An honest insider post, the REAL future at GSK.....

Discussion in 'GlaxoSmithKline' started by Anonymous, Oct 29, 2007 at 11:11 PM.

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  1. Anonymous

    Anonymous Guest

    Novartis did the same thing as Pfizer. They floated the rumors of "layoffs" and within 1 month the number of vac sales jobs jumped from 400 to 800. Downsizing is going to happen. If you have a better opp go for it. Don't wait for sev pk You have to eat after 3 mo.
     

  2. Anonymous

    Anonymous Guest

    Why is management not accountable for what they havent done?
     
  3. Anonymous

    Anonymous Guest

    I was just told about Cafe Pharma by a friend at GSK. Of course, I have been reading this board all day. Yes, I am also waiting to find out my fate.

    I have to say, this seems to be the most realistic post that I have read. Whoever you are that generated the original post, thank you. It has motivated me to really polish up my resume. Even if I am retained, I don't think long term GSK is a good place to be.

    Thank you for helping me focus on the reality of the state of business at GSK today.
     
  4. Anonymous

    Anonymous Guest

    You state in your post, "Projected sales forecasts for Avandia family over the next six months are dire."

    Wow, you posted this 7 days before this article was published:

    November 06, 2007
    Glaxo Avandia Sales Appear To Be Vanishing (GSK)

    GlaxoSmithKline's (NYSE:GSK) Avandia sales might not just weak after the reports of cardiovascular risks were reported. If this research is accurate, the sales might be on the path to vanishing. We have not conducted our own research into this and since we are finance geeks we probably won't do much more digging. But this is a near-disaster for a blockbuster drug (more than $1 Billion in annual sales) if the figures are accurate.

    New research from TNS Healthcare’s DiabetesDynamics USA™ shows that from July through September of 2007 nearly 70% of changes in Avandia prescribing were the result of withdrawals—physicians switching patients to another therapy. In addition, the rate of withdrawals is accelerating, with as many withdrawals in third quarter ’07 alone as in the first and second quarters combined.

    According to the data: “Avandia prescribing has always been dynamic, with our research showing that, during the first half of 2007, 20% of physician consultations resulted in some kind of therapy change,” says Philip O’Hagan, International Client Services Director for TNS Healthcare. “From January through June, 84% of those prescribing changes were positive—physicians starting new patients on Avandia, adding it to existing regimens or switching patients to Avandia from other therapies. From July forward, however, we see a dramatic turnaround, with the majority of Avandia changes now coming from doctors taking patients off the drug.”

    DiabetesDynamics reveals that one of the main reasons physicians are switching patients from Avandia is reports that the drug is linked with increased cardiovascular risks. During the first half of 2007, there were no cases of switching due to cardiac problems, though there were the first rumblings that publicity about side effects was beginning to have an effect. During the third quarter of the year, however, there was a massive change, with cardiac problems now the reason for 20% of Avandia withdrawals.

    If this is even remotely accurate, it sure sounds like Glaxosmithkline is feeling some heat. As per Glaxo's site it says that the Avandia group of products £1,645 million (or $2.3 Billion in dollar terms using today's currency exchange rates).

    Join the 24/7 Wall St. open email distribution list for analysis of special situations such as buyouts, reorganizations, spin-offs, recapitalizations, speculation and other special news not posted on the public web site.

    Glaxo shares in teh U.S. are trading up almost 0.5% at $50.87, although its 52-week trading range is $48.30 to $59.98.

    Jon C. Ogg
    November 6, 2007
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    Posted at 03:46 PM in Drug companies | Permalink

    I think your credibility was just confirmed. You knew this information was about to leak out. Not that is was unexepected, but the timing seems amazing. I appreciate your honesty.
     
  5. Anonymous

    Anonymous Guest

    You must be the dumbest guy in the world if you are amazed that Avandia sales have been going down the tube.
     
  6. Anonymous

    Anonymous Guest

    My guess is that the poster was just pointing out that Avandia family sales are really much worse than upper management wants to acknowledge. Plus, projections for the next six months are extremely bad.

    This is just one reason that layoff June '08 is a very real possibility.
     
