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SAMPS was previously Association of Commercial Professionals for Life Sciences (ACP-LS)

Biotech Name Changes: Don’t Let Them Fool Your CRM

January 8, 2015

This article originally appeared in the blog published by Zymewire.

Recent biotech company name changes mean it's time to update your customer and prospect records.

If you’re in CRO business development or any other biotech/pharma services sales, then you know what a pain it can be when biotech companies change their names. Some companies rebrand when their stock price tanks, while others do so after they realize nobody understands the nerdy pun on which they based the original company name.

A name change can be an annoyance when prospecting for new biotech startups if you’re duped into thinking you’ve just stumbled upon a new drug developer. “Hey, a new biotech lead in my territory!” However, that inconvenience is minor compared to the mess a company name change can cause in your CRM database as contacts and activity entries are duplicated or lost forever. Will conversations with XPro contacts find their way under the Caldera Pharma account record? Likely not for some time. If two different accounts exist in parallel, then what happens to the Caldera call history when people eventually forget about the original name? If someone types in “Caldera” in the Salesforce search box, is the XPro account going to show up first in the results? You get the idea.

Here is a list of biotech companies that changed names in 2014. Use this to update Salesforce or Microsoft CRM and keep your contact data clean. We recommend that you replace the main account name with the new name and the old name in brackets. This will help with searchability while the sales team gets used to the new name. Mark your calendar, and one year from now, edit the account record again and drop the old name completely. No data migrations, no account merging, no confusion.

 

(New Mexico) Caldera Pharmaceuticals —> reborn December 4th as XPro Sciences

(Michigan) Aastrom BioSciences —> reborn as Vericel Corporation announced October 9th

(Netherlands) BBB Therapeutics —> reborn as BBB Therapeutics Sept 30th

(British Columbia) Cannabis Technologies —> reborn as InMed Pharmaceuticals October 21st (a good idea!)

(Maryland) Cytomedix —> reborn as Nuo Therapeutics November 13th

(Massachussets) Advanced Cell Technology —> reborn as Ocata Therapeutics November 14th

(Ontario, Canada) Bioniche Life Sciences —> reborn as Telesta Therapeutics Nov 24th

SAMPS, Sales And Marketing Professionals in Scientific research, is the first and only organization dedicated to sales and marketing professionals within the life sciences.

The association’s goal is to serve its members who work in commercial roles for life science products and services companies and associated businesses, globally.
 
SAMPS was previously named ACP-LS. We feel that SAMPS more clearly describes the membership, and will form a better foundation from which to expand this membership globally. 
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