Pharmaceutical Executive Digest Europe - February 11, 2009 - (Page 7) Actavis: Weathering the Ice Storm The last few months have been pretty frenetic for Actavis, and decidedly tumultuous for the company’s home country, Iceland. But new CEO Sigurður Oli Olafsson tells Pharm Exec Europe that it’s business as usual for the generics giant. hen, in the middle of last year, I first approached Actavis about the possibility of an interview, Robert Wessman was the CEO and the company was the fourth largest in Iceland. By the time I arrive in Reykjavik, a few short months later, Sigurður Oli Olafsson is ensconced in the top job and Actavis is the biggest company in Iceland. If you’ve been following the financial news with just a smidgeon of interest, then you can guess why Actavis has leapt to the top of the corporate tree in its home country. In early October last year, W Iceland’s three main banks (and three biggest firms) — Glitnir, Landsbanki and Kaupthing — collapsed. Almost overnight, the country’s financial system was left in ruins. In the subsequent weeks, Iceland called on its neighbours and allies for emergency funding, finally securing 1.7 billion from the International Monetary Fund and 2.4 billion from Russia, Poland and, mainly, the Nordic countries. Another ally, the UK, did not offer any help — in fact, quite the opposite. But more of that later. Life after Wessman Robert Wessman’s departure, after a decade of unprecedented success as Actavis CEO, is unrelated to the country’s financial collapse; indeed, he stepped down in August 2008, two months before crisis formally hit. As far as Actavis’ position is concerned, Sigurður Olafsson has been quick to reassure the world that it is business as usual. Within days of the banks’ failure, the new CEO issued a statement confirming that “Actavis 10 DIAGNOSTICS Change your patients, not your drugs 13 BUSINESS ETHICS Could you blow the whistle? 16 ON THE MOVE This weeks appointments and promotions 2 FROM THE EDITOR A week in pharma is a long time
Table of Contents Feed for the Digital Edition of Pharmaceutical Executive Digest Europe - February 11, 2009 Pharmaceutical Executive Digest Europe - February 11, 2009 Contents From the Editor News Calendar Actavis Exclusive Diagnostics Business Ethics On the Move Pharmaceutical Executive Digest Europe - February 11, 2009 Pharmaceutical Executive Digest Europe - February 11, 2009 - Contents (Page 1) Pharmaceutical Executive Digest Europe - February 11, 2009 - From the Editor (Page 2) Pharmaceutical Executive Digest Europe - February 11, 2009 - News (Page 3) Pharmaceutical Executive Digest Europe - February 11, 2009 - News (Page 4) Pharmaceutical Executive Digest Europe - February 11, 2009 - Calendar (Page 5) Pharmaceutical Executive Digest Europe - February 11, 2009 - Calendar (Page 6) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 7) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 8) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 9) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 10) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 11) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 12) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 13) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 14) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 15) Pharmaceutical Executive Digest Europe - February 11, 2009 - On the Move (Page 16)
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