Pharmacy Industry Veteran Joins Millennium Pharmacy Systems as COO
CHICAGO, Dec. 17, 2010 /PRNewswire/ — Millennium Pharmacy Systems, Inc. has announced that Philip J. Keough, IV has joined the company as Executive Vice President and Chief Operating Officer based in its Shared Services Center in Cranberry Township, Pennsylvania, effective November 29, 2010.
Mr. Keough brings over twenty years of pharmacy leadership in operations, customer service, and consulting experience to Millennium. He most recently led Keoco, LLC, a successful consulting practice specializing in high-growth, early-stage pharmacy industry businesses. Phil has experience in hospital and independent pharmacies, as well as in the chain-drug industry, where he rapidly advanced into roles of significantly greater responsibility, culminating in leading all pharmacy operations for national leaders, CVS and Rite Aid. Phil honorably served in the U.S. Army Reserve and holds a Bachelor of Science, Pharmacy degree from Auburn University.
“The depth and breadth of Phil’s experience and leadership in the pharmacy industry, coupled with his intense focus on the customer experience, will make him an outstanding addition to Millennium’s executive team,” said Chief Executive Officer, Richard P. Scardina.
“Millennium’s innovative and cost effective medication management approach offers critically needed solutions to the long-term care market. By eliminating drug waste, enhancing administrative processes and improving patient safety, Millennium is changing the face of pharmacy solutions in the marketplace. I could not be more excited to join this leadership team and am committed to helping Millennium deliver on the promise of care, cost and compliance to its long-term care customers,” Phil said.
About Millennium Pharmacy Systems
Millennium Pharmacy Systems is a leading pharmacy services provider to the long-term care industry. Offering a new approach to pharmacy services, Millennium delivers on the promise of “the right drug, for the right patient, at the right time, for the right price” so its customers can deliver the best patient care while reducing costs, and more easily meeting compliance demands. Only Millennium combines Just-In-Time Dispensing with electronic medication and treatment ordering, administration, documentation, and reporting. Millennium backs up this commitment with delivery timeliness and medication accuracy customer guarantees. Millennium is headquartered in Chicago, Illinois.
Research and Markets: The Outlook for Pharmaceuticals to 2012 – Huge Potential in the E7 Markets
The E7 economies represent increasing opportunities for pharmaceutical companies constrained by maturing markets in the west.
Less reliance on mature markets:
A report from Pricewaterhouse Coopers (Pharma 2020: The vision: Which path will you take?) highlighted the dangers for the pharmaceutical industry of relying on existing mature markets such as the USA in the period to 2020. Pressures on pricing and greater payor influence will reduce the relative profitability of the USA, meaning that the industry will do well to look elsewhere for growth.
Huge potential in E7 markets:
The emerging ‘E7′ countries represent the best prospect for growth. The potential of these countries is huge: they have a combined population of over three billion people, and their economies are recovering from the economic downturn. One consequence of this increasing wealth is a growing financial capacity to treat previously unmet health needs. Another is increasing incidence of ‘affluence’ diseases such as diabetes, as people live longer and have more sedentary lifestyles.
Highlights from the report:
BRAZIL Brazil is the second most attractive BRIC market for pharmaceutical producers. Controlled drug prices are growing at below inflational levels but price controls are not directly linked to consumption levels. In fact, between 1997 and 2008, the pharmaceutical market by volume increased significantly only in 2004. Demand should increase as the country is emerging from the economic downturn much quicker than anticipated, therefore the outlook is very positive compared to other Latin American markets. The exchange rate of the real against the US dollar fell in early 2009, but it has now recovered. This is good news for producers as imports are now cheaper; Brazil, in contrast with other BRIC countries such as India, still relies on raw material imports, which diminishes its market strength.
CHINA Chinas pharmaceutical market looks set to grow even further in the short-term, with the establishment of an Essential Medicines System during the 2009-2011 period. The plan calls for an estimated 300-400 essential medicines to be made available at all public facilities, starting at the grassroots level. In October 2009, the NDRC reduced the prices of 2,349 drugs by an average 12%. These drugs represent around 45% of drugs on the Essential Medicines System. The prices of 49% of drugs on the list will not be reduced while the remaining 6% that are in short supply will see their prices increased moderately in order to encourage their manufacture.
INDIA India has a huge population in excess of one billion people and a growing middle class with access to high quality healthcare. Conversely, in this geographically vast country plagued by natural disasters, the majority of the population is both rural and poor and western style pharmaceuticals are not even an issue for millions of people. India has an established domestic industry, responsible for around 8% of world pharmaceutical production. The larger domestic companies are striving to compete in the global market for both generics and original products. The market is dominated by low priced, domestically-produced generics and relatively low per capita expenditure on pharmaceuticals.
INDONESIA The domestic pharmaceutical manufacturing industry is strong and the country has become an attractive base for many multinational producers to operate. This is largely down to a cheap labour force and generally inexpensive production costs. In March 2009, the government announced the merger between PT Indofarma and PT Kimia, saying the partnership, once materialised, will enable them to control a 15% stake of the market. PT Kimia president Sjamsul Ariffin said feasibility studies and legal processes would take at least six to nine months before the merger can be finalised. IPR protection is generally regarded as inadequate and counterfeiting is a major problem. The country has been placed on the US governments Priority Watch List in 2009.
MEXICO The current exchange rate of the Mexican peso against the US dollar is causing uncertainty, with increasing pharmaceutical import costs. This is expected to affect previously registered import levels. The overall pharmacy sector is facing stagnation, if not negative growth, in 2009. Pfizers acquisition of Wyeth and the merger of Merck Sharp & Dohme and Schering Plough will change the sector, with sanofi-aventis being pushed down. On a positive note, the downturn and an evolving regulatory environment are fuelling generics consumption. This market is expected to double in size in 2010. The latest foreign company to enter the generic market is Valeant which acquired a local producer in July 2009; sanofi-aventis acquired a local producer in early 2009. The local company Genomma Lab launched its generic product portfolio in August 2009.
RUSSIA In population terms, Russia is a potentially vast market. Health spending is generally very low, however, in comparison with Western countries. Around 75% of the pharmaceutical market is supplied by imports. The domestic generic industry is sizeable, but the local production of innovative drugs is negligible. Russian manufacturers are small and under-funded, often making do with outdated equipment. The market environment remains challenging for overseas companies. Major problems reported in Russia include corruption, bureaucracy, counterfeiting and poor data confidentiality. Government officials and politicians often discriminate in favour of the domestic industry, and enforcement of existing rules is often weak.
TURKEY As part of Turkey’s bid to join the EU, national legislation regarding pharmaceutical regulation is becoming more aligned with that of the EU. Partly as a result of previous efforts, but also of this harmonisation, the regulatory environment in Turkey is far more complex and the processes much more comprehensive in Turkey than elsewhere in the Middle East. However, there are still concerns within the international community over Turkey’s poor patent protection and intellectual property provision. Turkey has a considerable number of domestic producers, including Abdi Ibrahim, Bilim Pharmaceuticals, Eczacibasi, Embil Pharmaceutical Company, Fako Ilaclari, Milen Pharmaceuticals, Mustafa Nevzat Pharmaceuticals, Sanovel and the Turgut Group.