I do?
  10. I hate selling.

Pick your poison: You’re too young or too old. You’re better in the mornings and it’s late in the day. If you get into a conversation, you will need to get your boss on the phone, and she’s not around. Dog ate your Rolodex. Regardless of your reason, the end result is the same; another day goes by and you don’t work on business development.

#1 Reason Professionals Fail at Business Development

Full-time sales people spend all day selling. They show up to work, grab their Starbucks (or, if you live in New England, Dunkin Donuts), and start contacting customers. Maybe they start at the break of dawn and sell till midnight. Maybe they wait until the crack of noon and only sell until tea time. Regardless of the time commitment they put in, if they’re working, they’re explicitly selling.

Most CPAs (or technology consultants, or lawyers, or management consultants) show up in the morning and start doing accounting. They crunch numbers, manage teams, and take client meetings. Maybe there’s an hour and a half window in their schedule in the late afternoon. Here’s what most of them won’t do with that time: business development.

That’s right, 9 out of 10 professionals agree that engaging anything but business development in their open time slot is best to whiten teeth and freshen breath. The number one reason that professionals fail at business development: finding something else to do, or doing nothing, when they could be developing business.

Nancy Reagan Says

You will not grow your practice or be as successful as you can be until you stop avoiding business development. Fortunately, the answer is simple: Start selling now. Unfortunately, it is not that easy to take a deeply imbedded behavior (not selling), flip a switch, and be able to do today what you did not or could not do yesterday.

Nancy Reagan’s solution to drug addiction was, “Just say no.” For a few people, this might have been enough, but for the majority a greater effort was clearly needed in order to effect change. It was probably no easier for an addict to just-say-no as it might have been for a homeless person to just-buy-a-house. It doesn’t work like that. And it doesn’t work like that for professionals who want to develop business. You can’t “Just Say Go!” and magically develop a hankering for dialing the phone. For the most part, it takes a robust personal change effort to make the transition from business-development-avoider to focused-client-developer.

Breaking the Business Development Avoidance Rut

If, indeed, you want to stop avoiding business development, remember:

  • Respect the effort. Realize that it takes significant time, effort, energy, and sometimes resources to develop business and stick with it. If you do not have a healthy understanding and respect for the serious work of systematically developing business, you risk false starts. (This is akin to what Mark Twain said about quitting smoking: it’s easy to do and he’s done it a thousand times.)
  • Leverage your team. Seek help if you are stuck in a sales avoidance rut. Breaking out of a rut alone is extremely difficult. You will find help in the form of a peer, coach, boss, or someone else. Whoever it is, involving the right people increases your chance of success.
  • Develop an ongoing strategy. Before you engage ongoing business development, know what tactics you are going to employ and why. If you have a clear end goal, and know how each tactic you undertake helps to get you there, you will have the best chance of success. Business development is a mission. Make sure you know where you are headed before you set out.
  • Just Say Go! Resolve to start developing business. Until you have a personal sense of urgency around business development, you will not start doing it. While just-saying-go is necessary in order to get you started, it is definitely not sufficient for success. Still, you need to first get going in order to have any chance of success. As Wayne Gretzky says, “You miss 100% of the shots you don’t take.”

We make light of excuses for avoiding business development in order to raise the issue. Breaking the cycle of excuses and starting to develop business is never as easy as it sounds. But you can do it. Do what you need to do to prepare for success, know what you are going after, and then “Just Say Go!”

About the Author

Mike Schultz is President of RAIN Group, a sales training, assessment, and sales performance improvement company that helps leading organizations improve sales results. Mike is author of The Wall Street Journal and Inc. Magazine bestseller Rainmaking Conversations: Influence, Persuade and Sell in Any Situation (Wiley, 2011) and publisher of RainToday.com.  He also writes for the RAIN Selling Blog. He can be reached at mschultz@raingroup.com.

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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.

Furiex Pharmaceuticals, Inc.

Furiex Pharmaceuticals, Inc. is a public pharmaceutical company that forms strategic alliances with pharmaceutical and biotechnology companies to develop and commercialize in-licensed therapeutics. As reported in the August 25, 2011 issue of the PharmSource Lead Sheet, Furiex received $15 million in a loan agreement.

