Formulation as Strategy: Why CDMOs Matter More Than Ever

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.