  7. Anonymous

    Anonymous Guest


    Pernock is not in charge of shit. By the way, Redneck Larry, go fuck yourself. You are a fucking looser! Anything and everything you have posted on this website has never come to fruition. Take a hike asshole!
     
  8. Anonymous

    Anonymous Guest

    Another website, "Fierce pharma," is reporting 5000 potential job cuts. I think the original poster was simply trying to shed light on this overall situation.
     
  9. Anonymous

    Anonymous Guest

    The 5000 job cuts is true and happening right now. This is a global layoff that affects every division (US and International) which will result in approximately 5000 cuts.
     
  10. Anonymous

    Anonymous Guest

    The first round starts tomorrow. I want to wish everyone the best of luck.

    If you really want to stay with GSK, I hope your wish is granted. However, I know that many of you deep down are really wanting the package.

    I hope it all works out for you regardless of the outcome tomorrow.

    I do need to state it one more time. Survival tomorrow does not guarantee survival in the future. You need to know that. Plan for your future accordingly.
     
  11. Anonymous

    Anonymous Guest

    I can tell you where I stand. I REALLY want that severance package today! I want out of this house of cards. I hope I am jumping for joy in a few hours!
     
  12. Anonymous

    Anonymous Guest

    This "quote" from Fierce Pharma is only a partial quote from the original source which said the 5000 figure was speculation, but that online blogs and discussion groups (like this one), put the figure at around 1000. The original quote was posted on here under the "5000 job cuts" thread.

    That said, it's probably still a very good idea to take a hard look at the future of the rep job in big pharma. People hate commercials. Reps are mandated to be commercials. Pipelines are not looking so hot across the industry. Election year coming up, which means all aspects of the health care system will be under the microscope.

    The industry can still make the argument that they do all the research and development, but can they justify 90,000 - 100,000 reps whose primary functions are to deliver commercials and lunch and host speaker programs for products that have been on the market for over a decade?
     
  13. Anonymous

    Anonymous Guest

    I can tell you with complete confidence that the original post is totally accurate. GSK upper mgmt expects the total US sales force to be at 5000 by 3Q 2008. We will have a second, deeper cut in June as stated in original post which will offer the exact same package, the cost of which has already been approved and budgeted for fiscal 2008. They are planning to pressure lower mgmt to get rid of the "deadwood" at a faster rate and keep the good performers prior to this second phase. Standby for a flurry of Coaching Reports and PIPs. They still believe most of the good people will stay! They are very out of touch with reality.
     
  14. Anonymous

    Anonymous Guest

    Does anyone know what the headcount is now in the US Sales as of this downsizing?

    Thanks again to the OP, you are dead on to the future of GSK for the first half of 2008! You have helped me realize I need get off the stick!
     
  15. Anonymous

    Anonymous Guest

    It is indeed happening. I am NOT in sales, I am in R&D, and there are hundreds of reductions starting NOW (I actually found out a few weeks ago). I have no idea about any second rounds in 2008....by then I am gone, anyway.
     
  16. Anonymous

    Anonymous Guest

    Note to the OP. I read your post when if first went up on Cafe Pharma. It really got me thinking about my career with GSK.

    I updated my resume and sent it out the next day to three job postings I saw on Monster. I just got a call this morning from two of those companies for a specialty rep position!

    I survived the "deselection" process, but I am ready to move on. I saw first hand several good reps get deselected and mediocre reps kept.

    I am excited that I already have two opportunities in the works! Thanks for opening my eyes and getting me moving!
     
  17. Anonymous

    Anonymous Guest

    I just accepted a new job today. Smaller pharma company with a mix of urban and rural. Larger territory, but no pods. Only one partner.

    I will be calling my DSM to resign tomorrow! Thanks!
     
  18. Anonymous

    Anonymous Guest

    i heard more reps in June will be gone-deep cuts
     
  19. Anonymous

    Anonymous Guest

    Sounds like I'll be seeing more GSKers in my current company - I suspect that you were hired by the same one that just hired me - I can't wait to work there! It seems like one of the very few companies that's actually expanding!
     
  20. Anonymous

    Anonymous Guest

    Avandia thinning the bones is in the news. What does this mean? No doubt that GSK must continue to thin the sales force!

    June 2008 = thin down time!