BioBuzz by Workforce Genetics
BioFactura’s Dr. Jeffrey Hausfeld Offers Tips and Strategies for Physicians Looking To Turn Ideas Into Successful Businesses
Dr. Jeffrey Hausfeld, Chief Medical Officer and Chairman of the Board at Frederick, Maryland’s BioFactura and the Chairman and Co-Founder of the Society of Physician Entrepreneurs (SoPE), recently co-hosted an engaging webinar sponsored by DocWorking, a physician coaching organization.
Hausfeld was the guest of Dr. Jen Barna, the CEO and Co-Founder of DocWorking, who led an insightful discussion, where Hausfeld delivered sage advice from personal experience about what it takes for a physician to build and grow a business.
Hausfeld kicked off the webinar event with a powerful and compelling statement about the kind of mindset one needs for a physician to take the leap into entrepreneurship.
Hausfeld shared, “Sit back. Take a breath. See really what you want and if the path of going to start a new company is what you want, then give it your full attention. And if you see you can’t give it your full attention, hook up with someone that will help you. Because physicians feel, ‘It’s my idea, I want to own 100% of this company.’ And my answer to them is: 100% of nothing is still nothing.”
Hausfeld would know.
He is an alumnus of Yale University School of Medicine and had a remarkable 23-year career as an otolaryngology/facial plastic surgeon, built a successful consultancy, and earned his MBA from Johns Hopkins University’s Carey Business School. This led to his first foray into the business side of medicine, joining a group that developed and managed assisted living facilities for Alzheimer’s and dementia patients. Hausfeld leveraged his experience as a clinician and consultant to become a successful physician entrepreneur and investor. Today, he helps lead BioFactura, an exciting biosimilars and biodefense biotech company located in the heart of the BioHealth Capital Region.
“Physicians are really smart…but we don’t, for the most part, have the experience with bridging the medical arts with the business arts. Those that think that business is not a science should think again. It takes a lot of thought, study, and concentration to learn the nuances and speak the language of business. And only then will you be able to mesh the culture of caring for patients, the medical expertise and informatics to what is needed in the marketplace,” Hausfeld shared.
“That’s why myself and two other founders started the Society of Physician Entrepreneurs— to explain this to doctors, nurses, and anyone in the healthcare field…and we expanded SoPE to include anyone in the life sciences…We give them a roadmap of the opportunities and obstacles and we say don’t make the same mistakes we’ve made,” he shared.
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Steve brings nearly twenty years of experience in marketing and content creation to the WorkForce Genetics team. He loves writing engaging content and working with partners, companies, and individuals to share their unique stories and showcase their work. Steve holds a BA in English from Providence College and an MA in American Literature from Montclair State University. He lives in Frederick, Maryland with his wife, two sons, and the family dog.