Word: gilmartin
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Dates: during 1990-1999
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...Gilmartin says Becton's market underwent a revolution similar to the one facing drug companies today. With the advent of managed care, drug companies now face powerful buyers and little pricing flexibility amid intense competition, characteristics paralleling that of the medical device market a decade...
...this experience that Merck apparently needed, Gilmartin says, since he was the first outsider in history brought in to steer the New Jersey-based corporation...
...core of Gilmartin's strategy is Merck's commitment to long-term research. Merck's much-vaunted research budget rose to $1.7 billion for 1997, a 14 percent increase from last year. Gilmartin's goal is research in 25 therapeutic categories by 2000, compared with 15 today...
...such a gamble? Gilmartin says Merck has a tradition of solid research. "Despite all the changes in the health care system, it is clear to us that what will make Merck strong in the future is the same as in the past," he says. He paraphrases company founder George Merck: "Medicines are for the people, and not for the profits...
...beginning to pay off. Crixivan, a Merck product, was one-third of the promising "drug cocktail" released last year to treat AIDS. Merck also released Fosamax, a treatment for osteoporosis, which affects one-third of all women over 60. This year, Merck has already introduced nine drug products, Gilmartin said...