Benchworks has created umbrella group BW Health Group, the firm said this week.
The holding company will include the creative agency, which will retain the Benchworks brand, distributor Safe Chain Solutions, and a new strategy unit.
The firm, which has 106 employees and posted $68 million in revenue in 2018, according to CEO Thad Bench, is expected to break the $100 million mark this year. The new structure will help the firm adapt to the changing business, he explained.
“The formation of BW Health Group will confirm the perception and reality that we are a cohesive linear array of services,” Bench said. “By having the parent company, [that] gives us the flexibility to bolt on, through organic growth and through acquisition, additional business units and not be limited by our legacy company structure.”
The first business unit BW Health Group will launch is a strategy agency, BW Strategic Consulting. The group also will house a partnership with Occam Health Services. BW Health Group will be led by Tom McDonnell, who joined the company as president.
“Four business units working seamlessly together to address many issues that small- and medium-size pharma companies face every day,” McDonnell said. “We’re here to make sure strategy drives the economic engine for businesses.”
McDonnell was previously chief commercial officer at Neos Therapeutics. Prior to that, he spent 10 years at Shire Pharmaceuticals in marketing and product roles. Earlier in his career, he worked at Abbott and Knoll Pharmaceuticals.
There are no other changes in leadership. The Benchworks creative agency will continue to be led by president Melissa Johnston, and Safe Chain Solutions will remain under the leadership of president and partner Charlie Boyd.
As McDonnell takes the lead of BW Health, he is tasked with corporate strategy and identifying areas of expansion for the group, including mergers and acquisitions.
“We’re starting with a focus on execution,” McDonnell said. “We launched BW Strategic Consulting and the partnership with Occam Health within the growing specialty pharma and rare disease market. We’re interested in looking at health tech companies. The rise of voice tech is very intriguing and something that we’ve been looking at over the years.”