John M. Gregory (businessman)
John M. Gregory is a former CEO of King Pharmaceuticals, Inc. and resides in Bristol, Tennessee. In addition to having started up King Pharmaceuticals back in 1993, Gregory has started up several other notable business ventures including SJ Strategic Investments (a privately held investment firm) and Leitner Pharmaceuticals. Most recently, Gregory has also made major investment outside of the pharmaceutical industry, such as his investments within the privately held United Coal Company located in southwest Virginia and Adams Golf with U.S. corporate offices in Texas.
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[edit] King Pharmaceuticals, Inc. acquiring U.S. marketing and distribution rights to Altace
During 1994, the U.S. National Right to Life Committee announced an anti-RU-486 boycott, targeting all Hoechst pharmaceutical products including Altace. By September 17, the pro-life organization Pharmacists For Life International joined the NRLC anti-RU-486 boycott "...against the American subsidiary of Hoechst, AG Hoechst-Roussel, Hoechst-Celanese, its generic subsidiary Coply Pharmaceuticals and the agricultural Hoechst subsidiary"[1] while asking U.S. consumers to "...focus on key Hoechst drugs which have the most economic impact rather than taking an across-the-board shotgun approach"[1] and specifically targeting Altace as a boycott list item.[1][2]
Hoechst merged with Marion Merrill Dow of Kansas City, Missouri in 1995, forming the Hoechst U.S. pharmaceutical subsidiary Hoechst Marion Roussel (HMR). Altace was bringing in under $90 million in U.S. revenues for HMR and Hoechst had stopped promoting Altace within the United States.,[3] and King Pharmaceuticals President Jefferson "Jeff" Gregory also began negotiations in 1995 with Hoechst to acquire U.S. distribution rights to Altace.[3]
The King Pharmaceuticals wholly owned subsidiary Monarch Pharmaceuticals, Inc. (another brother of John Gregory - Joseph Gregory - was then the president of Monarch Pharmaceuticals) acquired ownership of the U.S. distribution and marketing rights to Altace and other Hoescht products from Hoescht AG subsidiary Hoechst Marion Roussel of Kansas City, Missouri on December 18, 1998, and [4] following a January 1999 merger a few weeks later with Rhône-Poulenc, Hoechst assumed the new corporate identity of Aventis).
In 2001, Forbes magazine ranked John Gregory among the 400 richest Americans. The bulk of Gregory's personal fortune was due in large part due to the ability of King Pharmaceuticals, Inc. to reintroduce the Hoechst branded prescription drug Altace back into the U.S. market under the King Pharmaceuticals,Inc. subsidiary Monarch Pharmaceuticals brand following the 1998 U.S. marketing and distribution agreement between KingPharmaceuticals/Monarch and Hoechst/HMR.
[edit] Political connection to Altace, pharmaceutical industry
Gregory, along with his family members and subordinate company executives, has been making considerable financial impact through his political campaign donations to Republican candidates in Tennessee, Virginia and Maryland state elections and within both U.S. congressional and presidential elections on the federal level. He financed and founded the now defunct Tennessee Conservative PAC[5] and has made large donations to other political action committees supporting Republican candidates. Gregory is also a prominent campaign contributor to pro-life political action committees in Tennessee, including Tennessee Right To Life PAC,[6] the State of Franklin PAC,[7] and the Tennessee Conservative PAC.[8]
As a Tennessee state senator from Sullivan County, Tennessee Lt. Governor Ron Ramsey organized an August 1999 lobbying airlift from Northeast Tennessee aboard King Pharmaceuticals-owned corporate aircraft and flew to a Nashville meeting with TennCare Director Brian Lapps that was also attended by State Representatives Jason Mumpower, Steve Godsey, and David Davis at the request of King Pharmaceuticals lobbyist[9] and former Tennessee State Senator James "Jim" L. Holcomb. The meeting was successful in placing the recently acquired Monarch Pharmaceuticals (a King Pharmaceuticals subsidiary) branded drug Altace onto the TennCare Preferred Drug List within only 33 days.[9] Lapps resigned as TennCare Director on September 27, 1999.[10]
[edit] References
- ^ a b c "3) Pharmacists For Life Joins International Boycott". Life Communications. November, 1994.
- ^ "Abortion Foes To Boycott Drugs (Altace) Made By RU-486 Manufacturer". The Virginia-Pilot. Associated Press. July 8, 1994.
- ^ a b "Faith Healers: The born-again Gregory brothers worked a financial miracle from cast-off drug brands". Forbes. Zina Moukheiber. October 28, 2002.
- ^ "Monarch Pharmaceuticals acquired". sanofi-aventis Group. December 18, 1998.
- ^ "John M. Gregory: Founder and Chairman". Brett Holcomb
- ^ "John Gregory uses checkbook to promote conservative causes". Hank Haynes. September 3, 2006
- ^ "Campaign Finance Reform Bill Fails". Andy Spears. May 3, 2005
- ^ "Tennessee Conservative PAC - About Us". Brett Holcomb
- ^ a b "Leading Democrats castigate King Pharmaceuticals". go4truth.org AP news article. September 30, 2004
- ^ " TennCare chief Lapps resigns". Tennessean. Bonna M. de la Cruz. September 28, 1999.
