In the beginning, they called her a fool. When pharmaceutical chemist Victoria Hale told friends and colleagues that she wanted to start a nonprofit pharma company, they laughed at her, said it was career suicide, that it couldn’t be done. “About 90 percent said that in strong or gentle words,” recalls Hale, who had previously worked at the US Food and Drug Administration and Genentech. “But I knew I wanted to try.”
And so she did. In 1998, Hale wrote a business plan, gathered seed money, and submitted an application for nonprofit status to the IRS. It was denied. Pharmaceuticals are a profitable industry, the IRS replied, so what’s the need for a nonprofit? Frustrated, Hale defended her philosophy for what felt like the hundredth time: Big Pharma makes drugs for Westerners. She, on the other hand, wanted to make drugs for all of humanity—drugs that don’t necessarily pull a profit.
To read the full, original article click on this link: The Profits of Nonprofit - The Scientist - Magazine of the Life Sciences
Author: Megan Scudellari
