🎙️ Real Pharma – Episode Title: Breaking the Silence: Why Pharma Needs to Speak Up Hosts: Na-Ri Oh & Ian Wendt Guest: Brian Reid, Founder & Principal at Reid Strategic

In this episode of Real Pharma, Na-Ri and Ian sit down with Brian Reid—a healthcare communicator, strategist, and former journalist who's worked across government, pharma, and media—to explore a provocative question: Why is the pharmaceutical industry so quiet when it comes to telling its own story?

Together, they unpack the communication failures shaping drug pricing, PBMs, the Inflation Reduction Act (IRA), biosimilars, and the broader healthcare system. Brian argues that the problem isn’t a lack of data or platforms—it’s a lack of courage, clarity, and commitment to narrative.

From the importance of speaking up in a noisy media environment to the myth of reputational risk, this conversation is a must-listen for anyone in life sciences, policy, or healthcare storytelling.

• Why pharma’s “default to silence” is damaging public trust—and what the industry can do instead

• The communications trap around complex topics like PBMs, pricing, and benefit design

• How public perception problems could have been avoided with smarter storytelling (hello, Hep C)

• Why simplicity is power—and how “pharm-to-table” and Mark Cuban are reframing the narrative

• The case for overcommunication in the face of misinformation and AI-driven “slop”

• Why the Medicare Prescription Payment Plan was a missed communication opportunity—and how to fix it

“We're in a 30-year experiment of what happens when pharma steps back from the policy debate—and the results are in.” – Brian Reid

“I just want pharma to beat Bigfoot in public trust. That’s my goal.” – Brian Reid

“When in doubt, just shout. Say something. Do something.” – Na-Ri Oh

“It’s not always about having the perfect message—it’s about showing up and making the case.” – Ian Wendt

• Cost Curve – Brian Reid’s daily newsletter on healthcare policy: ReidStrategic.com

• KFF’s piece on complexity as a barrier to affordability

• Examples from Mark Cuban’s Cost Plus Drugs and Eli Lilly CEO Dave Ricks’ public podcast appearances

• 💼 Website: ReidStrategic.com

• 📬 Newsletter: Cost Curve

• 💬 LinkedIn: Brian Reid

Episode Title: Formulation as Strategy: Why CDMOs Matter More Than Ever Guest: Elizabeth Hickman, President & CEO, Austin Pharmaceutics

In this episode of RealPharma, hosts Nari Oh and Ian Wendt sit down with Elizabeth Hickman, President and CEO of Austin Pharmaceutics, to unpack one of the most critical—and often misunderstood—elements of drug development: formulation and the evolving role of CDMOs.

As drug molecules become more complex and solubility challenges grow, CDMOs are no longer just manufacturing vendors. They are strategic partners helping biotech and pharma companies bridge the gap between discovery and commercialization. Elizabeth shares her journey from commercial pharma leadership to running a science-driven CDMO, and explains why formulation decisions made early can determine whether a promising molecule ever reaches patients.

• The expanding role of CDMOs Why CDMOs are shifting from executional partners to strategic extensions of pharma and biotech teams.

• Why formulation is make-or-break How solubility and bioavailability challenges derail up to 80% of modern drug candidates—and why these issues must be addressed early.

• From “undruggable” to developable How AI-driven discovery and structure-based drug design are unlocking new targets while creating new development hurdles.

• Inside Austin Pharmaceuticals’ approach A look at Austin’s proprietary Kinetisol® technology and how amorphous solid dispersion can improve bioavailability, scalability, manufacturability, and sustainability.

• Small biotech vs. big pharma dynamics What early-stage companies should look for in a CDMO partner—and the most common mistakes teams make when selecting one.

• Patient impact starts with formulation How pill burden, dosing frequency, and manufacturability directly affect adherence, cost, and competitiveness.

• The future of CDMOs Reshoring, cost pressures, AI adoption, and the growing need for talent with both scientific depth and entrepreneurial mindset.

• “Formulation is where promising molecules either become viable drugs—or stall out.”

• Solving in-vivo performance alone isn’t enough; scalability and manufacturability must be designed in from day one.

• The best CDMO relationships are built on transparency, urgency, and shared long-term vision.

• Advanced formulation isn’t just a technical advantage—it’s a competitive and economic one.

Elizabeth Hickman is President and CEO of Austin Pharmaceutics, a U.S.-based early-phase CDMO specializing in formulation development for challenging small-molecule drugs. With a background spanning commercial strategy, drug launches, and executive leadership, Elizabeth brings a sponsor-centric mindset to CDMO partnerships—helping clients accelerate innovation while reducing risk.

🎧 Hosts: Na-Ri Oh & Ian Wendt 🎓 Special Guests: Emma Cousin (PhD Candidate, Choice Institute – UW), Amos Fung (RealPharma Intern & Student Pharmacist)

In this thought-provoking episode, hosts Na-Ri Oh and Ian Wendt sit down with Emma Cousin, a PhD candidate at the Choice Institute, University of Washington, to unpack the real-world implications of the Inflation Reduction Act (IRA)—particularly the Medicare Drug Price Negotiation Program.

Joining them is Amos Fung, a RealPharma intern who brings a front-line pharmacy perspective to the policy conversation.

Together, they discuss:

• 📜 A primer on the IRA’s healthcare provisions—what it is, how it came to be, and why it matters now.

• 💊 How CMS selects drugs for Medicare negotiation and whether this process constitutes true “negotiation.”

• 👩‍⚕️ The ripple effects on pharmacists, pharmacies, and patient care.

• 💸 The looming concerns around cashflow, operational readiness, and access as the 2026 implementation date approaches.

• 🧠 How researchers like Emma are modeling long-term effects—and what metrics we’ll need to track to assess the IRA’s success.

• 🔄 Unintended consequences and who might be left behind—especially independent pharmacies and vulnerable communities.

• 📈 A candid discussion on myths around drug pricing and why “good intentions” in policy still need strong evidence and thoughtful execution.

• The IRA marks the first time Medicare can directly negotiate drug prices—albeit in a tightly structured format that raises questions about the fairness of “negotiation.”

• Pharmacies face operational and financial strain, particularly smaller or independent ones, due to rebate lags and implementation complexities.

• Patients will benefit from caps on out-of-pocket costs, but awareness and education are lacking—many don’t realize what the law offers.

• Stakeholders like pharmacists, researchers, and policy influencers need better communication and clearer technical standards from CMS.

• Evidence-based policy should be the north star for drug pricing reforms, but real-world implementation remains messy and evolving.

• Brian Reid & Adam Fein – Top newsletters to follow for updates on drug pricing policy.

• CMS Guidance Documents – Frequently updated, but often inaccessible to non-policy experts.

• National Pharmaceutical Council, Milliman, Portal (Harvard) – Organizations doing forward-looking modeling and policy impact research.