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A little over a year ago, Bristol-Myers Squibb (BMS) launched its “productivity transformation initiative” (PTI) designed to “transform” the company into a next generation biopharma leader. As most of you may already know, PTI is corporate speak for layoffs and downsizing.

The PTI was largely in response to impending loss of patent protection in 2011 of its blockbuster Plavix, an anti-thrombosis drug that BMS co-markets with Sanofi Aventis. While BMS has a deep and innovative drug pipeline, the likelihood that the company will be able to replace Plavix revenues with one of its investigational drugs is remote.

To make matters worse, late last week, one of Plavix’s likely successors, an investigational anti-clotting drug called apixaban (being co-developed with Pfizer) failed to meet its primary clinical endpoints in a pivotal Phase III clinical trial called Advance 1 which was designed to evaluate the drug for prevention of venous thromboembolism in patients undergoing total knee replacement.  The 3,195-patient study compared apixaban, an oral Factor Xa inhibitor given at a dose of 2.5 mg, twice daily, to twice-daily 30mg injections of Sanofi-Aventis’ Lovenox (enoxaparin). This late stage clinical failure prompted the company to announce that it would no longer seek approval of apixaban in 2009 as previously planned.

Early this week, BMS ratcheted up the PTI and imposed a total hiring freeze for all permanent employees, consultants and leased workers (contractors). Previously, vacated permanent or temporary positions could be refilled if appropriate, qualified job candidates were identified. Finally, the company announced today that it would permanently ground its corporate fleet of jets that was operating out of Mercer County Airport in Trenton, NJ. According to an article in my local paper, the Trenton Times, BMS plans to sell four aircraft and layoff about 32 employees, mostly pilots and mechanics. 

Despite all of the other PTI initiatives implemented to date, the decision to sell all of its corporate jets sends a clear signal to stakeholders that BMS truly “means business”! I guess Jim Cornelius and other BMS executives will have to book commercial flights or take Amtrak to out-of-town meetings for the foreseeable future. That said, I doubt that Jim and others will be driving or taking the train to meetings in New York City or Washington—the corporate helicopter fleet is still operating!!!!!

Until next time….

Good Luck and Good Job Hunting (forget BMS)!!!!!!!

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First, King Pharmaceuticals posted a non-branded high blood pressure video on YouTube in early 2007. Next, Novartis added a 60-second commercial (as part of its Fluflix campaign) asking people to submit videos about what it's like to have the flu. Earlier this year, Insmed upped the ante by posting a video lobbying for new legislation for the approval of follow-on biologics in the US. However, these pharma assaults on YouTube pale in comparison to the launch of Johnson & Johnson’s health channel on YouTube earlier this week.

The channel currently showcases a small selection of health information videos created by NBC News chief medical editor Nancy Snyderman while she worked J&J. Video sites, like YouTube and Vimeo, offer pharma companies a place to feature expensive off media advertising assets (that are currently collecting dust) and to post ads for new drugs and products that are ready for launch.  J &J is the first pharma company to recognize that it can leverage the current social media craze to increase its visibility, sell more drugs and bolster its stock price!

While companies could host videos on their own websites,YouTube’s massive traffic of more than 80 million users offers companies a much larger and diverse audience. And unlike blogs or forums, pharma companies have complete control over the content of the videos that they post on video websites. Moreover, they don't have to worry about negative comments being left after a post (YouTube comments can be turned off), and they can brand and edit video content to target a particular demographic or audience. Finally, videos can be changed or removed by companies as needed.

The bad news is, that like all other forms of media on the Internet, there are currently no regulations for videos posted by pharma companies on video websites sites like YouTube. In other words, pharma companies can do or say whatever they want in the videos that they post—never a good thing! I suspect that at some point FDA will draft a guidance document or two on the topic. But pharma companies need not worry, it will likely be many years before the agency divines regulations guiding the messaging and content of online pharmaceutical videos.

The appearance of pharma videos on YouTube, and the growing number of pharma profiles on social networking sites indicates that pharma is ready to embrace social media as the next best thing since DTC advertising. I was wondering what took them so long?

I hope that J&J doesn’t start following me on Twitter!

Hat tip to Eye on FDA for the story!

Until next time,

Good Luck and Good Job Hunting!!!

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I happened upon this article that expands upon some of the interviewing ideas and tips that I presented in previous posts. The piece was written by someone from Business Week so it must relevant and might even be worth reading! 

Until next time….

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

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According to Terry Leap, a Professor of Management at Clemson University, CEOs that exhibit some or all of the following traits or behaviors are likely to be problems.

• An obsession with acquiring prestige, power and wealth
• A reputation for unwarranted and shameless self promotion
• A tendency to propose “grandiose strategies” and failing to include a detailed plan to carry them out.
• A superb ability to compartmentalize and rationalize things.
• A history of emphasizing activity, like hours worked or meetings attended, over accomplishment.
• A reputation for implementing major strategic changes unilaterally or for forcing programs down the throats of reluctant managers.
• An impulsive, flippant decision–making style.
• A love of monologues coupled with poor listening skills.
• A tendency to display contempt for the ideas of others.
• A penchant for inconsiderate acts

The thing that worries me is that many academicians and most CEOs that I know exhibit five or more of these traits. Oy! 

Until next time…

Good Luck and Good Job Hunting

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I want to thank Ed Silverman over at Pharmalot for providing me with data to back up my suspicions that hiring is taking a downturn at most pharmaceutical, biotechnology and medical devices companies.

According to the post at Pharmalot “Employers and recruiters in pharma, health care and biotech performed fewer searches in October, mostly thanks to declines in two key states - New Jersey and Massachusetts, which dropped by 5.6 and 3.2 percent, respectively, according to stats from MedZilla.com. Of the top jobs posted, the biggest changes were in research (a loss of two percent) and gains of 1.8 to 2.3 percent in business development, primary care, and marketing. Applicants, meanwhile, continued at the previous month’s rate of job searching, with only California seeing a change of more than one percent in either direction.”

Sales jobs are also taking a big hit.

I hate to be the bearer of bad news but sometimes a reality check is necessary to maintain perspective.

Keep the faith!

Until next time…

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

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