What Will Merck Think of Next?

The recent bad press about Gardasil, Merck’s anti-cervical cancer vaccine, must have been keeping its marketing and advertising executives up at night because the company recently launched a marketing campaign called Charm4Life—a line of jewelry designed to raise awareness about cervical cancer. According to a post at the Pharmalot Blog, women (or concerned men) can pay $32 for any of four “limited edition” bangles designed by Carolyn Rafaelian, a designer with Alex and Ani.  The Charm4Life campaign could also be in response to the likely approval early next year of Cervarix, GlaxoSmithKline’s anti-HPV vaccine.

Merck insists that the campaign is to promote awareness about cervical cancer and that all proceeds from sale of the bangles will go to the Prevent Cancer Foundation. Of course, the real goal of the campaign is to promote Gardasil vaccination by raising their awareness of cervical cancer.  

The $32 price tag for the bangles is way cheaper than the $365 it costs for the Gardasil vaccination series. That said, I hope women don’t buy the bangles and forego Gardasil vaccination.

 

Hat tip to Ed at Pharmalot

 

Until next time…

 

Good Luck and Good Job Hunting!!!!!!!

The US Federal Trade Commission Weighs in on Follow-on Biologics

Just when I thought the absurdities surrounding the American follow-on biologics debate couldn’t get any sillier, the US Federal Trade Commission (FTC) announced today that it would sponsor public workshops and round table discussion to learn more about the impact of follow-on biologics on American competitiveness, regulatory policies and healthcare costs.

I am not certain what role the FTC has in the follow-on biologics debate (as far as I am concerned, it shouldn’t have much of one) but what new information does the FTC think that it is going to get that other more relevant government agencies like FDA or the US Congress don’t already have about follow-on biologics? After all, the debate to formulate an approval pathway for follow-on biologics in the US has gone on for almost 10 years now. How ineffectual and ineffective can the US government and its agencies be (rhetorical question)?

 

As far as I can ascertain, the main reason why follow-on biologics are not already being sold in the US are the never-ending efforts of power, well-funded lobby organizations like BIO and PhRMA. The data are incontrovertible: 1) the cost of branded drugs is out of reach for many Americans, 2) access to potentially life-saving drugs and treatments is hindered by restrictive drug formularies and onerous insurance co-pays and 3) many local and state governments and large, multi-national corporations can no longer provide adequate healthcare coverage for their employees because of out-of-control medical costs and expenditures.

 

In my opinion, the irony of the US follow-on biologics brouhaha is that it is putting American companies at a competitive disadvantage in the biosimilar/follow-on biologics space. Selling profitable, cheaper generic versions of blockbuster drugs is no longer a dream but a reality in countries like China and India whose middle class has finally come of age. True, the American pharmaceutical/biotech market is still the largest in the world—but will it still be the largest 10 years from now? Only time (and Asia) will tell.

 

Until next time….

 

Good Luck and Good Job Hunting!!!!!!!!

Gone Fishing

The summer is drawing to a close, it is Labor Day and I decided it was time for a break.  Despite the title of this post, I am not really on a fishing trip.  Instead, my wife and I decided to take the family on a "moosing " trip in Maine.  Moose have a special place in my family mostly because of my daughter's affection for  moose toys, you know what I am talking about.

While she has an extensive moose collection, she has never seen a moose in the wild. That said, we decided to take a trip to Maine (the land of moose)  after reading about a moose cruise offered by a resort located on Moosehead Lake in northwest Maine.  Although the ten hour car ride was a bit of a schlep, a trip to Maine is always worth the effort.

I am happy to report that we spotted several moose on the cruise including an extremely large bull moose with incredible antlers, a female and two calves.  Although I have seen many moose in my time, there is something very special about seeing moose in the wild with the entire family in tow.  The only family members who didn't share the experience were Sandy (the Havanese being cared for by friends in NJ) and Moose (yes, that is his name) our rescue dog of indeterminate breeding who had to stay back in the log cabin overlooking Moosehead Lake.

I promise to make it back to NJ to continue blogging about jobs, career development and biotech news.  Also, please remember that Vincent Racaniello and I are launching our bioscience social network BioCrowd in mid to late September.  So, if you want to be part of the BioCrowd, please join today!

