Another Family Business Profile from FBE…
Brian Baldwin loves product research and development. Co-founder of Baxa Corporation, Brian is a forward-thinking entrepreneur who sees business niches and pursues them. Before he founded Baxa in 1975, Brian had already established a few technology-driven, healthcare-related businesses. It was special though because it brought a much-needed solution to a critical area of healthcare, that of providing foolproof methods for preparing, handling and administering fluid medications. In certain cases, such as neonatal care, minute doses are difficult to measure and administer, and mistakes can be deadly. Baxa Corporation’s products provide safer solutions, and Brian Baldwin can take credit for bringing those solutions to the fore.
Safe And Accurate
With such a noble mission and ready market, Baxa Corporation hit the ground running in 1975 with its first product, the Exacta-Med® Oral Dispenser, which was specifically designed to provide safe and accurate dosing for oral liquid drugs. Those dispensers quickly became the industry standard, and its early success led the company to look into streamlining other time-consuming procedures involving fluid medications.
Today, Baxa products embrace almost all aspects of compounding and dispensing fluid medications, including oral unit-dosing, IV admixture, syringe infusion, and multi-source solution compounding. Since 1977, the company has experienced a remarkable 20% (compounded) growth rate, generates nearly a $100 million in sales and employs just under 350 people worldwide. Baxa sells direct to hospital pharmacies and estimates somewhere around 4,000 hospital customers around the world.
Secret To Success:
Family business synergy
Jeff and Greg Baldwin are Brian Baldwin’s sons and now business partners. Jeff, a bio-technical engineer, came into Baxa in the mid-80’s and, through the development of much-needed software control, helped propel the company into the computer age. An analytical guy who likes to dig into the details, Jeff now serves as COO and President. Greg, who joined Baxa in 1993, likes to think strategically about the big picture. He cut his teeth in the telecommunications industry and uses his expertise as a marketer to expand the sales and marketing effort at Baxa. Brian remains the founder and chairman emeritus, but perhaps more importantly, he still serves as the guiding intellectual and innovative force. After all these years, he still devotes most of his time and energy creating new solutions – the very thing that he always has enjoyed the most.
Brian and his sons are a family business success story. Their individual expertise and the roles they play in the company are a perfect fit and create the ideal family business synergy.
Check out their web site at http://www.baxa.com/
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