SV104Merck

ScientiaVision Competitor Close-up: Merck & Company, Inc.
Published December 2008

While Merck was the world’s leading healthcare company until it sold Medco Health Solutions in 2003, the company has seen numerous setbacks over the last five years, primarily in the form of the Vioxx (rofecoxib) withdrawal and in significant patent expirations. In 2003, Vioxx was Merck’s third-leading product in terms of sales, with over $2.5 billion. While the loss of Vioxx sales was a significant blow, Merck was further hit by the patent expirations of Zocor in 2006, the benign prostatic hyperplasia (BPH) indication for Proscar in 2006, the Fosamax patent in February 2008, and Cosopt/Trusopt (dorzolamide hydrochloride; ophthalmic) in October 2008. Merck is taking aggressive action to counteract its challenges. With public displeasure over pharmaceutical costs, increasing competition from newly merged and streamlined pharmaceutical companies, a more global pharmaceutical market, pressures from insurers, the Vioxx withdrawal, and numerous patent expirations, Merck has been continually restructuring to improve efficiency and results. While Merck has been mentioned as a merger or takeover candidate, particularly after the 2004 withdrawal of Vioxx, the company has been implementing measures to lower costs, improve its pipeline, and expedite the approval process. The program began paying off in 2007 in the form of increased revenues generated in large part by global sales of Gardasil, Merck’s cervical cancer vaccine; Januvia (sitagliptan phosphate) diabetes drug; and RotaTeq rotavirus vaccine. The program also paid off with approvals of Janumet and Isentress in 2007 and a new formulation of Emend in January 2008. Merck’s future depends on its being able to bring safe and effective new pharmaceuticals and vaccines to the market quickly, leverage past research by adding line extensions, license or acquire research and technologies from other companies, cut costs, and rebuild its reputation. Merck has significant challenges ahead as it loses patent protection on its biggest-selling drugs over the next few years, so it is imperative that Merck make up lost sales with new products. Merck will have to balance the requirement to get new products on the market with the equally important needs to proceed through the development process carefully and avoid missteps, as well as to rebuild its reputation for integrity and dependability.  70 pages, 25 exhibits.

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