Purpose Before Profit: Samantha Miller Of Cadence OTC On The Benefits Of Running A Purpose-Driven Business

An Interview With Chad Silverstein

Prepare to dedicate several years to achieving your business objective, as social impact enterprises require a significant amount of time to evolve. Consider beginning your new venture on the side while continuing your current employment. This way you can thoroughly research, analyze, fill out your team, develop your plan, and begin fundraising, while you still have a paycheck. The more you can accomplish before raising outside capital, the more control the founders can retain.

In today’s competitive business landscape, the race for profits often takes center stage. However, there are some leaders who also prioritize a mission-driven purpose. They use their business to make a positive social impact and recognize that success isn’t only about making money. In this interview series, we are talking with some of these distinct leaders and I had the pleasure of interviewing Samantha Miller.

Samantha Miller is the Co-founder and CEO of Cadence OTC, a trailblazing consumer healthcare company committed to enhancing the accessibility of over-the-counter reproductive health products. Boasting an extensive background in pharmaceutical business development, Miller has emerged as a dynamic force in pioneering innovations aimed at bridging healthcare disparities. Her leadership at Cadence OTC is a testament to her dedication to making crucial OTC medications accessible to diverse communities in need.

Thank you so much for doing this with us! Our readers would love to get to know you a bit better. Can you tell us your “Origin Story”? Can you tell us the story of how you grew up?

I grew up in a family of bohemian artists in the hills of Northern California. I had a passion for nature and wildlife, which developed into a curiosity about biology and then I shocked my artistic parents by pursuing science and business in college. My professional “origin story” starts with my love for biochemistry and wanting to make a difference. I started out in small pharma -in those days it was the crucible for early biotech. It was not long before I and others realized that I was really good at negotiating collaborations between small pharma and industry giants like Pfizer and Bayer. They need us as much as we need them, but there is a lot of ego in this space. I became a trusted connector. Little did I know this was just the prologue to what was to come next.

A turning point came when I met Dr. Malcolm Potts, a revered pioneer in family planning and obstetrics, whose life’s mission was to curtail the suffering that an unintended pregnancy brings to many women and couples around the world and right here in the U.S. The number he shared was a staggering 2.3 million unintended pregnancies every year (almost half of all U.S. pregnancies). This statistic was far higher than what I had assumed, and I could easily imagine the extensive negative impacts on mothers and families.

This mission resonated deeply with me prompting questions about what could be done about it, he said, “Well, we need to make it easier for people to get effective contraception, “ and he went on to say that one of the most important things we could do would be to make the oral birth control pill available OTC (akin to buying Tylenol or cold medicine).

“Wow, what a simple and brilliant idea,” I said to myself.

I became incredibly motivated to help Malcolm and his partner Nap, another Obstetrician dedicated to public health. However, we faced a daunting obstacle — to initiate the OTC process we had to own the innovator product rights to an existing Rx product. The process cannot be initiated with a new product or a generic product, and only four companies in the world own products suitable for the OTC switch application.

Yet, driven by the potential to make a monumental impact, I immediately engaged with the few companies that held the keys to this crucial change. Long story short, I was able to convince one of the large pharmaceutical companies to sell me the rights to two ideal products that are among the safest and most popular products in the class. We closed this deal in 2016 and initiated the collaboration with the FDA.

My story is intertwined with a lifelong commitment to the well-being of the planet — a passion that has paralleled my professional journey. This commitment extends beyond my professional endeavors into personal convictions, particularly my choice of a plant-based diet. This choice was informed by a growing awareness of the environmental toll of animal agriculture, alongside a broader concern for the natural world.

The connection between reproductive choices and the health of the planet is profound and multifaceted. It is rooted in the belief that access to contraception is not only a matter of personal autonomy but also a critical lever for environmental sustainability. By empowering individuals to make informed decisions about family planning, we can directly influence the demographic trends that impact resource consumption and environmental degradation. This approach underpins a broader vision where the environmental benefits of our work in reproductive health contribute to societal and planetary well-being, aligning with my values and amplifying our mission’s significance. In essence, ensuring that every child brought into the world is both intended and desired is a pivotal step towards securing a sustainable future for the next generations, including my own grandchildren.

As a Public Benefits Company, Cadence OTC’s mission is to transform contraceptive access and empower women in their reproductive choices. A Public Benefits Company is a legal structure that enables for-profit firms to pursue both social benefit and financial goals equally. Cadence OTC is at the forefront of the over-the-counter transition as we are leading the Rx-to-OTC switch for our combination birth control pill called Zena. For the past seven years, Cadence has been working closely with the FDA, seeking approval for this groundbreaking over-the-counter birth control pill to eliminate the need for a prescription or doctor’s visits.

