In this podcast, the 2nd of several we’ll be releasing as we lead up to the 2013 MassDevice Big 100 East July 16, we caught up with the CEO of the Irvine, Calif.-based medical aesthetics company at our MassDevice Big 100 West in Newport Beach late last year.
After taking the reins of Allergan in 1998, Pyott quickly set about transforming an eyecare company into a global juggernaut that pulls in north of $5 billion a year with a diverse line of specialty pharmaceuticals and medical devices. Pyott did so not by doubling down on conventional wisdom, but by changing the playbook. Much to the chagrin of some company executives at the time, he cut costs by 33%, shed Allergan’s contact lens solution business and concentrated significant resources on a little-known product in the company’s pipeline called Botox.
Today no one needs any introduction to Botox, which is as much a cultural phenomenon as it is a medical product. But the lessons of the drug and Allergan’s medical aesthetics business, which makes up 40% of its sales (all paid for directly by consumers) could hold some significant lessons for the broader medical device world. In this long-ranging interview, recorded in December, we spoke with Pyott about Botox, medical devices and why the company will be exiting the obesity business in 2013.