Indu J. Isaacs, CEO and co-founder of Formatech, President and co-founder of neuMirRx Corp, has a Ph.D. in Chemistry from University of Oklahoma. Dr. Isaacs has twenty-four years of experience in the drug development of pharmaceuticals and biologics. She has held both scientific and management positions at Genetics Institute in Andover, Massachusetts, Abbott Biotech in Needham, MA, and Cambridge Neurosciences in Cambridge, MA. 

Formatech, a 16 year old Massachusetts corporation located in Andover, MA, is focused on providing quality contract services to the biotechnology and pharmaceutical industries. Through innovative product development and quality CGMP aseptic manufacturing capabilities, Formatech strives to assist in bringing new and novel therapies to market. Formatech holds itself to the highest standards of integrity, service, and customer commitment to both its clients and its employees. Among Formatech’s success stories, MedImmune’s Synagis and Abbott’s Humira stand out. Formatech currently employs a staff of 75.

neuMirRx Corp is a drug delivery company that targets and transforms approved pharmaceuticals and new chemical entities using its neuNanoParticleTM technology to treat patients with quality products that are both safer and more efficient.

She spoke to Lokvani about her company and entrepreneurship.

What motivated you to create Formatech?

Since I was ten years old, I have wanted to make a difference, to impact the lives of people for the better. My training as a scientist led me to focus in pharmaceuticals, and it was while I was working within the biotechnology industry that Formatech was conceived. I identified the then-unfilled niche of providing services in the area formulating biologics and pharmaceuticals in various dosage forms—tablets, capsules, liquids, lyophilized, nebulizers, etc. Thus, in Lowell, Massachusetts in 1993, Formatech was born. Within seven years, we moved to a facility in Andover, MA, where we expanded and extended our services to include clinical aseptic manufacturing.  

For more information on the services we provide, go to www.formatech.com.
       
What problem does Formatech aim to address?

We want to provide our partners quality services for the development of effective and efficacious drugs and become preferred partners for our clients. We home to aid our partners in finding cures for diseases such as cancer, Rheumatoid arthritis, diabetics, and infectious diseases, among others.
       
Formatech seems to have been created in a very niche space.  Do you have any competitors in this space?

We have several competitors, such as Baxter, Hospira, Benvenue etc. However, where the majority of these organizations provide a general range of services, we specialize in the development and clinical aseptic manufacture of drugs. We believe in providing quality services by focusing within our area of expertise.
       
What changes do you anticipate in your space in the next 5 years and what would be Formatech's role in influencing or managing the change?

Because of the advances in science and technology, together with globalization of the industry, Formatech’s role in the clinical space is likely to increase. Innovative, novel ideas for therapy have allowed for the formation of Biotech and pharmaceutical companies throughout the world. We will be involved in helping these companies develop their products both efficiently and cost effectively. We have and will be playing major role in rendering outsourcing an effective way of developing, manufacturing and testing products.
       
What are the major challenges of running a global corporation?

With the advances in internet technology, web connectivity allows for working globally with ease. Formatech has many clients from all over the world, including Australia, Europe, Germany, England, Israel, China, and Korea.  

What was the major change in mindset that you had to undergo as you moved from being a researcher to becoming an entrepreneur?

The major change in the mindset from being a researcher to becoming an entrepreneur is that you have to wear all hats: accountant, salesperson, public relations executive, CEO, CFO, CSO. Though this is not an easy transition, the rewards are immense: exposure to various disciplines, learning new things, professional and personal satisfaction, and a true sense of accomplishment. You end up tackling all kind of issues, both simple and difficult, and the challenge is exciting and satisfying.  

Do you consider being a woman entrepreneur an asset or a liability?

Neither. To run a successful and sustainable business, it does not matter what gender you are, because the top and bottom lines are simply revenue and profitability.

What advice do you have for entrepreneurs starting out in your space?

You need to have determination, persistence, consistency and flexibility. Before starting a business you need to:

    * Evaluate yourself before committing to a business. Self-assess: is the lifestyle of being your own boss and having enormous responsibility something you are willing to undertake? Are you comfortable being responsible for making 100% of the money? Are you intimidated or energized when faced with learning something new?  
       
    * Do your market research. Successful businesses are those that fulfill a need for the community or public. Start a business in the area of your expertise and knowledge. Understand your strengths and weaknesses.  
       
    * Write a business plan. Thinking through the planning process is absolutely necessary.

    * Hire a great team of consultants.

Your team should include an accountant and a lawyer. Find consultants who are familiar with your type of business.  
       
Could you tell us a little about your philanthropic activities?

I have formed ‘The Indu Foundation.’ The mission of the foundation is to improve health and quality of life. The foundation is going to achieve this mission by providing funds to non-profit and non-government organizations and/or Research Institutes/Universities for:

1. Research and development for curing cancer, AIDS and infectious diseases
2. Education for kids living in poverty
3. Water, sanitization and hygiene

The Foundation seeks out worthy programs and provides funds to the appropriate corresponding organizations.

Thank you for your time.

Thank you.

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