These problems prevented Bindley Western from acquiring much new business until the early s. By Bindley Western operated 14 computerized distribution warehouses across the United States and employed The company was publicly traded on the New York Stock Exchange starting in the s. For nearly 30 years, Concentrics Research has been a leader in the conduct of Rx-to-OTC Switch and late-stage Phase II-IV research for the pharmaceutical, biotechnology, medical device, nutritional, and consumer healthcare product industries.
In , Concentrics Research was born from Walker Research, a global marketing research firm located in Indianapolis, Indiana. Over time, with a number of pharmaceutical companies, excellent relationships developed. The result was the creation and development of novel and customized clinical research services by our Clinical Division.
He soon signed a contract with Hook, and Bindley Western Industries had its first major customer. In , Bindley Western had grown large enough to move from the basement in Terre Haute to corporate office space in Indianapolis. The founder had established a market niche for his company by implementing a simple strategy--take over the service load for pharmaceutical manufacturers and reduce the price of purchasing drugs by allowing chains to buy products from Bindley Western on a more cost-effective basis than if the manufacturer itself handled shipping, replenishing inventory, and warehousing.
One crucial factor in the company's success was its ability to develop technology in order to help its customers manage inventory, reduce lead time, and make pharmaceutical purchases more efficiently.
No drug manufacturer, even if it were willing and able to sell directly to drug stores and hospitals, could match the rates of Bindley Western and other distributors. In spite of the fact that profit margins were very thin, the company's automated distribution system allowed it to become the lowest-cost provider in the industry. With a growing reputation as the most efficient wholesale distributor in the pharmaceutical industry, long-term relationships were established with companies such as Hooks, Eckerd, Rite-Aid, Revco and CVS.
In Bindley Western entered the ranks of the top ten drug wholesalers in the United States. When his father retired in , the family decided to sell E.
Bindley and Company. Since the business was no longer run by relatives, Bindley felt released from the constraints of competing with his own family. As a result, he began to develop his firm into a full-service pharmaceutical wholesaler. The time had also come to expand the firm's markets from chain drug stores to independents and other retailers.
In the company went public and revenues began to soar with internal growth. Other positive factors were an industry compounded growth rate of 15 percent since , the increasing reliance of manufacturers on drug wholesalers, and the aging of America. Soon Bindley Western was the fifth-largest drug wholesaler in the country. The transition from a private to a public company, and the demands of an accelerated growth rate, forced a turnover in upper management in the early s.
Many of the individuals who were with the firm from the beginning no longer fit into the management style suitable to a larger firm. Much more problematic, however, was the FBI investigation that started in Three employees of the company, two of whom were designated board members, were accused of "illegal drug diversion" and of accepting kickbacks from vendors in return for placing orders with those vendors.
Salentine was a principal at Frontenac Company, a Chicago-based private equity firm, where he executed acquisitions of and investments in private companies in a range of industries. Prior to Frontenac, Mr. Salentine worked in investment banking at Bear Stearns and also worked in the strategic planning department of DreamWorks SKG during its start-up phase. She worked in various medical units at Methodist Hospital and St.
Tina left bedside nursing to be a pharmaceutical sales representative for Aventis Pharmaceuticals. Upon completing her nursing career, Tina created her own business and has become a seasoned event coordinator, managing numerous special events for non-profit and corporate organizations.
Originally from Indiana, she attended Ball State University and obtained degrees in medical technology, biology and chemistry; her MBA work was done at the University of Colorado.
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