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When George Barrett was named CEO of Cardinal Health in August, the prognosis was grim. The nation's second largest drug distributor, Cardinal had lost a third of its value the previous year. The U.S. Drug Enforcement Administration (DEA) had suspended several of the company's licenses. What's more, the firm, based in Dublin, Ohio, was about to spin off its lucrative medical-tech arm, CareFusion, sparking a further double-digit drop in its stock price. In other words, Barrett deadpans, "we had some challenges...
Like much of the rest of the health care sector, the drug-wholesaling industry has proved mostly recession-proof. Revenue rose 8% in 2008, to $386 billion, and an additional 6% bump is expected for last year, according to Pembroke Consulting, a Philadelphia distribution and manufacturing consultancy. Plus, an aging population and reform will be extra boons. "In theory, more insured people should mean more drug utilization," says Adam J. Fein, an economist and the founder of Pembroke. "That means more money in the pockets of wholesalers...
Even Cardinal's cash cow, its drug distribution, had begun to fall behind. Nearly half of the company's customers are national retail chains, including Walgreens and CVS Caremark. While these contracts assure a steady flow of capital, the margins on them are razor thin. Losing just one client could be catastrophic...
Enter Barrett. Before being hired to head Cardinal's drug-distribution business in early 2008, Barrett ran the North American operations of Teva, one of the world's largest generic-drug manufacturers. Barrett immediately focused on luring back independent-pharmacy customers, which are more profitable and rely on wholesalers for generics. The first step was to reopen all supply channels by paying $34 million to settle the DEA's allegations surrounding the firm's role in filling fake prescriptions. Then Barrett narrowed Cardinal's sources for generics from 120 to a few dozen to ensure that it could consistently offer...
...ecology and the livelihoods of local fishing communities. India's health ministry is currently reworking legislation on human clinical trials to introduce more stringent punishment for offences. That follows concerns that Indian research firms were cutting corners and risking subjects' health and lives in their hurry to attract international drug firms. And lobby groups and non-governmental organizations have been pressing the government to introduce new rules on electronic waste, ever larger quantities of which is making its way to India for recycling, or worse, dumping in landfills...