SADDLE RIVER, N.J.--(BUSINESS WIRE)--PDI, Inc. (NASDAQ:PDII - News), a pioneer in providing contract sales and commercialization services to the biopharmaceutical industry, today announced a one-year renewal of an agreement with a major pharmaceutical company for a contract sales engagement. The 2009 initiative will continue to utilize PDI’s exclusive Select Access Team to reach pediatricians. The fee-for-service contract, commencing January 2009, is expected to generate approximately $6.6 million in revenue for PDI over its 12-month term.
“The renewal of this contract is a strong vote of confidence for PDI’s sales execution and the flexibility and return on investment we are able to offer our pharmaceutical company customers,” said Nancy Lurker, chief executive officer of PDI. “We are pleased to be continuing this long-term relationship.”
Select Access, part of the PDI ON DEMAND suite of services, is a unique selling model in which multiple, non-competitive clients can utilize a highly proven, fully operational sales force with established physician relationships in high potential zip codes nationwide. Since the sales team and its costs are leveraged across multiple clients, Select Access is effective for the promotion of a broad range of pharmaceutical products including established, seasonal, and specialty prescription. In addition, Select Access is an efficient option for emerging pharmaceutical companies with just one product to sell.
About PDI
PDI provides commercialization services for established and emerging biopharmaceutical companies. The Company is dedicated to maximizing the return on investment for its clients by providing strategic flexibility, sales, marketing and commercialization expertise.
PDI currently operates in three business segments: Sales Services, Marketing Services and Product Commercialization. Our sales services include Performance Sales Teams™, which are dedicated pharmaceutical sales force teams for specific customers; Select Access™, our targeted sales solution that leverages an existing sales force and infrastructure; and PDI ON DEMAND, a suite of innovative sales services that provide rapid, customized sales force solutions tailored to meet the local, regional and seasonal needs of our customers. Our marketing services include marketing research and consulting services through TVG, and medical communications services through Pharmakon. Our product commercialization solutions leverage our considerable sales and marketing expertise to manage products throughout their lifecycles, enabling us to maximize profitable brand growth. PDI’s experience extends across multiple therapeutic categories and includes office- and hospital-based initiatives.
For more information, please visit the Company’s website at www.pdi-inc.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and financial performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond PDI’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause PDI’s actual results to be materially different from those expressed or implied by any forward-looking statement. Such factors include, but are not limited to: changes in outsourcing trends or a reduction in promotional, marketing and sales expenditures in the pharmaceutical, biotechnology and life sciences industries; the loss of one or more significant clients or a material reduction in service revenues from such clients; the ability to fund and successfully implement PDI’s long-term strategic plan; the ability to successfully develop product commercialization opportunities; PDI’s ability to generate sufficient revenue from product commercialization opportunities that PDI pursues to offset the costs and expenses associated with implementing and maintaining these types of programs; the ability to successfully identify, complete and integrate any future acquisitions and the effects of any such acquisitions on PDI’s ongoing business; the ability to meet performance goals in incentive-based and revenue sharing arrangements with clients; competition in PDI’s industry; the ability to attract and retain qualified sales representatives and other key employees and management personnel; product liability claims against PDI; changes in laws and healthcare regulations applicable to PDI’s industry or PDI’s, or its clients’, failure to comply with such laws and regulations; volatility of PDI’s stock price and fluctuations in its quarterly revenues and earnings; potential liabilities associated with insurance claims; failure of, or significant interruption to, the operation of its information technology and communications systems; and the risk factors detailed from time to time in PDI’s periodic filings with the Securities and Exchange Commission, including without limitation, PDI’s Annual Report on Form 10-K for the year ended December 31, 2007, and PDI’s subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, PDI undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Contact:
PDI, Inc. CONTACT: Jeffrey E. Smith, Chief Financial Officer 201-258-8451 jesmith@pdi-inc.com www.pdi-inc.com or INVESTOR CONTACTS: Lippert/Heilshorn & Associates, Inc. Kim Sutton Golodetz, 212-838-3777 kgolodetz@lhai.com Bruce Voss, 310-691-7100 bvoss@lhai.com
Source: PDI, Inc.
