Continuing its commitment to providing resources to emerging New Jersey’s life sciences companies, the New Jersey Economic Development Authority (EDA) has launched its inaugural group of Executives-in-Residence.
These highly-qualified life sciences executives mentor and advise emerging technology companies at the Commercialization Center for Innovative Technologies (CCIT), the EDA’s life sciences incubator. The Executive-in-Residence program was created in collaboration with BioNJ.
Since starting as CCIT’s inaugural Executive-in-Residence – Valuation and Business Planning, Paul Jeffrey of Ortley Beach has used his talent and broad knowledge of pharmaceutical development and deal making to assist CCIT tenants in maximizing their value to potential partners. Paul brings a deep understanding of the healthcare industry and more than 30 years of experience at such pharmaceutical giants as Pfizer and Merck to his position. Throughout his career, Paul has led development teams to bring multiple products to market, several of which achieved over $1 billion in total sales.
During his 27 years at Pfizer, Paul held many roles, including product development, marketing and new business strategy. In his last position there, he served as Vice President of Early Commercial Development for all prescription products in the Primary Care Business Unit. He was the Global Marketing Lead for the cardiovascular and metabolic/diabetes products including Lipitor, Caduet and Eliquis. Paul has led many cross-functional teams across diverse disease areas including infectious disease, HIV, oncology and neuroscience. His specializations in these subjects have been especially advantageous to tenant companies Aucta Pharmaceuticals and QualComp Consulting Services.
Since leaving Pfizer, Paul has advised several biotechnology companies, including Excaliard and InStar in optimizing their commercialization plan and value to potential partners and investors. He is currently an advisor to Oligomerix, BusStim, and Quantex Labs.
Paul has a Bachelor of Science degree from Carnegie Mellon, a Master of Science degree in organic chemistry from the Massachusetts Institute of Technology, and an MBA from New York University.
Why did you choose to apply to the Executive-in-Residence program?
I applied to the EIR program because after years of working at a large pharmaceutical company reviewing biotech companies that we might collaborate with or acquire, I realized that this experience would be very helpful in now helping biotechnology companies at CCIT understand how to make themselves more attractive to investors and big pharma.
What do you hope to get out of this Executive-in-Residence program?
By working with the companies at CCIT, I hope to build my experience of working with startup companies and understanding their needs. It will also increase my network among the large NJ biotech network.
What’s the best piece of advice you’ve heard over the years that you hope to impart on these emerging life sciences companies?
"You don't know what you don't know" so you must recognize and accept that and find someone to help you that does know. So often companies fail because they think they know what's needed to be successful, and they fail because they didn't see the pitfall that others would likely have seen ahead of time.
What is the next challenge you want to undertake in your career?
My biggest hope is that some biotechnology companies will recognize that given my vast pharmaceutical experience, I can offer them some very sound advice. I want to apply my experience in those situations where my advisory services can make a real difference between success and failure for a fledgling company. My tenure at CCIT will hopefully aid in finding some of those companies where I can make a difference.
The EDA is currently accepting applications for its second Executive-in-Residence class. Optimal for life sciences Executives currently in transition, benefits of the program include networking opportunities with tenants, BioNJ and the greater New Jersey life sciences community; office space at CCIT; the title of Executive-in-Residence; and exposure on EDA’s website. To learn more about the program or to apply to be an Executive-in-Residence, visit http://www.njeda.com/eir.
For more information about resources available to New Jersey’s life sciences companies, visit http://www.njeda.com/ccit and follow @NJEDATech on Twitter and LinkedIn.