 

A Conundrum: The Importance of Stupidity in Scientific Research

 I previously wrote a piece which suggested that being perceived as smart is typically what separates the great scientists from the mediocre ones. To that end, whenever a former postdoctoral mentor (who I think is really smart) wanted to “motivate me” he would invariably say “C’mon Cliff, you’re a smart guy…..” Of course, the implication was that I wasn’t being smart enough or —as I heard it — “if you want to be as smart as me you better think harder and better”. According to a post by Karen Ventii at the Science to Life Blog, I wasn’t the only fledging scientist who was treated this way.

Does making a graduate student or postdoctoral fellow feel stupid motivate or hurt them? To learn more, read this provocative article by Martin Schwartz, PhD a professor at the University of Virginia that appeared in the April 28, 2008 issue of the Journal of Cell Science.

Until next time...

Good Luck and Good Job Hunting!!!!!!!

Genentech: A Company That Got it Right

As you all know by now, Roche, last month, rocked the biotechnology world by tendering an offer to purchase the remaining shares of Genentech that it doesn’t already own.  The first offer made by Roche was summarily rejected by Genentech because its board felt that the offer undervalued the company.  I have no doubt that Roche and Genentech will eventually agree on a purchase price. That said, when companies are purchased, employees of the purchased company are typically laid-off or re-organized out of jobs. In marked contrast, Genentech announced (as expected) that it would offer virtually all of its 10,700 employees retention bonuses to remain with the company if it is purchased by Roche. These bonuses could cost Genentech as much as $371 million.  It was reported that the retention bonuses will be paid whether or not the merger goes through, and are in lieu of 2008 stock option grants.

Even with the bonuses, keeping employees could be a challenge for Genentech. Many Genentech employees (especially those who have been with the company for many years) are expected to become much wealthier if Roche pays a high price for their stock, particularly if unvested stock options vest immediately. That might mean some employees would no longer have to work for a living or might start their own companies to compete with Genentech. Many small biotech startups in the Bay area were started by Genentech alums.

Regardless of the outcome, Genentech’s retention bonus offer is another example of why Genentech was able to seperate itself from the rest of the biotech pack.  It is evident that CEO Arthur Levinson (one of the company's founders) understands something that many CEOs don’t—that employees are a company’s greatest asset.

Roche’s eventual acquisition of Genentech will signal the end of an era for one of the biotechnology industry’s most successful pioneers. It will truly be a sad day in the biotech world when the deal is finally consummated.

Until next time…

Good Luck and Good Job Hunting (try Genentech next Fall—there will be a mass exodus)

Abbott to Shed 1,000 Jobs

Ed Silverman at the Pharmalot blog reported that Abbott disclosed in a Securities and Exchange filing that it will cut about 1,000 jobs in medical diagnostics over the next four years to cut costs and save about $150 million per year.

According to an Abbot spokesperson “The streamlining includes the closing of a clinical chemistry plant in South Pasadena, California and transferring production of some diagnostic products to plants in Europe that are closer to a big part of the company’s customer base.”

I guess this is good news for Abbott employees—the company could have eliminated all 1,000 positions in one fell swoop. The four year timeline gives current Abbott employees some time to beef up their resumes.

 

Until next time…

 

Good Luck and Good Job Hunting!!!!!

Obama in '08--Buy an Obama Watch to Get the Word Out!!!!!!!

By now, you may have guessed that I am supporting Obama for President. My good friend Jack Goldenberg has created several Obama watch designs that he will be selling at the Democratic Convention in Denver, Co June 25-28, 2008.  For those of you attending, look for Jack and buy a watch (they are really elegant and cool).  If you are unable to attend the convention you can buy a watch online at Jack’s store. Use promotional code CLF and get a 15% discount!

Go Obama….

Until next time….

Good Luck and Campaign for Obama!

Former ImClone CEO Sam Waksal Is Released from Prison

Rumor has it that Sam Waksal was released from prison and is now living in a halfway house in the Bronx, NY. Waksal has a year remaining on his 2001 conviction for insider trading and fraud.

