OWP Pharmaceuticals, Inc.
Entrepreneur Scott Boyer contacted the Small Business Development Center (SBDC) in early January 2015 for assistance as he was considering IL among others including South Dakota and Iowa to launch OWP Pharmaceuticals. Scott and his founding executive team have over 50 years' of pharmaceutical experience. Scott has worked for Chicago-based Abbott and Bristol-Myers Squibb, and understand the FDA regulatory environment as pertains to pharmaceuticals.
The owners were preparing to launch a startup Pharmaceutical Social Enterprise with a philanthropic mission that includes improving the treatment of epilepsy globally. OWP Pharmaceuticals produces branded generics with sales targeted to neurologists through the US. Through the establishment of the ROW Foundation, the combined efforts devote a percentage of OWP Pharmaceutical profits to help educate, diagnose and treat epilepsy patients across the world.
The company is uniquely positioned for a successful launch in Illinois. The products will be detailed by sales representatives and sold through national distribution established in IL via HD Smith (Wood Dale, IL) and major wholesalers.
SBDC provided guidance in mentoring, the business plan and preparing the pitch. Through those efforts, the client was also able to successfully secure a portion of their funding prior to launch, using the IL Angel Investment Tax Credit Program.
A bigger success highlights an example of the State of Illinois' team effort, across all State programs to keep OWP Pharmaceutical in IL. Handled with a sense of urgency, collaborative action by the SBDC, First Stop IL Department of Commerce and the IL Department of Professional Regulations resulted in his facility inspection and licensing that was orchestrated in 1 month. OWP Pharmaceutical is now positioned throughout the entire State of IL and the US to move the business forward towards successful launch in Q1 of 2016.
If you are a client at our center and would like to share your success, contact your advisor.
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