“To understand our business model so quickly is phenomenal….”
As supply chains in general, and those in the pharmaceutical industry in particular, become more global and complex, they also become increasingly vulnerable to potential adulteration and counterfeiting. The fatalities and massive recalls stemming from the 2007 contamination of heparin, a blood thinner used to treat heart attacks and angina, demonstrated the need for greater integrity in the pharmaceutical supply chain. Rx 360 was formed as an international consortium to protect patient safety. Its 100 members share information and develop processes to ensure the quality and integrity of the healthcare supply chain from the sourcing of raw materials until when products are in patients’ hands. Based in Philadelphia, the 501c6 nonprofit provides resources and has conducted over 600 quality audits to augment measures taken by its members, legislators, regulators, and other organizations to achieve consistent standards in the supply chains.
When Jim Fries took over as CEO, he recognized the need for a high-quality financial partner to ensure the membership that Rx360 is doing things right. “When you’re a member-driven organization, you need to make sure that all the t’s are crossed and the i’s are dotted,” he says. “We wanted someone who was experienced in the nonprofit world and had an office here in Philadelphia. Your Part-Time Controller was a natural fit.”
Today, YPTC manages the organization’s day-to-day finances, provides historical adjudication of prior financials and helps prepare for the annual audit. “They’re really good at helping me prepare for board meetings and their communication is great,” he adds.
Fries is appreciative of the work being done by YPTC Associate Maria Leonetti. “She was able to accomplish in a few months what our former full-time finance person couldn’t do in three years. For her to understand our business model so quickly is phenomenal.”
Fries knows he can trust the financial information that YPTC provides because he sees the work that Leonetti is doing. “I’m happy,” he says. “I wouldn’t have it any other way.”