It’s a call I made in January. So what took SFBC so long to decide to change its name to PharmaNet? While the move took a little longer than expected, it is another sign that new CEO Jeffrey McMullen and his PharmaNet-ters still have a solid chance to turnaround the troubled former SFBC.

CenterWatch has known that the PharmaNet name has a lot of positive brand equity. It has been a top performer among contract research organizations in the CenterWatch Survey of Investigative Sites in the US for 2005 and 2003. It was also top-rated in Europe in 2004.

CenterWatch has known that the PharmaNet name has a lot of positive brand equity. It has been a top performer among contract research organizations in the CenterWatch Survey of Investigative Sites in the US for 2005 and 2003. It was also top-rated in Europe in 2004.

Since January the company has been working through a long list of issues, but there is still much work to be done. The list was lengthy concerning its clinical trial patient recruitment practices; the departures of its former CEO, president and legal affairs head; a U.S. Senate Committee investigation; a revenue restatement; and a crumbling phase I facility in Miami. Given the bad press SFBC had received, its name had become a burden. It was time for a fresh start.

McMullen came to SFBC in December 2004 when the company bought PharmaNet as it moved out of early clinical research into phase II-IV. He took over when the SFBC’s leadership resigned under scrutiny from the press and regulators.

Some were encouraged last week when SFBC reported its backlog numbers—and also announced its name change, pending approval. Others may still want PharmaNet totally out of the early clinical business and to focus on what PharmaNet did best: phases II-IV. PharmaNet is in fact 70% of the business. Its early stages division will operate under the names Anapharm and Taylor Technology.

The name change may be the easy part. A complete turnaround is still an open question.