While we continue this long regulatory process to move The Pill OTC, Cadence has already built a specialized commercial organization to increase access to other reproductive health products that are already over the counter. In particular the OTC Emergency Contraceptive or Morning After Pill still has limited distribution and needs to become more accessible and affordable for the more than 23 million women residing in 7,000 zip codes across the U.S. that do not have ready access because there is no drug store in their neighborhood. Most of these same areas are considered healthcare deserts because they have a lack of healthcare clinics as well as a lack of drug stores. Since 2018, emergency contraceptive sales in the United States have increased by over 50%, and access to this essential contraceptive has become a critical concern in this post-Roe era.

Cadence OTC is addressing this issue by making our Morning After Pill available in neighborhood convenience stores within these healthcare deserts. We formed an exclusive partnership with the dominant distributor of healthcare products to the convenience store channel, and together we have signed with the largest C-store chains, including 7-Eleven and Circle K.

Convenience stores are everywhere — there are more than 150,000 in the U.S, penetrating every neighborhood, and they are open long hours. Quick access is incredibly important for the emergency contraceptive because timing is critical — the sooner you take it the better it works. We believe female contraceptives should be as easy to find as condoms. It just makes sense.

Many C-stores are excited about playing a more significant role in serving young women. Especially since their revenues from tobacco have been declining, leaning into urgent OTC healthcare is a smart strategy.

The Cadence OTC team shares a vision for building a reproductive health company with a double bottom line for social impact and business success that allows us to grow into a powerful force by making female contraceptives as easy to find as condoms.

What are your “4 Things You Need to Create a Highly Successful Purpose-Driven Business.”

1 . Prepare to dedicate several years to achieving your business objective, as social impact enterprises require a significant amount of time to evolve. Consider beginning your new venture on the side while continuing your current employment. This way you can thoroughly research, analyze, fill out your team, develop your plan, and begin fundraising, while you still have a paycheck. The more you can accomplish before raising outside capital, the more control the founders can retain.

2 . Recruit individuals who are known and trusted by someone within your founding team. Social impact startups often operate with a limited senior team during their initial years, making every member vital. Every recruitment is essential not only for the demanding tasks ahead but also for fostering a positive culture.

3 . Have a precise vision of the desired future your business seeks to create which you can succinctly describe in simple terms. During discussions on any major decision, always suggest your overarching goal. The challenges of start-ups are made bearable and meaningful by this shared purpose, which also serves to unite the team.

4 . Seek investors who are genuinely committed to your cause and prepared to support you long-term. This might mean securing less funding and experiencing slower growth. Genuine social impact financiers will demonstrate greater patience, dedication, and loyalty to founders committed to a cause.

Can you help articulate a few of the benefits of leading a purpose-driven business rather than a standard “plain vanilla” business?

Leading a purpose-driven business, as opposed to a conventional “plain vanilla” business, offers a range of profound benefits that extend beyond financial success to impact organizational culture, employee dynamics, and community engagement. Here are a few key advantages:

1. Enhanced Employee Engagement and Motivation: Purpose is a powerful motivator. When employees understand and connect with the mission of the organization, their level of engagement increases. They are not just working for a paycheck but are motivated by the impact their work has. This intrinsic motivation can lead to higher productivity, creativity, and satisfaction in their roles.
2. Improved Retention Rates: Companies driven by a clear and compelling purpose tend to have better employee retention rates. The reason is simple: when the workforce believes in what they are working towards, they are more likely to stay and contribute to the cause. This sense of belonging and commitment to a shared goal can significantly reduce turnover, saving costs related to recruiting and training new employees.
3. Attracting Talent: Purpose-driven businesses attract individuals who are not just looking for a job but are seeking to make a difference through their work. This alignment between personal values and organizational goals makes it easier to attract passionate, dedicated employees who are more likely to be loyal and hardworking.
4. External Support and Collaboration: A clear, impactful mission can attract support from outside the organization. This might include partnerships with other companies, non-profits, or communities that share similar values or goals. Such collaborations can open up new opportunities for growth, innovation, and impact that might not be available to more traditional businesses.
5. Brand Loyalty and Customer Engagement: Consumers are increasingly looking to support brands that have a positive impact on the world. A purpose-driven business can build a strong, loyal customer base that believes in the company’s mission. This can lead to enhanced brand reputation, customer loyalty, and even a willingness among consumers to pay a premium for products and services that are aligned with their values.
6. Resilience in the Face of Challenges: Purpose-driven organizations often demonstrate a higher degree of resilience during tough times. A shared sense of purpose can provide a guiding light during periods of uncertainty, helping leaders and employees alike to navigate challenges with a clear sense of direction and motivation.

Leading a purpose-driven business is not only about achieving financial success; it is about creating meaningful impact, fostering a motivated and committed workforce, building strong community ties, and cultivating a loyal customer base. These benefits collectively contribute to the long-term sustainability and success of the business, setting it apart from its more traditional counterparts.

