Episode Title: Formulation as Strategy: Why CDMOs Matter More Than EverGuest: Elizabeth Hickman, President & CEO, Austin Pharmaceutics Episode Overview 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. 🔍 Key Topics Covered The expanding role of CDMOsWhy CDMOs are shifting from executional partners to strategic extensions of pharma and biotech teams. Why formulation is make-or-breakHow solubility and bioavailability challenges derail up to 80% of modern drug candidates—and why these issues must be addressed early. From “undruggable” to developableHow AI-driven discovery and structure-based drug design are unlocking new targets while creating new development hurdles. Inside Austin Pharmaceuticals’ approachA look at Austin’s proprietary Kinetisol® technology and how amorphous solid dispersion can improve bioavailability, scalability, manufacturability, and sustainability. Small biotech vs. big pharma dynamicsWhat early-stage companies should look for in a CDMO partner—and the most common mistakes teams make when selecting one. Patient impact starts with formulationHow pill burden, dosing frequency, and manufacturability directly affect adherence, cost, and competitiveness. The future of CDMOsReshoring, cost pressures, AI adoption, and the growing need for talent with both scientific depth and entrepreneurial mindset. 💡 Memorable Takeaways “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. 👤 About the Guest 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.