Corporate Highlights

  • Furiex was formed in June, 2010 when PPD spun-off its compound partnering business. PPD does not have any ownership or other form of equity interest in Furiex following the spin-off.
  • Corporate Headquarters: Morrisville, North Carolina – approximately 4,650 square feet of office space.
  • As of March 18, 2011, the company had approximately 25 full-time employees, the majority of whom are engaged in research and development activities.

Sourcing Opportunities

  • Furiex intends to use the proceeds to support R&D for its clinical-stage compounds Fluoroquinolone, MuDelta and PPD 10558.
  • Furiex relies on its collaborators and contract manufacturers to produce drug substances and drug products required for its clinical trials and marketed therapies.
  • The company relies on CROs, medical institutions and clinical investigators to conduct nearly all of its clinical trials, including recruiting and enrolling patients.
  • The financing may also represent sourcing opportunities in marketing, sales and distribution.

Business Relationships

  • November 2009: Furiex entered into a development and license agreement with Janssen-Cilag under which Janssen-Cilag has the right to continue development and commercialization of MuDelta and Fluoroquinolone after Furiex completes Phase II development. As of December 31, 2010, Furiex had paid Janssen-Cilag $3.5 million as an up-front in-licensing payment.
  • Furiex licensed exclusive rights to PPD-10558 for cholesterol lowering from Ranbaxy. Ranbaxy retained co-marketing rights for the compound in India. If Furiex develops PPD-10558 further and it were to be approved and commercialized, after meeting commercialization and sales milestones, Furiex would be obligated to pay Ranbaxy a total of $43 million.
  • Furiex entered into an agreement with Takeda for Nesina (alogliptin) under which Furiex will be entitled to receive up to $45 million in future regulatory milestone payments, and up to $33 million in sales-based milestone payments, if targets are achieved.
  • PPD acquired an exclusive license from Eli Lilly in 1998 for the development and commercialization of Priligy (dapoxetine) for genitourinary indications, including premature ejaculation. In December 2003, PPD acquired Lilly’s patents and remaining rights to develop and commercialize dapoxetine in the field of genitourinary disorders. PPD developed Priligy through Phase II proof-of-concept and, in January 2001, out-licensed it to ALZA, which is now part of Johnson & Johnson. ALZA is responsible for all clinical, regulatory, manufacturing, sales and marketing costs associated with the compound. Following Furiex’s spin-off from PPD, it maintained a license agreement with ALZA under which Furiex has the right to receive up to $15 million in additional regulatory milestone payments, up to $50 million in sales-based milestone payments, and sales-based royalties. Furiex is required to pay Eli Lilly a royalty of 5% on annual sales in excess of $800 million.

Pipeline

Product Candidate Indication Dosage Form Status Next Anticipated Step
PPD 10558 (Statin) Cholesterol Lowering Capsule Phase II TBA
MuDelta Diarrheal Predominant IBS Tablet Phase II Data from Phase II trial expected in Q4 of 2011
Fluoroquinolone Antibiotic Tablet Phase III TBA
Alogliptin/Metformin Combination Type 2 Diabetes Tablet Phase III Plans to submit an NDA and MAA in US and Europe respectively
Alogliptin/Actos Combination Type 2 Diabetes Tablet Filed in US and Japan Plans to submit an MAA in Europe
Nesina (alogliptin) Type 2 Diabetes Tablet Marketed in Japan NDA submitted in US. Plans to submit an MAA in Europe
Priligy Premature Ejaculation Tablet Marketed in Europe NDA submitted in US


Finances

(In $ thousands) 2009 2010
Revenues 6,312 8,983
R&D Expenditures 11,795 50,112
General & Administrative Expenditures 2,551 8,262
Total Operating Expenses 14,621 58,504
Capital Expenditures 512 683


Furiex Pharmaceuticals, Inc. Key Officers
3900 Paramount Parkway,
Suite 150		 June Almenoff MD, PhD, President & CMO
Morrisville, NC 27560 Paul Covington MD, SVP, Clinical Development & Operations
Phone: (919) 456-7814 Lisa Liverman, Executive Director, Clinical Operations
Fax: (650) 649-1798 Rocio Lopez PhD, Associate Director, Preclinical Development
Web: www.furiex.com Russell Kawahata PhD, VP, Pharmaceutical Science
Sailash Patel, VP, Strategic Development

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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 September 30, 2011 and

get 10% off! *

*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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