We all have something that triggers us to venture into our fields. It is this reason that gives us the energy to get past the challenges that we encounter in our journey. For Dr. Siegall, now the CEO of his firm Seattle Genetics, it was the pain that he saw his father go through for five years. His father succumbed to cancer when he was 24 years old. He watched him live with pain for half a decade.
Dr. Siegall explains that it was not even the pain that hurt his father but the effects of chemotherapy. He felt there must be a better way to handle the situation. His firm specializes in the research and innovation of therapy drugs of diseases which do not have any substantial treatment yet. Dr. Siegall also admits the financial part contributed significantly to his decision as well.
Dr. Siegall says that his firms make money by selling their drugs, which are approved by FDA. He says that it’s really a good thing when you get your drugs approved by FDA because it is a very lengthy and expensive process. He says that out of ten candidates, only one candidate’s drug is approved. However, after being approved, you get good money.
You cannot be in business if you do not know how to sell. Seattle Genetics deals with six and seven figure business deals. Dr. Siegall says that apart from the referrals they get, they also spend a lot of time in meetings to convince their clients to sign up with them. He says all they have to do is wine and dine with their customers, which is fun.
Dr. Clay Siegall says that the other factor that has brought success to Seattle Genetics is their salespersons. He explains that in the 2000’s they hired a very talented sales team, which landed them multiple valuable deals. He says that as an investor, you have to be careful with who you put in your sales team. This is because the way they present themselves to the world is how the nation views the business. They are the outside face of the business.