Allergan CEO and medical aesthetics pioneer David Pyott talks with MassDevice.com on what the business of beauty can teach the medical device industry about consumer centric medicine.
Allergan (NYSE:AGN) CEO David Pyott has described himself as a "mountaineer," a "born marketer," and a bit of a masochist, but there's 1 thing the man undoubtedly is: A pioneer of the medical technology world.
After taking the reigns of the Irvine, Calif.-based medical aesthetics giant in 1998, Pyott quickly set about transforming an eyecare company into a global juggernaut that pulls in north of $5 billion a year with a diverse line of specialty pharmaceuticals and medical devices. Pyott did so not by doubling down on conventional wisdom, but by changing the playbook. Much to the chagrin of some company executives at the time, he cut costs by 33%, shed Allergan's contact lens solution business and concentrated significant resources on a little-known product in the company's pipeline called Botox.
Today no 1 needs any introduction to Botox, which is as much a cultural phenomenom as it is a medical product. But the lessons of the drug and Allergan's medical aesthetics business, which makes up 40% of its sales (all paid for directly by consumers) could hold some significant lessons for the broader medical device world.