Word: marketing
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Dates: during 1990-1999
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Music is a game of averages, and Davis certainly doesn't bat .1000; Puff Daddy's solo album Forever is off to a slow start. But Arista has created enough hits to help lift the market share of its corporate parent BMG from 14% to 18%, second only to the Universal Music Group...
...sites. It's about to start a service that will e-mail you whenever any online merchant lowers its price for a particular item to an amount you're willing to pay. Feeling frugal about that $150 pair of binoculars? No problem; sit back and wait until the market takes it down to $99. Then jump on it. (As you would expect, there are auction bots that do exactly the same for eBay and its clones...
...accoutrement since the stethoscope. Plastic surgeons who once spent their time doing nose jobs on teenagers are now turning their offices into decorator-chic "medical spas," where they perform laser "facial rejuvenations" and hair removal as well as cosmetic surgery. At least 50 different laser systems are currently being marketed for cosmetic purposes. The market in hair-removal laser machines alone has risen from $85 million in 1997 to a projected $185 million this year, says Jacob Golbitz, industry analyst at Fector, Detwiler & Co. Ads tout the latest in laser treatments with impossible results: "Made Me Look 20 Years Younger...
...come off patent, and as a generic drug it didn't offer much of a payoff because of the likelihood of competitive products and lower prices. Moreover, FAP--Nichols' cancer--is a so-called orphan disease, afflicting only 25,000 Americans, so there wasn't much of a market for it. Thanks, but no thanks, the drugmakers said...
Although bringing a new drug to market can be time-consuming (up to 15 years) and costly ($500 million), Nichols was undaunted. In 1989 he started his own pharmaceutical company, Cell Pathways, with Dr. Rifat Pamukcu--the lone physician at the University of Chicago who had supported his decision to forgo surgery--as chief scientific officer. At first, Nichols used his own money, then he turned to friends, and finally he sold off shares to venture capitalists, eventually raising $81.5 million but leaving him with only an insignificant interest in Cell Pathways. Getting rich was never his goal...