Now that Sam is out of jail, he can watch BMS takeover the company that he created way back in the early 80s. I suspect that he feels vindicated in some ways because BMS is willing to pay over $4.5 billion for ImClone. On the other hand, think of how much money he would have made if he didn’t get greedy.  As a stock broker friend of mine likes to say, “Bulls make money but pigs get slaughtered.”

The one thing that I know for sure is that Sam will not be calling his broker about ImClone shares this time!  

Until next time….

Good Luck and Good Job Hunting!!!!!!

Interviewing 101: Are Your Ready to Rock That Face-to-Face?

When I was a professional recruiter, I would always call my candidates the day before a scheduled face-to-face job interview to: 1) confirm the interview location and start time 2) insure that the candidate clearly understood the interviewing process and the schedule that he/she would be following and 3) to pump them up by giving them a pep talk reminding them how qualified they were for the position. Although most  of my candidates thought I was just me being nice, I really had ulterior motives (since I was a contingency recruiter and their performance could mean the difference between a paycheck or not). Further, I wanted to confirm that in addition to being mentally prepared, that my candidates were also physically ready for the interview i.e. they were wearing the appropriate clothes and shoes, knew exactly how they were going to get to the interview, made sure that all cell phones and beepers were turned off during the interview etc, etc.  As everybody knows (but is reluctant to admit) looks and image really do count when it comes to finding a job!

Many recruiters I know send their candidates an interview physical appearance preparedness checklist that they are instructed to follow before they leave their homes for a job interview. Of course, most candidates never bother to read the checklist (who wants to read stuff that you think is obvious?). And, not surprisingly, many candidates don’t get job offers because they were physically unprepared for their face-to-face.

 

Times have changed drastically since I was a professional recruiter. However, one thing that has remained unchanged is the need to be physically presentable and to act professionally at all times during a face-to-face job interview. Coincidentally, I came across an online “interview image quiz " that assesses whether you are physically and professionally prepared for your next face-to-face.

Check it out—you may learn a thing or two (and possibly get a job offer!)

 

Until next time….

 

 

Good Luck and Good Job Hunting!!!!!

Round 2: Genentech vs. Roche--No deal!!!!!

 As expected, Genentech summarily rejected Roche’s offer to purchase it for $43.7 billion. Genentech executives claim that Roche’s offer is too low and it undervalues the actual worth of the company. Roche offered Genentech about $88 per share for remaining 44% of the outstanding shares of stock that it doesn’t already own. Many Wall Street analysts think that the actual value of Genentech stock is roughly $100 per share. As any business person knows (with or without an MBA), the first offer is usually not the last offered that is tendered in any deal.

 

Because Roche owns a majority controlling interest in Genentech, it is not clear whether Genentech can avoid actually being purchased by Roche. Genentech executives have publicly stated that earlier agreements between the two companies that guide the sale of Genentech may no longer be in effect and that they will not abide by them.  I suspect that only time (or perhaps the courts) will tell.

 

Roche has already indicated that if it acquires Genentech, there will likely be job cuts to its 10,700 member workforce (something that Genentech wants to prevent). I suspect that Genentech’s rejection of Roche’s offer is the first in a series designed to maximize shareholder value for Genentech (not to mention the large sums of money that company workers and executives who own stock options will make as a result of a sale).

 

I predict that Roche will ultimately buy Genentech. The only thing that remains to be determined is how much Roche will have to pay to acquire the biotech giant. Roche cannot afford to let this deal go south—a bright and successful future depends on it!

 

If I were a Genentech employee, I would be dusting off the old resume right about now.

 

Until next time….

 

Good Luck and Good Job Hunting!!!

Interviewing 101: Sizing up the Interviewer

As we all know (or should by now) the face-to-face interview is the most important part of any job search. I and others have lectured and written exhaustively on appropriate interviewing behaviors and the requisite skills that must be developed to become a successful interviewee. However, it is important to point out that you are not the only person in the room during an interview—let’s not forget about the interviewer! To that end, little has been written about the types of interviewers that a job candidate may encounter during the face-to-face. As somebody once advised me, knowing your “enemy” can go a long way to insure success. 

