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Executive Summary

SQUIBB WORLDWIDE DRUG BUSINESS TO BE HEADED BY KENNETH WEG under a management reorganization announced Sept. 21. Weg, who has been heading the company's international (non-U.S.) pharmaceutical operations, becomes president of Squibb Pharmaceutical Group, one of three newly created operating groups. "The successful marketing of our high-technology, patent-protected pharmaceutical products increasingly requires a coordinated global approach to assure that these products are presented to the health care profession most effectively," Squibb said. "Accordingly, we have organized the worldwide management of these key products in the Squibb Pharmaceutical Group under Ken Weg's leadership." U.S. marketing units falling within the scope of Weg's new responsibilities include E. R. Squibb & Sons and Princeton Pharmaceuticals, with a combined total of almost 1,000 reps. Capoten, Isovue, Azactam and Corgard are among the major product lines. Squibb's worldwide pharmaceutical business approached $ 2 bil. in 1987. William Weathersby, who most recently headed Squibb's U.S. drub business, becomes president of the newly established Squibb Managed Health Care Group. His responsibilities will include the generics unit Squibb Mark, Squibb Novo, diagnostics, OTC products as well as their supporting manufacture and distribution. "The rapidly emerging importance of managed health care organizations and cost containment systems makes it extremely important that these markets be served by a coordinated organization," Squibb President and CEO Jan Leschly explained. "We believed that this approach will assure our ability to serve these markets most effectively in terms of quality, service and cost." Squibb Medical Products Group, a third operating unit consisting of ConvaTec and the Weck Companies, remains unchanged, with Joseph Solari heading the operation as president.

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