The termination of the agreement with PDI will be effective from December 1, 2006. The contract, which represents approximately $18 million to $20 million in revenue on an annual basis, was scheduled to expire on December 31, 2006.
“PDI's success has been built on deploying and managing large-scale sales forces for some of the world's top pharmaceutical companies. As those companies have been reevaluating their commercial model, PDI, as the market leader in providing sales teams to large pharmaceutical companies, has been significantly impacted,” stated Mr Michael Marquard, PDI's CEO said.
PDI went on to comment that the decisions had not been related to the performance of its sales team.
“We are fully committed to the contract sales industry and are channeling our energy and investments into regaining our leadership position,” added Michael Marquard.