GSK, Auxilium to co-promote testosterone therapy
MALVERN, Pa. — The U.S. subsidiary of British drug maker GlaxoSmithKline and U.S.-based Auxilium Pharmaceuticals will co-promote a testosterone-replacement drug, the two said Monday.
GSK and Auxilium announced an agreement for the co-promotion of Testim 1% (testosterone gel), used in men with conditions related to deficiency or absence of the hormone.
"Today, GlaxoSmithKline and Auxilium have forged a collaboration to expand our reach to U.S. physicians who treat men with low testosterone and its resulting symptoms, known as hypogonadism, which we believe is a prevalent but poorly recognized condition," Auxilium president and CEO Adrian Adams said. "While the Auxilium sales force has consistently performed well in an increasingly competitive environment, adding the strength and breadth of GSK’s U.S. commercialization organization will further enhance our sales efforts with U.S. physicians who treat this condition."
Under the agreement — for which precise financial terms were not disclosed — GSK will have the exclusive right to co-promote Testim with Auxilium in the United States through September 2015. Auxilium will be responsible for commercial drug manufacturing, supply and regulatory activities, while GSK will receive compensation based on net sales and tail payments.
Testosterone therapies are about $1.6 billion per year, including $1.4 billion for testosterone gels, according to IMS Health.
Touro College of Pharmacy graduates first class
NEW YORK — The first new pharmacy school in New York in almost 70 years, and the only one in Manhattan, graduated its first class in a commencement ceremony at the New York Academy of Medicine on Friday.
The Touro College of Pharmacy, located in Harlem, announced the graduation of 63 students of the class of 2012. The school, part of the larger Touro College and University system, opened in 2008.
Students at the school undergo a "2+2" educational model that includes two years of instruction and two years of full-time experiential education. The college has established affiliations for students at 83 sites that include pharmacies, hospitals, community organizations, public agencies and public insurance organizations. The school says its mission is to improve public health by educating a diverse student body that will serve underrepresented communities and work to minimize health disparities.
CVS/pharmacy enters largely unchartered waters in retail with Spanish-language site
WHAT IT MEANS AND WHY IT’S IMPORTANT — The launch of CVS/pharmacy’s Spanish-language website is especially important when you consider the fact that the company is attempting to do something that only one other retailer has been able to do. Yep, one.
(THE NEWS: CVS/pharmacy launches Spanish-language website. For the full story, click here)
Only one other retailer — Best Buy — has been able to launch and support a robust Spanish-language e-commerce site in the long run. Well, if CVS/pharmacy proves successful then make that two retailers that have achieved such an accomplishment.
The move is in line with CVS’ effort to take its digital program to new heights in the coming years. Furthermore, CVS is working to offer shoppers a more personalized shopping experience via a store clustering approach and, in 2012, is expanding its segmentation approach through several tests, including a Hispanic prototype. Granted, its store clustering initiative pertains to bricks and mortar locations but perhaps some of the learnings from the site will play out in a Hispanic prototype?
What also makes the launch of the site especially important is the significant growth of the Hispanic population. By 2016, this demographic group will comprise 17.8% of U.S. residents, according to a September 2011 report, titled “The Growing Hispanic Population Means Big Business for These 7 Sectors,” from market research firm IBISWorld.
“For more than two decades, Hispanic buying power growth has outstripped that of the general population. Despite difficulties during and following the recession of 2009, buying power among Hispanics continues to escalate steeply,” IBISWorld wrote in the report.
According to IBISWorld, over the next five years, the nation’s buying power is projected to grow 27.5% to $14.7 trillion, while that of the Hispanic population is forecast to grow 48.1% to $1.6 trillion.
“Retail industries are some of the main beneficiaries of growing Hispanic buying power due to their long history of advertising toward the market. With concerted efforts by retailers to attract Hispanic consumers through English- and Spanish-language mediums, the sector’s share of the demographic is projected to swell,” IBISWorld wrote in the report.