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has affected the health and safety of Knight's staff in Latin America,
impacting their ability to do their jobs. And it has hit sales, which remain
lumpy. Doctors are seeing fewer patients as they shy away from the health care
system, which also means they're writing fewer prescriptions for medications. And
physicians have scaled back meetings with drug suppliers, snarling the
company's new product launches.
Sakhia is showing she has a good grip on the obstacles and opportunities as
Knight scales up its business. The company this past Friday reported an
87-per-cent increase in net income for the second quarter compared with the
same period last year, generating a profit of $29-million, or 23 cents a share,
on record revenue of $65.8-million.
an increase in demand for its product to treat invasive fungal infections
associated with COVD-19, as well as sales growth in several other recently
launched products. The company has a market capitalization of about
and Mr. Goodman are betting the long-term prospects of Latin America will more
than offset the challenging dynamics Knight sees in its home market. After
several delays, new Canadian regulations on drug pricing are set to take effect
in January, seeking to lower the price of drugs by allowing the federal
regulator to adjust which countries it uses to set benchmark prices and to take
into account a drug's cost-effectiveness for patients.
companies and advocates for sufferers of rare diseases say the changes will
further discourage research and development spending in Canada and lead to
fewer new drug launches. Supporters of the reforms counter that the industry
just wants to protect its fat profit margins.
which makes money by buying and licensing largely proven products, the
uncertainty in Canada on pricing has made it difficult to plot its strategy.
So, it is switching much of its focus to Latin America, a region Mr. Goodman
says is much like Canada was 10 years ago. "We know how to make money in
that kind of market."
helmed the Biotoscana acquisition and she's the one tasked with integrating its
700-some people in 10 countries, a challenge complicated by the pandemic and by
the fact that Biotoscana wasn't optimally organized in its own right. The newly
acquired company was in fact four separate companies, each with its own IT
systems, accounting and even inventory. For something as simple as a marketing
plan for a product, there were seven plans. "It was crazy," Ms.
is methodical in her approach to what needs to be done. Unlike Mr. Goodman, who
let his subordinates work with little supervision, she is heavily involved in
each step of the company's operations and development and demands constant
monitoring and accountability from her staff.
Ms. Sakhia has been effectively running Knight's operations for some time, we
do not expect any disruptions and view her assumption of the CEO role
positively," National Bank of Canada analyst Endri Leno said, echoing the
sentiment of other analysts.
incoming CEO is optimistic Knight can grow its profits despite obstacles. Drugs
such as Exelon, a dementia fighter whose rights Knight recently purchased for
Canada and Latin America, have staying power, she says. And as Knight works
through the Biotoscana acquisition, she says the company will beef up its
disclosure - something that should get investors more comfortable about its
know that there's a lot of fear of the next levels of COVID, but we are going
to come out of it," Ms. Sakhia says. "We're already talking about
return to office. We're talking about return for the [sales] reps. The world is
going to wake up again. And we want to be ready."
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