Next Pharmaceuticals, Inc. (NPI) was founded in 1997 with the purpose of developing new, patented, natural ingredients for healthy living products in the dietary supplement, food, and beverage industries. NPI has successfully developed four patented or patent-pending plant extracts that have significantly expanded the choices for self-care products while providing large consumer brands with powerful product differentiation.
Executive's name: Bob Garrison
Title: President/CEO, Co-founder
Company name: Next Pharmaceuticals
Address: 5927 Balfour Court, Suite 110
Carlsbad, Ca 92008
Phone: (760) 602-4224
Website: www.nextpharmaceuticals.com
Founded: 1997
Prior experience: Before undertaking NPI, I was the founder and President of Botalia Pharmaceuticals. I also had early beginnings as a pharmacist in the 70's.
Source of starting capital: The company was started through Angel funds and quite a bit of financing was done through investors in the San Diego County area.
Average hours worked weekly: 40-50 hours.
Number of teammates: Five. We started with a lot of employees and scientists but have learned to become almost a 'virtual' company over the past 3 to 4 years. We contract almost everything out, even research is done offsite globally. The business has become much more efficient this way and so far it is working out great.
Residence: Carlsbad
Family: Wife, four children, two stepchildren, six grandchildren.
Hobbies: I like toski, bike, backpack and golf is my number one hobby in my spare time.
What got you into this business? The Dean of the School of Pharmacy at Purdue. He was actually the person who suggested I look at the research being done in Europe that led to a number of botanicals being sold as prescription drugs. Our company is now applying the same discipline to botanicals for the U.S. and other countries.
What makes your business a standout? I believe we found a unique niche in developing new patented ingredients that can be considered "pre-pharmaceutical." They are developed much like pharmaceuticals are developed, but are sold as ingredients in food, beverages and dietary supplements. We are at the interface of drugs and dietary supplements. We start with botanicals that have been used as traditional medicine in some countries and then apply pharmaceutical technologies such as fractionation, pharmacology and toxicology, and eventually move into human clinical trials. Our goal is to expand self-care choices and perhaps keep people out of the health care system for a longer period of time.
Drawbacks to your line of business: The regulatory environment is a challenging aspect. There should be a regulatory arena for products that fall between dietary supplements and drugs. This used to be labeled over-the-counter (OTC) but that changed in the early 60's. Now, the only place to function is under dietary supplement laws and regulations, and unfortunately there isn't a way to get the word out under this label for claims that a product can prevent or help treat a condition. Even though we don't sell consumer products, we make the ingredients that go into other people's products, we can only get the word out in minimal areas or through public relations that lead to media coverage.
Why is your company located in Carlsbad? Name a better place! I live here and I don't want to live anywhere else. I live here for one and I don't want to live anywhere else. I believe in the concept of live, work and play in the same area.
How do you plan to grow? We would like to stay privately held but are definitely looking into certain acquisitions to grow our portfolio. We don't have the resources to do ten clinical trials a year so we have to look for in-licensing opportunities.
Toughest career decision: Are we on the right track? Should we go after more capital? These are not necessarily the toughest career decisions but more like daily challenges. I would say the biggest decision is whether or not to stay in the ingredient side and not create a consumer product ourselves. We don't want to compete with our current clients but at times it's very tempting to go put our own product on the shelves. To lighten the 'temptation' we sometimes assist with marketing our clients' products.
Best way to stay competitive: There are a number of large companies that develop food ingredients; we don't compete head-on with the billion dollar companies. We do, however, provide niche ingredients we think are better than what's currently in the marketplace and we offer our customers patent protection which gives them a competitive edge.
In five years, where would you like your business to be? I would like to say we have tripled our offerings, providing many more ingredients, recognized as a company that has pre-pharmaceutical ingredients i.e. something you would use before you have to go to drugs. Maybe, just maybe, we might become a public company.
What does your company contribute to the Carlsbad community? We're new to the community as a business but individually we support the world class Carlsbad High School Wind Symphony. They have played at Carnegie Hall and earlier this year at the Kennedy Center in Washington D.C.
What are your guiding principles? Do the right thing. There are laws and regulations to keep us on track, so we make sure the company stays ethical.
What's one thing other people do not know about you? I'm studyingthe trumpet. I also play in the New Horizon Band at NAMM.
Choice for a second career: I have my Masters in Education and Adult Learning theory so, I could probably do something in education. I'm also interested in theology.
People you look up to and why: I founded the company with a man namedCharles Kosmont. I think he's a great mentor.
Favorite movie: Sideways.I'm not sure it's my favorite, but the only one that I can remember right now.
Favorite quote: "Discovery consists in seeing what everybody else has seen and thinking what nobody else has thought." ~ Albert Szent-Gyorgi (Discovered Vitamin C in 1937).
