Summary
In this episode of the Driving the Business of Science podcast, host Keith Parent, CEO of Court Square Group, and Jeremy Bromberg, an independent operations advisor with a background in life sciences and pharmaceutical market research, share insights on improving business operations. The conversation highlights the importance of compliance, effective pricing strategies, and organizational structure. Jeremy stresses the need for specialized knowledge in life sciences, the significance of aligning employee skills with company needs, and the critical role of management in balancing sales, execution, and logistics. Jeremy also outlines the steps to build a successful professional services firm, starting with understanding the firm’s vision and goals. Keith and Jeremy both emphasize the importance of adhering to regulations and continuous learning to succeed in the life science industry.
Listen on your favorite podcast platforms
iHeart Radio | Apple Podcasts | Spotify | Amazon Music | Buzzsprout
Guest Profile
Jeremy Bromberg
Jeremy Bromberg is an experienced business operator and Chief Operating Officer with a track record of driving results for early-stage startups and established business transformations. He specializes in operational restructuring, receivership-style turnarounds, and strategic growth in varied industries. Jeremy has worked in the semiconductor, electronic test equipment, biopharma market research, cannabis industries, and as a fractional COO for professional service firms mostly serving life sciences.
Jeremy spent over a decade as Managing Director at Eidetics, a pharmaceutical and biotech market research firm (now IQVIA), where he drove consistently strong growth and employee retention. He has also worked in high-tech manufacturing and product development. He serves on the Boards of Zaggo, Inc., a non-profit for medical research, and Majestic Community Wellness, a 501(c)(3) bringing yoga and wellness practices to underserved populations and communities.
Jeremy currently supports CEOs and leadership teams in company build-outs and critical turnarounds. He is credited with bringing structure, focus, and results to previously wayward startups.
Introduction to Court Square Group and Podcast Purpose
- Keith Parent introduces himself as the CEO of Court Square Group, a managed service firm specializing in IT infrastructure for life science companies.
- Keith explains the purpose of the podcast, which is to explore the business of science beyond just the scientific aspects.
- Keith introduces Jeremy Bromberg, an independent operations advisor with a background in the pharmaceutical industry, as the guest for the podcast episode.
- Keith provides an overview of Court Square’s services, including their Audit Ready Compliant Cloud (ARCC) and content repository, RegDocs365™.
Jeremy Bromberg’s Background and Experience
- Jeremy Bromberg shares his background, highlighting his experience in business operations, technology, pharmaceutical, and biotech market research, and independent consulting.
- Jeremy discusses his role at Eidetics, (now IQVIA) a small firm in Boston, where he helped grow the company from six to fifty employees.
- Keith mentions how he was introduced to Jeremy by Shelley Amster and shares details about Jeremy’s work with Safety Partners.
- Jeremy explains his involvement with Safety Partners, focusing on improving pricing strategies, organizational structure, and overall growth.
Operational Challenges and Solutions at Safety Partners
- Jeremy describes the challenges faced by Safety Partners’ founder, including long working hours and financial uncertainty despite growth.
- He explains the steps taken to address these challenges, such as adjusting pricing to improve margins and restructuring the organization for better focus and quality control.
- Jeremy highlights the positive impact of these changes, leading to increased revenue, profit, and employee retention.
- He mentions the addition of executives and the eventual exit of Safety Partners.
Pharmaceutical Marketing Background and Its Impact
- Keith asks Jeremy about the impact of his pharmaceutical marketing background on his work in the life science industry.
- Jeremy emphasizes the importance of understanding regulations and compliance in the life science industry.
- He compares the challenges in life sciences to a math word problem, focusing on the firm’s goals and how to achieve them within regulatory constraints.
- Jeremy discusses the importance of leveraging regulations to achieve business objectives rather than fighting them.
Challenges in the Life Science Vertical
- Keith shares his experience with IT services in the life science vertical, highlighting the unique language, processes, and compliance requirements.
- He discusses the challenges companies face when they don’t follow proper procedures, leading to issues with regulators and auditors.
- Keith explains the importance of documenting processes and following compliance to avoid problems with audits.
- Jeremy agrees and adds that companies need to align themselves with specialists who understand the life science industry’s regulations and requirements.
Importance of Compliance and Documentation
- Keith and Jeremy discuss the importance of compliance and documentation in the life science industry.
- Keith shares his approach to handling audits and corrective action plans (CAPAs) to ensure compliance and improve processes.
- Jeremy emphasizes the need for companies to understand the technical and regulatory aspects of the life science industry.
- They discuss the role of IT services firms like Court Square in helping companies comply with regulations and maintain documentation.
Building a Successful Professional Services Firm
- Jeremy outlines the steps to build a successful professional services firm, starting with understanding the firm’s vision and goals.
- He emphasizes the importance of aligning employee skills and interests with company needs.
- Jeremy discusses the need for a clear division of labor, with dedicated teams for sales, execution, client management, and logistics.
- He highlights the importance of having someone to coordinate and manage all these functions effectively.
Hiring and Skill Development in the Life Science Industry
- Keith asks Jeremy about the importance of hiring people with a life science background versus those with the necessary skills.
- Jeremy believes in hiring people who know how to work and can be taught the specifics of the job.
- He emphasizes the importance of technical skills for certain positions but also the need for good collaboration and communication skills.
- Jeremy shares his experience of bridging the gap between technical and non-technical people to ensure effective communication and collaboration.
Pharmaceutical Marketing Experience and Its Application
- Jeremy discusses his experience in pharmaceutical market research and how it influenced his work in the life science industry.
- He explains the importance of understanding regulations and compliance in market research.
- Jeremy shares his journey of learning the technical and regulatory aspects of the life science industry.
- He emphasizes the need for companies to comply with regulations and consider client needs to achieve success.
Final Thoughts and Advice for Companies
- Jeremy provides final thoughts on how to help companies succeed in the life science industry.
- He emphasizes the importance of developing a clear division of labor and understanding the technical and regulatory aspects of the industry.
- Jeremy advises companies to focus on sales, client management, execution, and logistics, and to have someone to manage all these functions effectively.
- Keith thanks Jeremy for his insights and wishes listeners a Merry Christmas and a Happy New Year.