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Affymetrix and the "DNA Chip" Revolution

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Affymetrix and the taken pride in placing in the top 10 among the The Evolution of Astra best companies to work for in a number of ∗ magazine surveys, from Fortune to Working Merck Inc. in 1998 Mother. Merck & Co. sales grew from $9.6 billion in 1992 to $23 billion by the end of "We plan to revolutionize the pharmaceutical industry by 19972, topping the world drug sales league in being the best at linking patients and products.” Wayne Yetter, President of Astra Merck Inc. both years. In fact, Merck has seen its global market share jump one-third in the 1992-1998 period to edge Glaxo Wellcome in 1997 with a Section I. Background 3 4.6% world market share. In contrast to the In 1982, Merck & Co. and Astra AB signed an strategy of other pharmaceutical companies such agreement by which products resulting from as Glaxo, this growth was largely fueled by Astra’s research pipeline would be taken through internal R&D efforts as opposed to mergers and clinical trials and registration, to be ultimately acquisitions. marketed and sold by Merck in the United States. The initial terms of the contract specified Another major strategic move made to enhance that Astra’s products would be transferred to its competitive position was the acquisition of Merck’s development and marketing Medco Containment Services Inc. in 1993 organizations, with Astra receiving royalties on (renamed Merck-Medco Managed Care). the sales of the Astra drugs.1 Merck-Medco provides pharmaceutical benefit services in the United States to control The initial cooperation and relationship between prescription drug benefits cost. It has been the the two parties was handled at arm’s length by only pharmaceutical company to appear to the management of both firms. However, the co- manage this type of operation with success. In marketing agreement also specified that once contrast, Eli Lilly’s foray into managed care has sales of Astra’s drugs reached a pre-determined been a resounding failure; PCS was recently sold for $1.5 billion, after having a price tag of $4.4 threshold level of ~$500 million over a one year 4 period, Merck would be required to re-assess the billion just a few years ago . status of the relationship and establish a separate entity to develop and market Astra’s drugs. One of Merck’s key therapeutic focus areas Astra would obtain the right to buy a 50% during the 1980’s was the highly lucrative anti- interest in the newly created venture, if it so ulcerates. Merck’s H-2 agonist, Pepcid, was desired. third in a crowded and highly competitive field. Glaxo’s Zantac dominated the category. Glaxo By the end of 1993, Merck had generated had successfully persuaded physicians that in theH-2 agonist class of drugs, Zantac was the revenues of greater than $500 million dollars 5 with Astra’s products and needed to consider its most effective and safe . Hence, Merck faced an future with Astra. Should Merck establish a uphill battle to erode Zantac’s enormous lead joint venture with Astra? How should the joint against Pepcid. A frontal assault by Merck’s venture be structured? What strategies should Pepcid on Glaxo’s Zantac would be ineffective both companies utilize in an alliance? Would an and costly, as Glaxo (whose sales force was acquisition of Astra be a better strategy than a comparable in size and resources) would fight joint venture for Merck? tooth and nail. Therefore, Merck sought a flank attack. It would A. Merck & Co. (1992-1998) search for a compound that was a newer and better class than the H-2 agonists. It could then Merck & Co. is a research-driven pharmaceutical use its core high science strategy to develop a company that has established itself as the global new franchise with this product or cannibalize leader in the industry, both in terms of sales and the H-2 agonist market. Astra had the drug as an organization. The company has always compound that Merck needed. ∗ Tom Harper, German Pasteris, & DJ Phukan prepared this 2 Merck Annual Report 1997. case under the supervision of Professor Will Mitchell 3 IMS Pharmaceutical World Review 1997. (12/1998; revised 2007/11). 4 Wall Street Journal (Nov. 11, 1998). 1 “Astra/Merck Group”, Harvard Business School 5 “Zantac (A)”, INSEAD Publishing, Case #592-045-1, Publishing, Case #9-594-045, 1995. 1992. 