1998 - A "Critical" Year For P&U, Says CEO

Following a year of turmoil and repair, 1998 will be the most criticalyear in the life of Pharmacia & Upjohn, according to chief executive Fred Hassan. Addressing a recent analysts' meeting in New York, Mr Hassan said that within the next three years, having put in place new strategies and structures for growth, P&U will accomplish its goals and create high-performance results.

Reflecting on his first six months as chief executive, Mr Hassan said that he had found lots of positives and more challenges than he had expected, but soon realized that certain early action was needed, including the simplification of the company's organization and targeting the US market (Marketletters passim).

Mr Hassan added that the USA accounts for 60% of the worldwide drugs market, and P&U had not been getting its fair share of the profits. Currently, Europe accounts for 45% of P&U sales, with 30% in the USA and 12% in Japan.