Pharmpreneur of the week Morris Goodman: "Success is measured by happiness."
Snapshot:
Co-founder and Chairman Emeritus of Pharmascience, a full-service privately owned pharmaceutical company with strong roots in Canada and a growing global reach with product distribution in over 50 countries.
As a pioneer and leading entrepreneur in the Canadian generic drug industry, Mr. Goodman has dedicated his career to creating a difference in global healthcare.
After graduating from the University of Montreal’s Faculty of Pharmacy in 1953, Mr. Goodman co-founded his first company, Winley-Morris. In 1971, he sold Winley-Morris to the International Chemical & Nuclear Corporation (ICN) and continued to serve as the President of ICN Canada until 1983.
He co-founded Pharmascience in 1983 with trusted friend and fellow pharmacist Ted Wise. Pharmascience is one of the top generic pharmaceutical manufacturers in Canada. Mr. Goodman now serves as Chairman of the Board.
What excites you about being an entrepreneur?
That’s a good question – being an entrepreneur has always been an important part of who I am, so I never really analyzed what excites me about that. It is what has always driven me to strive to surpass myself.
How has your entrepreneurial career evolved since your graduation?
It has evolved tremendously! I started at 11 years old, when I was a message boy in an independent drug store. Eventually I moved away from retail pharmacy and worked my way to bringing in new drugs that were not available in Canada. The armamentarium of drugs available for physicians to prescribe to their patients has increased – this has been a great benefit for patients across Canada. For example, I introduced a buffered tablet for patients with tuberculosis that reduces the number of tablets to be taken each day by half, thereby reducing the gastric distress associated with taking the drug. And today, I can proudly say that Pharmascience, the company I founded at age 53, 40 years ago, is now the largest Canadian-owned pharmaceutical company!
What was your key driving force to become an entrepreneur?
It’s simple. I wanted to make my mark in this world!
How do you define success?
Once again, it’s very simple. Success is measured by happiness. Be happy with what you have, what you're doing and what you're striving for.
As a successful entrepreneur, what continues to drive you?
To this day, I can still say that what drives me is to continue to make a positive difference in the world. At Pharmascience, I continue to invest in people, in research, and in our facilities. I also remain committed to making an impact on our Canadian patients by securing the supply of high-quality medicines through local manufacturing in Canada.
What are the biggest challenges to being an entrepreneur?
I would say to really know your capabilities, your strengths, to know what and who you are. An entrepreneur must also be willing to ask for help from others. None of us are Superman – we all have weaknesses, and sometimes we need help.
How do you manage work/life balance?
I have to say that’s it’s always been easy for me to have a good work-life balance. Working has never been a difficulty for me; it’s always been a passion. Part of my enjoyment of life was working! So, on top of my work, I made sure to spend quality time with my family, to be a role model for them. This led me to live a very constructive life.
What books/resources do you recommend for every entrepreneur to check out?
I don’t really have a book that comes to mind that I suggest as a must read; I learned a lot from others, there is no question about that. All my life I talked to entrepreneurs, listened to what they had to say, and learned from their experiences’.
What advice would you give to colleagues who want to become entrepreneurs?
Be passionate in what you want to accomplish.