Continues with Plans to Revolutionize the Veterinary Pharmaceutical
Industry
PORTLAND, Maine, Oct. 8 /PRNewswire/ -- Putney, Inc., a pharmaceutical
company focused on the development of generic drugs for pets, reports that
the current Bear market will not hamper its plans to roll out a line of pet
specific generic pharmaceuticals.
"Pet owners are committed to their pet's welfare and want the same
standard of care for their pets as they expect for their children and other
family members. Increased availability of generic veterinary medications
will enhance the ability of pet owners, who pay out of pocket, to provide
their pets with the health care they need," says Jean Hoffman, founder and
CEO of Putney, Inc.
Hoffman's comment refers to two studies. Business Week recently
reported that purchasing related to domestic companion animals, currently
at $41B annually, is the second largest growing category of consumer
spending. In a survey by Fleischman Hillard International Communications,
fifty per cent of respondents say that a recession would not affect their
pet spending. Putney's own 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,
sold to Thomson Corporation in 2004, founded Putney to make pet healthcare
more affordable and accessible -- a need she recognized when caring for her
own aging cats. "Pets are cherished family members, yet many, including
older pets that need medicines for chronic conditions, are not receiving
the full dosage of their veterinarian prescribed medicines due to the high
costs of pet pharmaceuticals," she says. Most human pharma products have a
generic equivalent available when the patent expires, while 86% of
companion animal drugs still have no generic equivalent available years
beyond patent expiration.
Hoffman also cites the recently passed Animal Generic Drug User Fee Act
as more cause for celebration. The law, which was passed in August, will
cut FDA review time for proposed new generic drugs for pets from over 700
days to just 270 days -- greatly increasing Putney's ability to bring its
products to market quickly.
Putney plans for its first FDA approved veterinary products to roll out
in 2009, with more following in 2010 and 2011. By 2012, the company expects
to have annual revenues more than $150M.
Putney, Inc. is a pharmaceutical company focused on the development of
generic drugs for pets. The company's goal is to offer high quality
prescribing options to veterinarians so price will cease to effect
treatment options. The company has what it believes to be the deepest
pipeline in animal health. Learn more at http://www.putneyvet.com.
SOURCE Putney, Inc.
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Related links:
http://www.putneyvet.com/
CONTACT:
Christina Perkins, Vice President, Marketing
& Communications of Putney, Inc., +1-207-553-4430,
christina.perkins@putneyvet.com
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