How has your company’s mission or purpose affected its overall success? Can you explain the methods or metrics you use to evaluate the impact of this purpose-driven strategy on your organization?

Our company, being new to the market, cannot yet provide data-driven evidence of our mission’s impact on success. However, our purpose-driven strategy is integral to our identity, guiding our strategic, cultural, and operational approaches. Upon market entry, we’ll measure our strategy’s effectiveness primarily through employee and stakeholder retention, as high retention signifies alignment with our mission and a cohesive organizational culture. Besides quantitative metrics, qualitative feedback on employee satisfaction, customer brand alignment, and partnership quality will also be vital in evaluating our success. Our purpose-driven strategy, aiming for both financial success and meaningful community impact, will continue to guide our efforts towards sustainable growth.

What advice would you give to budding entrepreneurs who wish to start a purpose-driven business?

For entrepreneurs aspiring to launch a purpose-driven business, clarity of mission and validation of impact are paramount. Here are some tips:

1. Define Your Mission with Precision: The foundation of a purpose-driven business is its mission — the core reason it exists beyond making a profit. It is essential to articulate this mission clearly and succinctly. This means being able to explain not only what your business aims to achieve but also why this goal is important. Your mission should resonate on a personal level with you and your team, as well as with your potential customers and stakeholders. It should be compelling, inspiring action and commitment.
2. Validate Your Mission: Once you have defined your mission, the next step is to ensure that it holds real value for your intended audience. This involves engaging with potential end-users to validate that your mission addresses their needs or solves a problem they care about. Validation can take many forms, from surveys and focus groups to pilot programs and beta testing. The key is to collect feedback that can guide the refinement of your mission and the development of your products or services.
3. Set Measurable Outcomes: Purpose-driven businesses must also establish concrete, measurable outcomes to track their impact. These metrics should align with your mission and enable you to assess whether you are achieving your intended social or environmental goals. Whether it is improving community health, or increasing access to education, having clear, measurable outcomes will help you gauge your success and make necessary adjustments.
4. Communicate Your Mission: Effective communication is critical. You need to share your mission and the impact of your work with your audience in a way that engages and motivates them. This involves storytelling that connects on an emotional level, as well as transparently sharing your progress towards your goals. Remember, people are more likely to support businesses they feel are making a genuine difference.
5. Build a Mission-Aligned Team: Surround yourself with a team that shares your commitment to the mission. This alignment ensures that everyone is working towards the same goals with passion and dedication. A team that believes in the mission will be more innovative, resilient, and motivated to overcome challenges.
6. Stay Flexible and Open to Feedback: As you embark on this journey, remain open to learning and evolving. The feedback from your end-users and the impact of your actions should inform your decisions. Be prepared to pivot or adjust your strategies to ensure that your business continues to align with its mission and maximizes its positive impact.
7. Network with Like-Minded Entrepreneurs: Finally, connect with other purpose-driven entrepreneurs. This community can provide invaluable support, advice, and inspiration. Collaborating with others who share similar values can also open opportunities for partnerships and collective impact initiatives.

By following these guidelines, budding entrepreneurs can build purpose-driven businesses that not only achieve financial success but also contribute positively to society and enhance the health of communities.

Imagine we are sitting down together two years from now, looking back at your company’s last 24 months. What specific accomplishments would have to happen for you to be happy with your progress?

1. The FDA has approved Zena for over-the-counter sales, so everyone, everywhere, can access an affordable combination birth control pill over the counter at various stores nationwide, including large chain pharmacies, supermarkets, and convenience stores.
2. Our morning-after pill is being sold in convenience stores located in the poorest, most underserved counties in every state in the US.
3. The Morning After Pill will be available for purchase at an affordable price in over 100,000 convenience stores nationwide because convenience stores are open long hours as practical access points for urgently needed healthcare products.
4. The healthcare section in most C-stores will be enhanced by introducing female contraception alongside condoms.
5. Men will be taking responsibility for preventing unintended pregnancies as well as their female partners. For instance, when a man purchases a condom at a convenience store, he will also be purchasing the Morning After Pill to prevent pregnancy as a precaution in case the condom fails or after unprotected sex.
6. Healthcare access will be transformed women everywhere will be empowered in their reproductive choices regardless of income or geography.

This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!

About the Interviewer: Chad Silverstein, a seasoned entrepreneur with over two decades of experience as the Founder and CEO of multiple companies. He launched Choice Recovery, Inc., a healthcare collection agency, while going to The Ohio State University, His team earned national recognition, twice being ranked as the #1 business to work for in Central Ohio. In 2018, Chad launched [re]start, a career development platform connecting thousands of individuals in collections with meaningful employment opportunities, He sold Choice Recovery on his 25th anniversary and in 2023, sold the majority interest in [re]start so he can focus his transition to Built to Lead as an Executive Leadership Coach. Learn more at www.chadsilverstein.com