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What's going on at PharmaNet...?

Discussion in 'CROs - General Discussion' started by Anonymous, Oct 2, 2011 at 10:16 PM.

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  1. Anonymous

    Anonymous Guest

    I can assure you senior management did not take a hit on PTO days or any benefits. They will get their outrageous bonuses and salary for running the company into the ground. PharmaNet used to be a really great place to work - it was exciting. When Mc Mullen and crew took over, it has gone down ever since..sold to the highest bidder 3 times now as long as senior mgmt got their payout. Too bad.
     
  2. Anonymous

    Anonymous Guest

    I don't think anyone assumes that upper management is sharing the pain.

    That's not the kind of company this used to be--there was one year when Pharmanet management actually gave up bonuses in order to hand out small bonuses to the line employees. But now it's the kind of company where senior management doesn't seem to give a darn about anything except their own perks and power.

    They don't seem to realize that eventually, once they drive off enough employees and drive away enough clients, they are going to lose their jobs, too.
     
  3. Anonymous

    Anonymous Guest

    That's right and when they replace McMullen I will laugh for weeks. The Inventiv CEO was sacked when TH Lee bought the company, and they sacked Glenn Bilawsky too.
     
  4. Anonymous

    Anonymous Guest

    They just bought Kforce CRO so I assume more layoffs will happen.
     
  5. Anonymous

    Anonymous Guest

    Kforce is aligned with FSP not clinical. That acquisition won't result in layoffs. Honestly, there aren't that many people left to layoff - I don't think that's a concern right now.
     
  6. Anonymous

    Anonymous Guest

    I think the strategy is to buy up more small companies and the spin off the loss by selling. All i know is that i have never worked for a company that is so screwed up in my life. It's literally like watching a train wreck every day. Don't worry - prospective clients are turning down bids because they know that they know the integration is not going well. I certainly would not risk putting my contract with this company.
     
  7. Anonymous

    Anonymous Guest

    FSP

    What's it like in the FSP division? Everybody acts like you all walknon water over there.
     
  8. Anonymous

    Anonymous Guest

    I think this company is giving me depression. I'm sick to my stomach about having to work there tomorrow.
     
  9. Anonymous

    Anonymous Guest

    We still can't figure out management's overall strategy (or even if they have one at this point). But they are obviously having trouble hiring and retaining employees.

    For a limited time, they have doubled the referral bonus to employees who recommend a friend for CRA and biostats positions. And today they gave us back two of the paid time off days that they took away back in December... so now we have all lost FEWER days than before, but we still have less paid time off.

    I don't think this is going to stem the tide of employees leaving, or get new employees to consider working at such a crappy place...
     
  10. Anonymous

    Anonymous Guest

    It has Meister written all over it. And I'm sure his partner is close by in the background.

     
  11. Anonymous

    Anonymous Guest

    Ditto. I've become a professional patient since the lordly inVentiv raided the companies.
     
  12. Anonymous

    Anonymous Guest

    Guess inVentiv and 'team' (aka Meister) have not heard the phrase "too little, too late..."

    Woohoo, they GAVE employees 2 new floating holidays on April 27. NOW employees have only lost lost 4 (more for others) paid days off per year! Did management fall over all the people on their knees thanking them for their graciousness?

    Next thing you know our shitty medical plan will become only semi-shitty! Interesting the unique restrictions this medical plan has that no other United Healthcare plans seem to have. Prescription medications, equipment/DME that is not covered under inVentiv's particular UHC medical plan. While, for the record, United Healthcare is no longer associated with parent or any of it's ever-growing offspring, something's smelling a little fishy around here.

    gone fishin' .....
     
  13. Anonymous

    Anonymous Guest

    I still lost over a week of leave even with them giving back two days. It's not enough to keep me working there. They should be a textbook case study for how not to run a business.
     
  14. Anonymous

    Anonymous Guest

    It makes no sense to have three staffing companies in the Inventiv portfolio, until you realize they are owned by private equity....look at the profit JLL made on Pharmanet....3 times money...T>Lee is just setting up for sale. They buy kforce which was stated publically at approx 80+M revenues for 50M...much below market except when you look under the covers and realize their trajectory was going steadily down and mother Kforce needed to eject them. They call them an FSP provider, and a CRO...which they are neither, and coming off the Pfizer mess, and layoffs they didn't have an upside. So now you have Pharmanet (a troubled CRO over the past few years), INVENTIV clinical (a name without a face), Med Focus and SmithHanley ...two decreasing staffing firms competing with each other and now Kforce. Putting it all together, you get leverage by decreasing SG&A (layoffs and reductions), and a sale if you can flatten out revenues...a big if. Lilly, Pfizer, Merck,Sanofi, BMS, Novartis, Amgen, J&J and AZ have already picked their providers and I didn't see Inventivs, Kforce or Pharmanets name on any list. Doesn't look good.
     
  15. Anonymous

    Anonymous Guest

    Re: What's going on at PharmaNet

    Not sure who/what inVentiv could sell Pharmanet or the combined staffing organizations to... We've all heard that JLL had to falsify financials (er, "mislead inVentiv about Pharmanet's financial position") in order to unload Pharmanet on unsuspecting inVentiv. I'm not convinced that inVentiv will find another sucker willing to buy such distressed goods...