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Discussion in 'Lundbeck' started by anonymous, Sep 3, 2017 at 8:19 PM.
you're a moron - the Omni at Champions gate is 10 min from Disney. Middle of nowhere?!?!?
Maybe as the crow flys. No way you get to a restaurant on Disney property in less than 1/2 hour. And there are no restaurants of value in Davenport proper. You ever try to get on or off that exit of I-4? Good luck with your 10 minutes.
His answer would be, "No, it won't increase business, but that's not why we are meeting!" It's because that's all we know to do. We have no new data, we are losing coverage, nothing of value in the pipeline, key drugs that have lost patents or will in the coming months, and nothing to provide you that will increase sales.
It is bordering on the bizarre.
Surely now they will cancel the meetings around the country with Kare the Never Seen and Steffan jumping ship! Talk about having one giant gossip fest with nothing accomplished! But no, in their wonderful business wisdom, we will still have them.
I think everyone now sees there is no future at Lundbeck. Our leaders now comprise JA and PA. Scary, I know. With all that is happening, which is too much to list here, you think they might want to save a buck or two. But no, they think the answer is to go over probing and closing. They are genuinely convinced this is the answer. Where did they get these people? The only ones with any brains were Kare and Staffan!
Neurology will be gone in a few months, merged with what's left of psych. Then Onfi will go generic after Trin and Rex stumble. How many reps will be needed then? Will ASM's still only have 7 or 8 reps, or 12 to 14? Will people finally realize they have NO RETIREMENT here, and realize how important it is to have one? Will people realize they are way underpaid compared to other specialty sales teams? Will they be concerned with having no pipeline?
In summary, can you list just 5 reasons to stay?
Five Reasons to Stay:
1. Salaries are good-not great compared to other specialty companies, but better that average.
2. Not that many high-paying jobs out there now - find one with a good product - take it
3. Lundbeck is 70% owned by foundation - no such thing as job security but I don't think there is a huge danger of being bought out.
4. Psych side - contracts with Takeda and Otsuka secure sales force numbers to some degree, but don't read this as 100% job security but about as good as it gets in this pharmaceutical climate
5. Naysayers on here may tell you they don't like Our US leadership, but I find them to be very open, and approachable - I like what Lundbeck stands for - those complaining about culture are talking about easy days, no budget and no call averages - well that had to change - we can't be a profitable company like that. The culture I value has not changed: dedication to CNS and patient advocacy. Besides money, don't lose sight of why you do what you do.
I am not management - I am an account mngr but I bet you guys will tear my comments to shreds. Oh yeah, do you really think Staffan would have left if he could have become CEO?!?! My bet is the board didn't want him so he bailed.
I'm glad you have a good attitude and care about CNS patients. That said, it is clear you don't have much insight beyond the lowest levels of the company.
(1) Many companies pay specialty reps $125,000 and higher. Sunovion for one.
(2) The jobs are not as plentiful as I would like, BUT they are there
(3) Not really sure about how a foundation works, so no comment one way or the other. I don't think we have to worry about someone wanting to buy us.
(4) Those contracts all have some type of clause about buy outs, etc. no extra security here
(5) Being approachable means nothing. Actions speak louder than words. Lundbeck, like every corporation, #1 responsibility is to shareholders, not patients. If you think otherwise, you are extremely naive. The "culture" is to make a profit, and nothing more.
You did not mention our lack of pipeline, and they fact that Staffan left a company that he devoted his whole career to. You don't walk away from that if everything in going well. They may or may not have offered him the CEO position, I don't know. All I know is that we have one obscure drug in our pipeline, and some long shot additional indications for existing drugs, and that's it. Our U.S. is in above their heads. They operate in a world that no longer exists. We are treated like a new, primary care sales force, not an experienced specialty dream. We could be in a worse situation than we are now. My guess is that we will be in about a year. Do you want to bet your future on Northera, Trintellix, AM, and Rexulti? Do you ignore the fact that we have no retirement, profit sharing, or stock grants like most companies have?
