Q & A With Jim McCarthy, Winner Of The Inaugural President’s Exemplary Service Award

LES Member Spotlight

Q & A With Jim McCarthy, Winner Of The Inaugural President's Exemplary Service Award
Jim McCarthy played a pivotal role in creating the "Global Life Sciences Royalty Rates and Deal Terms Survey," now used by licensing professionals worldwide. McCarthy has volunteered on the survey committee since the inception of the project in 2006. He was honored for his contributions to LES at this year's Annual Meeting in Boston.

By Meredith Holmes

Jim McCarthy

Jim McCarthy is Senior Vice President, Corporate and Business Development at Rockwell Medical, Inc., where he leads business planning and development and international licensing activities. McCarthy has held leadership roles in the life sciences industry for 30 years and has worked on international licensing projects in 34 countries. He has been an active LES member for 20 years. A Certified Licensing Professional, McCarthy received his M.B.A. from Indiana University and his B.S. in physical therapy from SUNY Upstate Medical Center. He is a Vietnam infantry veteran.

Established this year, the President's Exemplary Service Award is the highest honor LES gives to an intellectual capital management professional and recognizes an LES volunteer who has made an outstanding contribution to the health, vibrancy, and well-being of the Society.

Q: How did the Global Life Sciences Survey come about?
A: Jim: In 2006, the LES Board of Trustees got the idea of doing a royalty rates survey and ran a request for volunteers in Viewpoints. I submitted my name and participated in a teleconference with four members of the LES Board of Trustees. I made some suggestions and observations, drawing on my experience as head of a marketing group at Bristol-Meyers Squibb and soon found myself leading the project. I pulled together a team, and the first decision we made was to focus on the life sciences. At the launch of the first survey in 2008, Rob McInness, of LESI presented himself  to help with an international version of the survey. We realized almost immediately that it would make sense to do one global survey.  So, since then, all the Life Sciences surveys have been international.

Q: What is your role with the survey?
A: Jim: I think you could call me the founding chairperson and mentor, basically helping it happen. Over the 12 years we've been doing the survey, I've gone from being father, to godfather, to grandfather. I've had stellar teams of LES volunteers helping me. In fact, one of those team members, Beth Gildea, will be assuming the role of Survey Chair. Three individuals have been pillars of this 12-year effort: Ben Bonifant developed the structural framework, co-chaired several surveys, and took the helm when I was out for lung surgery; Rob McInness has been integral to the survey's success; and the late Deni Zodda, a recruiting champ, led survey methodology for eight years.

Q: How does the survey benefit LES members?
A: Jim: Our guiding principal is, By LES members for LES members. The Global Life Sciences survey provides members involved in licensing, business development, and deal making with information not routinely available through other sources. And the phrase "not routinely available" is important. Most deal information databases come from public SEC filings.  Companies are required by law to disclose the terms of "material" deals—those big enough to affect their financials—with the SEC. But many industry deals are not material and don't get reported. So, a survey of deals completed by LES members captures highly relevant terms and rates not available elsewhere.  The survey data put people in the ballpark, gives them an idea of reasonable terms and rates. Call it a reliable reference, a sanity check for all both parties. The global nature of the survey is important, too. In many countries there are no legal filing requirements, so comparable deal data are skimpy or non-existent. An interesting outcome and benefit to members: the LES High Tech sector adopted the concept and now does its own survey.

Q: What led you to a career in biomedical business development and international licensing?
A: Jim: When I was ready to go to graduate school, I wanted to stay in the life sciences. An opportunity in a business management training program came up with Bristol-Meyers Squibb that made this possible. Because I had a science background, I worked closely with pharmaceutical research and development, but was involved from a business standpoint in new product introductions. So I was always bridging the gap between science and business. I had a number of roles doing that—marketing, marketing research, and business planning—and as a result, I have evolved as a generalist. This is a good fit for business development, where you wear several different hats. This was not a planned evolution, but it was a natural one.

Q: What do you do outside of work and LES?
A: Jim: I'm active in Point Man Ministries, a Christian-based organization that helps combat veterans adjust to civilian life. All of us volunteers have been there and understand the scars that come from combat duty. We help vets make peace with the past. My other pastime is going on silent, Jesuit retreats. I go for three days at a time, about twice a year—no computer, no cell phone, no talking. I also enjoy mountain-climbing in Colorado. Every summer I climb two "fourteeners"—14,000-foot-high mountains. 

Read LES Viewpoints December 2018 Edition here