Pharmaceutical Executive-02-01-2004

February Table of Contents

With overworked execs and underfunded campaigns, it is hard to believe that the ad industry has the resources to improve its creativity while churning out campaigns better, faster, and cheaper. But this year?s Rx Club Awards winners show that a more sophisticated and risqué style is emerging?direct in message, clear on benefit, and confident in execution.

I'm running as fast as I can." That describes how many pharma executives see their work-as a high-stakes race. Just as competitive runners find that a coach can be a vital part of their success, many business executives are discovering the benefits of working with a professional coach to improve their leadership skills. The result has been a transformation in the way coaching is applied and perceived. Far from being seen as a remedial step for "fixing" executives who are performing below standard, it has become widely used as a way to make already-effective leaders even better and to move them to the next level of their leadership.

When Gary Cupit, vice-president of global business development and licensing at Novartis, recently told an audience at Columbia University that "we always cling to products a year longer than we should," he was referring to one of pharma's more pressing and expensive, if lesser-known, problems: failure to promptly pull the plug on unsuccessful pipeline projects. A drug in clinical trials burns about $30,000 a day. For compounds that never make it to approval, that adds up to a frittering of $11 million each.

The genomics revolution may not have ushered in the age of personalized medicine the way healthcare experts predicted, but innovative diagnostics keep pushing the industry toward the ideal of the "right drug for the right person at the right time. "One company that exemplifies that model is CeMines, a Colorado-based enterprise with an impressive, noninvasive cancer diagnostic in development. The product, which uses molecular fingerprinting to test blood samples, has had a 100 percent accuracy rate for every trial conducted. It not only determines-even in early stages-if a patient has cancer, but provides guidance for which type of treatment will work best.