Fred Hassan: ‘We’re Ready To Take Tough Action’
9 CommentsBy Ed Silverman // February 12th, 2008 // 2:23 pm
In his carefully rehearsed remarks this morning, the Schering-Plough ceo tried to strike an aggressive tone with the plethora of analysts, fund managers and media listening to the teleconference call. All ears were attuned, of course, to any nuances or shadings that Fred and his lieutenants might provide on the controversial Enhance trial, which found that Vytorin failed to yield any statistical advantage over the cheaper Zocor in reducing arterial plaque.
The issue, as you may recall, is whether the drugmaker and its joint venture partner, Merck, handled the release of clinical trial data properly, given that the lead investigator wasn’t consulted when the endpoint was briefly changed; the results were delayed nearly two years and several Schering-Plough execs sold huge chunks of stock during the wait. Congress is investigating all this (see here and here).
There were no revelations during the call, since the drugmakers prefer to wait for the public debut of the complete data at the American College of Cardiology meeting late next month. But Fred did use the platform to fire back:
“We feel confident that we can weather the controversy around the mischaracterizations of the release of the top-line results of the…Enhance trial. We believe it’s very important that the scientific process be respected. It was a small study in a rare population with a novel, ultra-sound scanning technology. It’s important that the full results be assessed by the scientific community in an appropriate and open medical forum. And it’s important to recognize that this study did further validate the profile of Vytorin and Zetia (which along with Zocor comprises the Vytorin combo therapy).
“We stand behind our products, and we stand behind our science.” Of course, Fred went on to say that if things don’t work out, well, “we stand ready to take tough actions if tough actions are needed.” Which tough actions? Against who? He didn’t say.
Should the drugmakers have waited to release the SEAS results?
- No (73%, 82 Votes)
- Yes (27%, 31 Votes)
Total Voters: 113
Loading ...
Insider
Tough actions against who?
SAT
Probably any naysayers, the big. bad media and bloggers on CafePharma and Pharmalot! I’d venture to say that Peter Rost will also need to be on the lookout!
Jack2
The full article on Wall Street Journal alluded to looking at every aspect of the company to ensure full productivity. So my guess at the answer is: employees.
CSC
If Fred has his way, he’ll probably send his bodyguards after anyone he suspects of being disloyal!
Anonymous
Maybe he should commit hara-kiri. That would be a tough action.
Justice in Michigan
Fred was on Cramer tonight. I think Cramer gave him a bull. Kind of like coal to Newcastle.
BPW
Fred continues to spin:
“But Hassan didn’t downplay the Vytorin issue. He threw his full support behind the drug, which is a joint-venture between Schering and Merck …, telling Cramer that studies prove Vytorin can reduce LDL (bad) cholesterol. The particular study that brought on the skepticism was small and concentrated on a special population with very high cholesterol, Hassan said. Even then, the drug’s safety and tolerability profiles – two of the biggest indicator’s of a drug’s efficacy – remained normal.”
He just doesn’t get it. Why can’t he simply tell the whole truth? He continues to duck and dodge.
FBT
It seems not even merck and Schering-Plough can keep their stories straight. A few weeks ago, SP sent a reply to the SEC indicating the exact dates and times that its’ executives knew the results of ENHANCE. Now, the Merck spokeperson is giving different information that their executives first saw the results in December. How is this possible since Schering-plough was responsible for the ENHANCE study?
“Vytorin combines Schering-Plough’s Zetia with Merck’s older cholesterol drug Zocor, a former blockbuster available since June 2006 as a generic for about one-third Vytorin’s cost. The study found Vytorin was no more effective than the generic at limiting plaque buildup in neck arteries, but did lower cholesterol a bit more.
The companies have said the complexity of the study, which the companies paid for, and difficulty reading ultrasound images of participants’ arteries delayed the results.
The two New Jersey companies have a joint venture that markets Vytorin and Zetia, which together brought in $5.1 billion in sales in 2007, up from $3.8 billion in 2006.
“We will cooperate with the committee,” Merck spokesman Chris Garland said Tuesday. “We stand by the safety and efficacy profiles of both Zetia and Vytorin.”
He said Merck officials first saw study results starting in late December.”
Which version is the truth? Inquiring minds want to know.
Fred
Fred on Fred
I’m sure Fred is standing far enough behind his products and science that he won’t be hit in the pocket from the fallout.I guess it will be tough to tell the whole truth,the real whole truth not the fake whole truth about the circumstances surrounding this trial.Go get em Fred baby,get tuff (fake tuff)