Kare got out because he knows the numbers are not good. Nobody here believes Peter and his spin. Lorena also can write up all this spin about things are going well. Last we all checked the bonus grid discounts any credibility of this company. You might as well tell people interested in jobs here that the bonus is really around 20,000 a year because when the company was losing money we did better on bonus. By the year end expect another 15% of the sales force to be checked out and leaving.
Spin it all you want. The US home office team has no courage to fight for the US sales force. The training department is a shell of itself, marketing as well. Now you have dozens of vacancies and still screw your people.
There is 0 incentive to care about the success here for the company itself. We might as well have been called "Kare's little drug store" because what we offer to employees here is nothing more than a small business owner.
Meanwhile Copenhagen issues shares for these opportunistic board members and prices the stock at 50% face value. We all would like a lottery ticket for a million dollars a year at half price cost. How do we sign up?
How about you apply the bonus grid to these board members and let the employees vote what their compensation should be.
Kare should expect to get a call from congress to testify soon. Shkreli and Kare are both of the same mold. Take an affordable drug, buy it, then increase the price 100x from what the other company was going to sell it for. His legacy will follow him. Just wait
you guys are hilarious- If you know so much about Lundbeck's doom why are you still here - My guess is you're bottom feeders that don't stand a chance finding another gig but you come on here spewing all your negative crap onto anyone reading cafepharma. You're a moron if you don't the Kare left for a $52 million package - Duh he bailed but for a HUGE, Lifechanging financial package - who wouldn't leave the best job with the best company in the world for that kind of pay increase.
Did you actually say that Kare left "the best job with the best company in the world"? Are you listening to your own words? IF, it is what you say, it would be best in income, R&D, benefits, etc., and we all know it's not! No, Kare didn't give 2 shits about Lundbeck, and never did. Staffan, on the other hand, cared for Lundbeck. Stefan leaving speaks volumes about the future here.
kare was here less than 3 years, save us any story about kare caring about lundbeck. that goofy head bobbing screwball was here to rig the story about the success we had, jack the price of the stock up 3 fold and get 50% off options the board extended to him annually. He neutered the R&D center here, raised prices heavy, priced northera to be cluster fuck medicine that had plenty of potential, and as a result has seen massive turnover in all business units here at lundbeck. This company is just a large second class (not world class) operation. Then we add to the rigged pay and performance of the board and senior management. Imagine getting half price stock every year.... and having twits like peter here in the states talk about how great the stock performance has been. maybe they pay him options and they just keep that hush hush
steffan was a career man here so yes, his leaving at the same time tells you the board is going in a different direction. they got all that money coming in for raising guidance and asking the USA to take it up the ass to drive international sales. This foreign country has lost its soul for ensuring we take care of people in need. They made bank, now want to invest in stupid shit like 23 and me or brain immunology. Instead of investing that 400 million in profit to get more products or copromotes the clown bought back stock and paid off debt to jack the price up on stock. Meanwhile those 5 million dollars in stock came running to him every year, and every year he sold it off. Some con man.
The situation with Kare reminds me of Frank Underwood from house of cards.
Novo shocked him by not making him CEO, so his backup plan was to make himself look good by taking the Lundbeck position and boosting the stock price, all the while grinding the future of the company into dust.
Who at the company has benefited from the choices made in the last 2-3 years? Not the 1000+ people laid off, not patients trying to pay for Northera, not all the underpaid US employees with no stock options, not the entire neurology commercial and medical affairs organization who soon will have only Northera to work on, not the R&D organization who has only one new asset in clinical trials.
I can't imagine that this is what the Lundbeck foundation thought they were signing up for.
I don't know how to fix it, but step one is to hire someone that cares about Lundbeck, its mission, and its patients.
And you remind me of Broke Back Mountain and Sesame Street.