No one knows more about the benefits of Botox than Allergan’s CEO David Pyott. He’s nearing 60 years old and his forehead doesn’t show any wrinkles. That’s because his company makes Botox as well as some dermal fillers. And because of that, he doesn’t really have anything to worry about.
The firm, when last we checked, was worth perhaps $26 billion, and sales continue to climb. And while many CEOs at big pharmaceutical companies tend to stay just four or five years, Pyott has been at the helm of Allergan more than a decade and a half.
Through the economic downturn of the mid 2000s, his firm proved how American companies can thrive even if the economy isn’t.
You see, Allergan may be known for wrinkle preparations, breast implants and fillers like Juvederm, but Allergan gets half its revenues from prescription medications that treat serious medical conditions. So they’re in the cosmetic industry and also in the business of helping people in other ways. If you add cosmetic Botox to your practice, you could join them in that dual business.
You see, Allergan has wholeheartedly embraced the idea that the American and worldwide population is aging. Today’s aging population is determined to stave off the signs of time in whatever ways are possible, and Botox is one of those ways. Even in 2009 when most companies experienced falling sales, Botox held steady. And by 2010, sales were above the 2008 levels. Sales in 2012 were nearly $2 billion. And shouldn’t your practice be getting your share of the Botox administering business?
If you think about it, Botox is one of the most recognizable consumer brands in our nation and has a huge market share compared to similar products. That’s because people want to look better and perhaps a few years younger, meaning it’s now a social trend to alter your appearance to cheat aging just a bit. That benefits Allergan and practices that offer Botox because the product markets itself. People already have the demand, and the product simply steps in to meet that demand.
A bad economy could actually benefit the aesthetics market. People must invest in their looks when times are bad for professional reasons as well as personal ones. As the financial crisis was at its height, one plastic surgeon who offers Botox in New York City (more about our Botox training program in New York) said that he had no trouble getting people to pay $200 per Botox treatment and $500 per syringe of Juvederm.
The same strength in the marketplace has been seen for breast implants, which some consider a related procedure. In both 2009 and 2010, expensive cosmetic surgeries went down in popularity because of the cost and the fact that many of these procedures require missing time from work. But in the following years, breast implants have increased in popularity along with less invasive cosmetic treatments, indicating overall strong demand for cosmetic procedures of many different kind.
Botox is also increasing in demand overseas. That bodes well for the continuation of the Botox trend. There are millions of citizens of India, China and even Brazil and other nations who are turning to Botox and similarly affordable cosmetic procedures. These consumers are maturing along with their developing nations and starting to take on many of the habits once reserved for Americans. This trend started with soft drinks and continues with fast food, movies, expensive coffee drinks, fancy cars and now Botox and related cosmetic procedures that their doctors can learn as quickly and easily as American ones.
The CEO promotes an important factor that has kept an American company like Allergan in the lead in its industry when foreign companies control so many other aspects of American business: innovation. Allergan has invested greatly in research and development in recent years. In fact, it invested just less than $700 million in 2009 and increased that amount to nearly $900 million 2011. It went up to $1 billion in 2013. As many of as 19 percent of the 10,500 people who work for the company are employed in some aspect of research and development. It even added capacity in New Jersey recently at a time when other companies in its industry are still floundering.
Additionally, Allergan has never been content to consider Botox only a cosmetic drug. There are problems in the world other than wrinkles, and Botox can be used to help correct some of them. That’s why only about half of all Botox sales today are for cosmetic purposes. The rest is sold for therapeutic purposes. There are 85 nations in the world that approve Botox injections for the treatment of as many of 25 different conditions. This includes neurogenic bladder conditions in people with spinal cord injuries, Parkinson’s disease and multiple sclerosis as well as TMD and similar conditions. It is also approved for chronic migraines.
The Affordable Care Act will cost Allergan some money in additional fees. But that’s nothing for the CEO to frown about given the increasing sales.
And adding Botox injections to any sort of medical or dental practice isn’t anything to frown about either. It can lead to additional patients and procedures that can lead, in turn, to additional income. And it all starts with a quick and simple online Botox training class.
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