PDI Appoints David E. Kerr Senior Vice President of Business Development
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SADDLE RIVER, N.J.--(Business Wire)-- PDI, Inc. (NASDAQ: PDII), a pioneer in providing contract sales and commercialization services to the biopharmaceutical industry, announces the appointment of pharmaceutical executive David E. Kerr to the position of Senior Vice President of Business Development, to provide leadership and strategy for the commercial success of PDI`s contract sales business. Mr. Kerr will report to Nancy Lurker, PDI`s Chief Executive Officer. Most recently, Mr. Kerr was Senior Vice President of Commercial Business at Endo Pharmaceuticals, where he was accountable for all facets of the company`s commercial activities, including $1.3 billion in brand and generics sales, marketing, portfolio planning, strategic marketing, contracting and pricing, and launched three new products that added more than $200 million in new revenue for the company. From 2001 to 2006 at Endo, David was Vice President of Business Development, responsible for leading product licensing and acquisition activities, contributing 14 large product transactions with mid-cap and large pharmaceutical companies, with transaction value estimated at over $500 million. "David brings a deep understanding of all aspects of the pharmaceutical industry, a strong appreciation of its needs and challenges, and proven success in evaluating and closing large and complex transactions. A seasoned pharmaceutical executive, David`s business-to-business experience, honed through extensive deal flow, will be an integral part of our future growth. This, combined with his knowledge of launching products, managing life cycles and building and realigning sales forces from the point of view of our clients and potential clients, makes David the ideal person to lead our business development activities and we are very excited that he has chosen to join PDI," said Nancy Lurker, Chief Executive Officer of PDI. Mr. Kerr said, "I am delighted to join a premier contract sales organization like PDI at a time when pharmaceutical companies are looking for opportunities to improve promotional return on investment, reduce expenses and increase efficiency through the integration of their internal teams with outsourced teams in their sales function. I look forward to working with Nancy and the rest of the PDI team to reach our goal of expanding market share in contract sales." Prior to Endo Pharmaceuticals, Mr. Kerr spent six years at Knoll Pharmaceutical Company, Inc., the pharmaceutical division of BASF until its 2001 acquisition by Abbott Laboratories. Hired in 1996 as a Manager of Strategic Sales Force Planning and Operations, Mr. Kerr was quickly promoted to Director of Sales Operations and Planning where he managed all aspects of the operation of a 700-member sales force, with a leadership role in the launch of a contract sales force and sales force automation projects. By 2000, he was promoted to Senior Director of the company`s Pain Management Business Unit, Knoll`s second largest and fastest growing business unit in terms of sales and profits. He was responsible for new business development with direct sales of $175 million and $50 million in business development spending. He was responsible for the direction of all marketing, market development, advocacy development, professional services, and clinical development. During his tenure at Knoll, he was accountable for the Vicodin® and Dilaudid® family of brands and received the company`s President`s Award for the initiative to launch two co-promotions for Vicoprofen®. Mr. Kerr began his career with E.I. DuPont de Nemours & Company, where he spent 15 years working his way up from Account Representative through Field Sales Management, to Market Manager of Integrated Health Networks Diagnostics Division. In this position he had leadership responsibility for the development and implementation of marketing and sales strategies for Integrated Health Networks, with a focus on business-to-business relationships in the Western U.S. Mr. Kerr received a Bachelor of Science degree from Pennsylvania State University in State College, Penn. and an MBA from the University of Delaware in Newark, Del. He is replacing David Stievater, who has been named Senior Vice President of Product Development. About PDI PDI provides commercialization services for established and emerging biopharmaceutical companies. The Company is dedicated to maximizing the return on investment for its clients by providing strategic flexibility, sales, marketing and commercialization expertise. PDI currently operates in three business segments: Sales Services, Marketing Services and Product Commercialization. Our sales services include Performance Sales Teams, which are dedicated pharmaceutical sales force teams for specific customers; Select Access, our targeted sales solution that leverages an existing sales force and infrastructure; and PDI ON DEMAND, a suite of innovative sales services that provide rapid, customized sales force solutions tailored to meet the local, regional and seasonal needs of our customers. Our marketing services include marketing research and consulting services through TVG, and medical communications services through Pharmakon. Our product commercialization solutions leverage our considerable sales and marketing expertise to manage products throughout their lifecycles. PDI's experience extends across multiple therapeutic categories and includes office- and hospital-based initiatives. For more information, please visit the Company`s website at www.pdi-inc.com. Forward-Looking Statements This press release contains forward-looking statements regarding future events and financial performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond PDI`s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause PDI`s actual results to be materially different from those expressed or implied by any forward-looking statement. Such factors include, but are not limited to: effects of the current worldwide economic and financial crisis; changes in outsourcing trends or a reduction in promotional, marketing and sales expenditures in the pharmaceutical, biotechnology and life sciences industries; early termination of a significant services contract or the loss of one or more significant clients or a material reduction in service revenues from such clients; the ability to obtain additional funds in order to implement PDI`s business model; the ability to successfully develop and generate sufficient revenue from any product commercialization opportunities; the ability to successfully identify, complete and integrate any future acquisitions and the effects of any such acquisitions on PDI`s ongoing business; the ability to meet performance goals in incentive-based and revenue sharing arrangements with clients; competition in PDI`s industry; the ability to attract and retain qualified sales representatives and other key employees and management personnel; product liability claims against PDI; changes in laws and healthcare regulations applicable to PDI`s industry or PDI`s, or its clients`, failure to comply with such laws and regulations; the ability to increase revenues and successfully manage the size of PDI`s operations; volatility of PDI`s stock price and fluctuations in its quarterly revenues and earnings; potential liabilities associated with insurance claims; failure of, or significant interruption to, the operation of its information technology and communications systems; the results of any future impairment testing for goodwill and other intangible assets; and the risk factors detailed from time to time in PDI's periodic filings with the Securities and Exchange Commission, including without limitation, PDI's Annual Report on Form 10-K for the year ended December 31, 2008, and PDI's subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, PDI undertakes no obligation to revise or update publicly any forward-looking statements for any reason. PDI CONTACT: Jeffrey E. Smith, Chief Financial Officer, 201-258-8451 jesmith@pdi-inc.com www.pdi-inc.com or INVESTOR CONTACTS: Lippert/Heilshorn & Associates, Inc. Kim Sutton Golodetz, 212-838-3777 kgolodetz@lhai.com or Bruce Voss, 310-691-7100 bvoss@lhai.com Copyright Business Wire 2009
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