Putney’s Hoffman Receives Mass High Tech Women to Watch Award
Date: February 16, 2011
Portland, Maine—February 16, 2011— Mass High Tech (MHT) has distinguished Jean Hoffman, CEO and founder of Putney, Inc., with a 2011 Women to Watch Award. Hoffman stands among twenty two entrepreneurs recognized this year for their demonstrated leadership abilities and ability to think creatively to develop new business opportunities.
Putney is a rapidly growing pet pharmaceutical company focused on the development and sale of generic prescription medicines for pets. Currently, 94% of FDA Center for Veterinary Medicine (CVM) approved pet medicines have no generic available. Hoffman is the first person to develop and implement a targeted strategy for this underserved market. She has built success by combining her experience in the human generic sector with a strong understanding of the companion animal market. In the human sector, 76% of all prescriptions are filled by a generic medicine. Hoffman expects similar adoption rates of pet generics as they become available.
“Our judges were impressed with how Hoffman addressed a market need and grew her company during one of the toughest economic eras in a century,” says Jim Connolly, editor of Mass High Tech. Putney expects its revenues to top $100M by 2014 driven by the company’s strong pipeline of FDA-CVM products for pets. During the North American Veterinary Conference 2011 (NAVC) held last month, 20% of the 5,291 U.S. veterinarians and veterinary technicians attending the conference visited the Putney booth and requested more information about Putney products.
Hoffman says the award will energize her as she continues to build out Putney’s management team in sales, marketing, finance and other key areas as the company commercializes its pipeline. “It’s very gratifying to be recognized for doing something that I feel passionate about,” says Hoffman.
This is the second time Hoffman has been recognized for her entrepreneurial skill and strategic vision in building Putney. In 2009 she received Mainebiz’s inaugural Science & Technology Woman to Watch Award. That award cited her track record of successful start ups, including Newport Strategies, the company Hoffman built into the world leader in product targeting and sourcing systems for the generic pharmaceutical industry. In 2004, Hoffman sold the business to Thomson Reuters.
The MHT Women to Watch award winners will be recognized at a breakfast event on March 23, 2011 at Boston’s Seaport Hotel.
About Putney
Putney is a pharmaceutical company committed to providing high quality, cost-effective generic medicines for pets. Putney’s reliable supply of affordable drug options empowers veterinarians, allowing them to provide the best possible medicine at the best possible price, and supports pet owners, helping them afford to comply with veterinary recommendations. Putney’s ongoing investment in research and development is focused on creating the next generation of generic veterinary products based on inputs from companion animal veterinarians and its industry partners. Learn more at www.putneyvet.com.