"PNC networking events give me an opportunity to socialize and build new relationships with other women in business. That's not something you can get from just any bank. PNC understands how busy we are and makes our lives easier."
The Voice of an Industry
Karen Moody has never been one to sit still. Before establishing Atlantic Biologicals Corp. (ABC) in 1988, she progressed through a broad range of roles in the pharmaceutical industry, growing more knowledgeable and well-rounded with every assignment. Her rule for changing jobs was that each new position had to offer her the opportunity to learn more and earn more.
Karen's relentless drive paid off. After accumulating a decade of experience, she left her position as a top-producing distributor sales representative to join partner Michael Correa in forming ABC, a secondary distribution company supplying hospitals, physicians' offices, clinics and other healthcare facilities with pharmaceuticals and medical-surgical supplies.
"Our business was immediately successful and grew exponentially in its early years," says Karen. But as the regulatory environment became increasingly stringent and competition incredibly intense, Karen saw the need to diversify her business model.
"Five years ago, Mike and I began implementing a diversification strategy. After a lot of trial, error, effort and expense, we ended up with five successful healthcare-related companies serving North, South and Central America and the Caribbean, whose products and services run the gamut from medical devices and diagnostics to repackaging," says Karen. "We recognize the need to keep pace with our industry's evolving needs."
Karen also recognized the need to advocate for her niche of the market. In 2006, she spearheaded development of a trade association for secondary distributors, the National Coalition of Pharmaceutical Distributors (NCPD). As president, she works with a lobbyist who represents independent distributors' interests on Capitol Hill. "Distributors of our size deserve equal treatment and exposure to the same opportunities as our larger counterparts," Karen explains. "NCPD gives us a voice."
Efficient Banking, Easy Networking
Karen takes a hands-on approach to managing her businesses. When her CFO interviewed banks several years ago, including PNC, Karen was at the table. "Our business is complicated: five unique companies under a single umbrella," she says. "We needed a bank that could simplify our financial activities, and PNC demonstrated its ability to do that. Since experiencing all that PNC can do, we've opened more than a dozen accounts, including treasury management services and credit facilities."
Karen has also recently become a PNC Wealth Management client. "The personal touches PNC provides are fantastic," she says. "PNC networking events give me an opportunity to socialize and build new relationships with other women in business. That's not something you can get from just any bank. PNC understands how busy we are and makes our lives easier."