With this in mind, I came across an informative article that describes 6 different types of interviewers that job candidates can expect to encounter during a face-to-face job interview. More importantly, the author provides insightful tips on how to manage each of them. As an aside, I have encountered each of the six types during my long and illustrious quest for my dream job.

 

If you have an upcoming job interview, I highly recommend that you read the article. It may make the difference between a job offer or not.

 

Until next time…

 

Good Luck and Good Job Hunting!!!!!

Is the Irish Bubble Bursting?????

Pfizer announced today that is it closing a manufacturing facility in Cork Ireland.  Approximately 180 people will lose their jobs. Pfizer tried to sell the plant but was unable to find a buyer. The Cork plant will officially be closed sometime in 2009.  Another of Pfizer’s five Irish manufacturing facilities located in Ringaskiddy is also on the block. That facility employs about 300 people. Pfizer cites the 2006 failure of torcetrapib, an experimental cholesterol drug as the reason for the plant closings.

Eli Lilly Sheds over 100 Clinical Jobs

Indianapolis-based Eli Lilly & Co announced today that it will transfer its clinical trial monitoring and data management operations to Quintiles and i3.  About half of the affected 265 Eli Lilly employees will lose their jobs.

Like other pharma companies, Lilly is looking at ways to cut costs. And as everyone knows, the best way to save money is to outsource operations and lay-off full time employees who are expensive because of high salaries and benefits.

Until next time….

Good Luck and Good Job Hunting!!!!!!

Glaxo Rumored to Eliminate 350 Jobs in Philadelphia and Research Triangle Park

The pharma downsizing bandwagon continues to roll. Today, there are unconfirmed reports that GlaxoSmithKline will eliminate about 350 jobs at its R&D facilities in Philadelphia, PA and Research Triangle Park, NC.  The area that will be hardiest hit by the cuts is Glaxo’s oncology program, which has not yield much over the past decade or so.

Expect the pharma downsizing trend to continue well into this Fall.

Until next time….

Good Luck and Good Job Hunting (if there are any left to find)!!!!!!

The BMS-ImClone Plot Thickens: Icahn--BMS is Low-Balling Us!

According to a post at the Pharmalot blog, Carl Icahn, Chairman of ImClone, thinks that BMS’ offer last week of $4.5 billion to purchase ImClone is way too low. Icahn feels that the bid was motivated, in part, because ImClone is developing a drug that may compete with Erbitux, and BMS may not have rights to the new drug. Bristol (like it has for Erbitux). I suspect that he is correct but as I mentioned last week, BMS is committed to becoming a next generation biopharma company and the acquisition of ImClone make perfect strategic and financial sense to me. Personally, I think that Carl is posturing (like any good businessman) because he knows that the BMS offer will not be the final offer tendered for ImClone.

As I have stated many times in the past on this blog, Carl seems to know a lot about biotechnology despite no formal training and no hands-on experience in the biz. Maybe he ought to start his own biotechnology company and own 100 percent of its stock. That way he will not have to raid other companies to gain control of their boards to purchase more stock or simply sell the companies? Life would certainly be easier for those biotechnology CEOs and their boards who have  work long and hard to create profitable businesses.

Don’t be surprised if BMS raises its purchase offer for ImClone. BMS finalized is flush with cash after it finalized the sale late last week of its former subsidiary ConvaTec for $6.6 billion.

Until next time…

Good Luck and Good Job Hunting (not in NJ)!!

Resume Insights: Dealing with Getting Fired

As much as I hate to admit it, I have been fired at least three times (usually for insubordination or rabble rousing) from jobs in my long and illustrious career. My guess is that anybody who has worked in the private sector has been fired at least once! Of course, nobody ever admits (unless asked) that they have been fired from a job. The point is that many people get fired and if you’re one of the unlucky people who get does fired; you will need to know how to deal with a “termination” on your resume. After all, once you are fired, you will likely need to look for a new job!

I came across a well- crafted post that provides ideas and insights about dealing with being fired and employment gaps when constructing a resume. Check it out—someday you may need to use some of the proffered tips.

Until next time….

Good Luck and Good Job Hunting!!!!!!!