Advice for new entrepreneurs: Study entrepreneurial business at a college before jumping in. There is a lot more to being successful than a great idea. If possible, work for an entrepreneur for a few years first.
Executive's name: Bob Garrison
Title: President/CEO, Co-founder
Company name: Next Pharmaceuticals
Address: 5927 Balfour Court, Suite 110
Carlsbad, Ca 92008
Phone: (760) 602-4224
Website: www.nextpharmaceuticals.com
Founded: 1997
Prior experience: Before undertaking NPI, I was the founder and President of Botalia Pharmaceuticals. I also had early beginnings as a pharmacist in the 70's.
Source of starting capital: The company was started through Angel funds and quite a bit of financing was done through investors in the San Diego County area.
Average hours worked weekly: 40-50 hours.
Number of teammates: Five. We started with a lot of employees and scientists but have learned to become almost a 'virtual' company over the past 3 to 4 years. We contract almost everything out, even research is done offsite globally. The business has become much more efficient this way and so far it is working out great.
Residence: Carlsbad
Family: Wife, four children, two stepchildren, six grandchildren.
Hobbies: I like toski, bike, backpack and golf is my number one hobby in my spare time.
What got you into this business? The Dean of the School of Pharmacy at Purdue. He was actually the person who suggested I look at the research being done in Europe that led to a number of botanicals being sold as prescription drugs. Our company is now applying the same discipline to botanicals for the U.S. and other countries.
What makes your business a standout? I believe we found a unique niche in developing new patented ingredients that can be considered "pre-pharmaceutical." They are developed much like pharmaceuticals are developed, but are sold as ingredients in food, beverages and dietary supplements. We are at the interface of drugs and dietary supplements. We start with botanicals that have been used as traditional medicine in some countries and then apply pharmaceutical technologies such as fractionation, pharmacology and toxicology, and eventually move into human clinical trials. Our goal is to expand self-care choices and perhaps keep people out of the health care system for a longer period of time.
Drawbacks to your line of business: The regulatory environment is a challenging aspect. There should be a regulatory arena for products that fall between dietary supplements and drugs. This used to be labeled over-the-counter (OTC) but that changed in the early 60's. Now, the only place to function is under dietary supplement laws and regulations, and unfortunately there isn't a way to get the word out under this label for claims that a product can prevent or help treat a condition. Even though we don't sell consumer products, we make the ingredients that go into other people's products, we can only get the word out in minimal areas or through public relations that lead to media coverage.
Why is your company located in Carlsbad? Name a better place! I live here and I don't want to live anywhere else. I live here for one and I don't want to live anywhere else. I believe in the concept of live, work and play in the same area.
How do you plan to grow? We would like to stay privately held but are definitely looking into certain acquisitions to grow our portfolio. We don't have the resources to do ten clinical trials a year so we have to look for in-licensing opportunities.
Toughest career decision: Are we on the right track? Should we go after more capital? These are not necessarily the toughest career decisions but more like daily challenges. I would say the biggest decision is whether or not to stay in the ingredient side and not create a consumer product ourselves. We don't want to compete with our current clients but at times it's very tempting to go put our own product on the shelves. To lighten the 'temptation' we sometimes assist with marketing our clients' products.
Best way to stay competitive: There are a number of large companies that develop food ingredients; we don't compete head-on with the billion dollar companies. We do, however, provide niche ingredients we think are better than what's currently in the marketplace and we offer our customers patent protection which gives them a competitive edge.
In five years, where would you like your business to be? I would like to say we have tripled our offerings, providing many more ingredients, recognized as a company that has pre-pharmaceutical ingredients i.e. something you would use before you have to go to drugs. Maybe, just maybe, we might become a public company.
What does your company contribute to the Carlsbad community? We're new to the community as a business but individually we support the world class Carlsbad High School Wind Symphony. They have played at Carnegie Hall and earlier this year at the Kennedy Center in Washington D.C.
What are your guiding principles? Do the right thing. There are laws and regulations to keep us on track, so we make sure the company stays ethical.
What's one thing other people do not know about you? I'm studyingthe trumpet. I also play in the New Horizon Band at NAMM.
Choice for a second career: I have my Masters in Education and Adult Learning theory so, I could probably do something in education. I'm also interested in theology.
People you look up to and why: I founded the company with a man namedCharles Kosmont. I think he's a great mentor.
Favorite movie: Sideways.I'm not sure it's my favorite, but the only one that I can remember right now.
Favorite quote: "Discovery consists in seeing what everybody else has seen and thinking what nobody else has thought." ~ Albert Szent-Gyorgi (Discovered Vitamin C in 1937).
Advice for new entrepreneurs: Study entrepreneurial business at a college before jumping in. There is a lot more to being successful than a great idea. If possible, work for an entrepreneur for a few years first.