BURLINGTON, Mass., Nov. 9, 2011 /PRNewswire/ -- inVentiv Health, Inc., offering best-in-class clinical, commercial and consulting services to the healthcare industry, today announced that it has established inVentiv Health Korea, a Seoul-based operation that will provide clinical development and commercial services to healthcare clients.
inVentiv Health Korea will deliver outsourced sales services through the company's Selling Solutions segment. inVentiv has recently signed an agreement with a top-20, multi-national pharmaceutical company to provide medical representatives to promote several of its products in Korea. In addition, inVentiv Health Korea is already providing clinical development services to several pharmaceutical clients through its clinical segment, PharmaNet/i3.
"Our clients are expanding their businesses in Asia and as they do, inVentiv is broadening its geographic reach to meet their outsourcing needs," said Paul Meister, CEO of inVentiv Health, Inc. "As a $15 billion pharmaceutical market expected to grow by significant margins over the next several years, Korea is an attractive opportunity for us. Not only are our pharmaceutical clients increasingly conducting clinical research in Korea, it is also a market where many leading pharmaceutical brands in the U.S. will be launching in the coming years, creating a growing need for outsourced sales and marketing support. Our move into Korea also reflects our commitment to expanding inVentiv's best-in-class services into key emerging markets."
inVentiv Health Korea will be led by Jae-Hee Kim, who will serve as President. Mr. Kim has more than 20 years of executive leadership, new business development, client services, and sales and marketing experience. Prior to his current position, Mr. Kim was a Representative Director at Enters Partners Co. Ltd., a marketing and consulting company to the pharmaceutical industry. He has held several senior-level positions with Korean Green Cross Corporation, SmithKline Beecham, and Quintiles Transnational. Mr. Kim graduated from the Department of Business Administration, Chung-Ang University and received his Executive MBA from the Helsinki School of Economics.
"Jae-Hee Kim brings a great depth of experience to this role having held senior roles at top pharmaceutical manufacturing companies and within leading service-side healthcare businesses. With unmatched knowledge of the Korean marketplace, Mr. Kim is the ideal candidate to help inVentiv establish a strong presence in this important geography," said Rick Finnegan, Executive Vice President, Global Operations, inVentiv Health.
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of best-in-class clinical, commercial and consulting services to companies seeking to accelerate performance. inVentiv's client roster includes more than 550 pharmaceutical, biotech and life sciences companies. With 13,000 employees in 40 countries, inVentiv rapidly transforms promising ideas into commercial reality. inVentiv Health Inc. is privately owned by inVentiv Group Holdings Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. For more information, visit http://www.inventivhealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: the impact of our substantial level of indebtedness on our ability to generate sufficient cash to fulfill our obligations under our existing debt instruments or our ability to incur additional indebtedness; the impact of the consummation of any announced acquisitions, and any additional leverage we may incur in connection with the financing thereof, on the ratings of our debt securities; our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; the impact of any default by any of our credit providers or swap counterparties; our ability to accurately forecast costs to be incurred in providing services under fixed price contracts; our ability accurately forecast insurance claims within our self-insured programs; the potential impact of pricing pressures on pharmaceutical manufacturers from future healthcare reform initiatives or from changes in the reimbursement policies of third-party payers; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; the potential impact of financial, economic, political and other risks, including interest rate and exchange rate risks, related to conducting business internationally; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate acquired businesses, including the acquisitions of i3 Global and PharmaNet Development Group, Inc., into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our client base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the possibility that client agreements will be terminated or not renewed; consolidation in the pharmaceutical industry; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing, including initiatives by our clients to perform services we offer internally; the potential liability associated with bringing new drugs to market, including potential liability from injury to clinical trial participants; and the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance. Readers of this press release are referred to documents which may be filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
SOURCE inVentiv Health, Inc.