Dr. Clay Siegall, the founder and CEO of Seattle Genetics that specializes in the development of targeted therapy for drugs, holds a B.S in zoology from the University of Maryland and a Ph.D. in Genetics from George Washington University. During an interview, Siegall says that he was inspired to start his business due to his interest in medicine, the power of technology and desire to overcome diseases by knowing its course to restore health to the affected people. Dr. Clay says that his firm makes money through selling its proprietary drugs that are approved by the FDA. He also says they earn substantial revenues from production partnership as well as licensing of technologies.
Further, Dr. Clay Siegall says that the company became profitable ten years after the IPO. In the 1990’s up to 2000, the firm’s operating capital was being depleted, but because he was a workaholic, he responded to the financial threats, and the business got back on its feet.
Seattle Genetics gets customers through sells and has dynamic sales staffs who understand the business in and out. The firm also brought talented salespeople on board in the early 2000’s who closed some deals. Lastly, the company has unique and quality products, encouraging repurchase from existing clients hence boosting sales.
Dr. Siegall says the firm is successful due to hard work of its members. He says that the company is unique as it generates new business ideas. A lot of time is spent in meetings and negotiations, and they also have a competent legal team.
Dr. Siegall founded the Seattle Genetic in 1998, leading the firm to the top of the targeted therapy industry by developing the first FDA-approved antibody-drug, conjugate. Seattle Genetics has grown from a tiny startup of few researchers to a real power player in the cancer research space. Dr. Siegall believes that systemic chemotherapies are destined for historical dustbin as the efficiency of targeted therapies become clear and that they will be supplanted by tolerable and more effective targeted drugs.