Maine Company/Startup Undaunted by Bear Market
"Pet owners are committed to their pet's welfare and want the samestandard of care for their pets as they expect for their children and otherfamily members. Increased availability of generic veterinary medications willenhance the ability of pet owners, who pay out of pocket, to provide theirpets with the health care they need," says Jean Hoffman, founder and CEO ofPutney, Inc.
Hoffman's comment refers to two studies. Business Week recently reportedthat purchasing related to domestic companion animals, currently at $41Bannually, is the second largest growing category of consumer spending. In asurvey by Fleischman Hillard International Communications, fifty per cent ofrespondents say that a recession would not affect their pet spending. Putney'sown focus groups have revealed that veterinarians are open to new generics;especially alternatives to pricey, chronic treatments.
Hoffman, an entrepreneur whose last enterprise, Newport Strategies, soldto Thomson Corporation in 2004, founded Putney to make pet healthcare moreaffordable and accessible -- a need she recognized when caring for her ownaging cats. "Pets are cherished family members, yet many, including older petsthat need medicines for chronic conditions, are not receiving the full dosageof their veterinarian prescribed medicines due to the high costs of petpharmaceuticals," she says. Most human pharma products have a genericequivalent available when the patent expires, while 86% of companion animaldrugs still have no generic equivalent available years beyond patentexpiration.
Hoffman also cites the recently passed Animal Generic Drug User Fee Act asmore cause for celebration. The law, which was passed in August, will cut FDAreview time for proposed new generic drugs for pets from over 700 days to just270 days -- greatly increasing Putney's ability to bring its products tomarket quickly.
Putney plans for its first FDA approved veterinary products to roll out in2009, with more following in 2010 and 2011. By 2012, the company expects tohave annual revenues more than $150M.
Putney, Inc. is a pharmaceutical company focused on the development ofgeneric drugs for pets. The company's goal is to offer high qualityprescribing options to veterinarians so price will cease to effect treatmentoptions. The company has what it believes to be the deepest pipeline in animalhealth. Learn more at http://www.putneyvet.com.
SOURCE Putney, Inc.
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