A quick note: This month has seen me suffer a lot through the loss of my favorite feline Squeaky. This was predated with our failed efforts at using veterinary medicine to save him. I will be writing about this and my plans in detail. In addition, new deadlines and an extremely tight schedule are making posting quite tough!
Elan: This name means eagerness and earnest..as it turns out, the Irish pharmaceutical company chose to turn it into irony...
Companies like Elan are a staunch reminder that nothing has changed. Business, is as usual - an old boy's club. All everyone did was hold their breath for a little while and now, we are back to business. It doesn't matter that Boston Scientific just needs to pay $196mn. for the Guidant mess. Yeah, don't hold your breath with the lawsuit the Justice Department has filed.
It also doesn't matter that J&J's quality problems haven't found a bottom yet.
And yet, Elan comes out swinging as the worst. As it turns out, not only did they fire a bunch of their R&D folks, but flew on their private jet to let investors know how they are "saving money" and "on track" for 2011 growth..!
One irked investor claimed that while this was troublesome, Elan was a great company with a great molecule. Bravo!
Of course I could go on and on about the need for ethics and shareholder activism, but I thought I would just stop here, and rush back to dinner giving you some pause for thought..
"Do you really think pharmaceutical and medical device companies are going in the right direction?"
No, this is not about innovation that the President preaches, as if all that is holding innovation back is people's desire to jump out and start sketching on the white board...
Can companies survive, let alone thrive with such poor ethics and morals?
Until next month...