1 The Evolution of Astra Merck Inc. its earnings before taxes increased three-fold and In 1994, Merck instituted a “Strategy for Growth its D/E ration plummeted from 85% down to campaign” that is credited with taking the 34%. By 1992, Astra was the 28th largest company to its current level of success. This pharmaceutical company in the world. long-term strategy has resulted in a number of significant achievements. The drug pipeline has Astra researches, manufactures, and markets been filled; eleven products were launched; the pharmaceutical products and medical devices. company climbed up to the industry top spot in The top five selling products in 1997 included: terms of sales; it flattened the organization; Losec (48% of total company sales); Pulmicort, promoted teamwork; and strengthened its focus an anti-inflammatory asthma agent; the anti- on ethics, teamwork, values, and leadership. hypertensive drug Seloken; a vasoselective calcium anatgonist, Plendil; and the most widely Merck is the undisputed leader in the vast market used local anesthetic in the world, Xylocaine. for high-margin cardiovascular drugs, with five drugs, led by Zocor, with aggregate sales of $9 Since the European pharmaceutical market has billion in 1997.6 Despite patent expirations on been growing by approximately 5%, while the five major drugs in 2000 and 2001, Merck U.S. market has been growing by 11%, Astra’s should retain its premier status on the U.S. and short-term strategy will be to concentrate its world drug industries. Merck has an impressive efforts on the U.S. Longer-term, the company portfolio of high quality drugs in key therapeutic plans to establish a presence in the second- classes, as well as a strong lineup of new largest pharmaceutical market in the world, products. These include: the Cox-2 inhibitor Japan. Vioxx for arthritis, Propecia for hair loss, and Singulair for asthma.7 The company is currently in a “buildup phase.” In 1995, Astra AB assumed management control By the early 1990s, Merck was considered to be in Japan of a long time joint venture with the the one of the premier pharmaceutical companies Japanese pharmaceutical company, Fujisawa. in the world. The strengths of the company as The goal is to grow Astra Japan into a full- described by the company’s annual report and fledged pharmaceutical company with facilities analyst’s reports are in the areas of R&D, for production, development, and marketing marketing, and sales management (Top 5 sales programs. Astra has a 700 person sales force in force by Scott Levin Pharmaceutical Sales Force Japan. In addition, it plans to begin operating its Survey). Competitors also considered Merck to own distribution plant in 1998 with the goal of have one of the best working relationships with being equipped to launch products in 1999. the FDA. Astra AB has long been known as an outstanding B. Astra AB (1992-1998) research driven organization. A number of new drug class discoveries had come from Astra AB Founded in 1913 and headquartered in Sweden, especially in the areas of asthma, anesthetics, and Astra AB boasts the number one prescription gastrointestinal therapies. By the 1980s, the firm medicine in the world, the gastrointestinal reflux had developed a reputation for marketing and drug Prilosec (called Losec outside the U.S.).8 distributing other firms’ drugs in Northern Although based in Sweden, the vast majority of Europe. Astra’s pharmaceutical sales take place outside that country (85% in 1992; 94% in 1997)9. The Hakan Mogren, Astra’s CEO, stated in the 1997 U.S. is Astra’s largest single market and annual report that: “Our long-term growth accounts for greater than 27% of Astra Group strategy is based on a strong conviction in our sales (in contrast, sales in the U.S. accounted for ability to discover and develop new, important 13% in 1992). Between 1982 and 1991, thanks drugs and thereby grow organically, through our in large part to the co-marketing agreement with own strength. In addition to organic growth, we Merck, Astra sales increased 356% (Exhibit 1), will take advantage of opportunities that can be identified to further strengthen our prospects for 6 Merck Annual Report 1997. growth.” Based on the company’s past history 7 “Is Merck the Drug Stock to Own?,” Fortune, September of successful alliances, particularly with Merck, 28, 1998 most industry observers interpreted the CEO’s 8 IMS America, Top 10 Selling Drugs in the U.S., 1997 9 Astra AB Annual Report 1997 statement to mean that Astra was opening up the 2 The Evolution of Astra Merck Inc. possibility of merging with another placement on formularies, the drug company pharmaceutical firm to achieve the firm’s must give volume discounts to the MCO and strategic goals. market the drug effectively (on economic and efficacy outcomes). Astra needed Merck’s C. Dynamics of the Pharmaceutical Industry expertise in this area as Merck had significant in the 1990s. experience on dealing with MCOs. During the past ten years, the healthcare industry Healthcare reform. During the past decade, a has undergone dramatic fundamental changes number of attempts have been made by Congress that have transformed the clubby drug industry and by the Clinton Administration to reform into an environment of trench warfare.
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