The 2019 Seven Small Jewels: Promidian Consulting

Service Lines: Strategy

Client Industries: Life Science

Billable Consultants: 2017: 35 / 2018: 68 / 2019 (projected): 126

Revenue (in millions): 2017: $10.44 / 2018: $17.55 / 2019 (projected): $29.85

After impressive 68 percent growth last year, Promidian Consulting, a New York-based Life Sciences firm, is forecasting another 70 percent growth in 2019.

In the past year, Promidian has expanded its capabilities and service lines and doubled the overall team size. With this growth comes a wider geographic footprint, says Kevin Barnett, General manager of Promidian. The firm co-locates offices and team members with key life sciences clusters, adding three new geographies to its range of operation in 2018 and beginning its ex-U.S. expansion.

"Continued growth in 2019 is expected to bring us into additional regions to help serve the needs of clients across the globe," Barnett says. "We expect to continue the rapid growth and advancement we've experienced in recent years. By the end of 2020, Promidian expects to be approaching a head count of 200 and about $45 million in revenue."

Specializing in life sciences consulting, Promidian was founded in 2011 with the aspiration of developing a reputation for being the best firm in its field. Its leaders had worked at other firms, both large and small, and desired to form the premier management consultancy focused on the life sciences industry—one that mirrors the successful practices they observed elsewhere while also avoiding the disruptive ones. The resulting organization achieved just that, Barnett says.

Today, Promidian operates based on seven core tenets: acting with the patient's best interest in mind, delighting clients, empowering its people to take action, investing in talent, working together to achieve results, maintaining transparent communication, and holding each other accountable. "We believe that by staying true to these principles, we will achieve our key organizational goals of client satisfaction, employee engagement, and revenue growth, Barnett says. "This approach continues to pay dividends, as we saw impressive 68 percent revenue growth in 2018. Beyond revenue, we also aspire to continue expanding the organization in terms of personnel, service offerings, infrastructure, geographic presence, and our client base."

Ask Barnett what's unique about the firm and he'll quickly point out its team and culture, along with the commitment to being the best in its field.

"Our focus on life sciences is another key distinguishing quality. Being experts at the business of science requires a strong understanding of the science itself," he says. "Most of Promidian's team members have degrees in bioscience, bioengineering, and/or medicine, and many have advanced degrees in these fields."

Meanwhile, everyone at Promidian has worked incredibly hard to get the firm to where it is today and being named one of Consulting's Seven Small Jewels is a positive reflection of that effort and the commitment Promidian makes to fostering its cultural beliefs and achieving organizational goals. The honor comes on the heels of being named one of Consulting's 2018 Best Small Firms to Work For.

"This dual recognition tells us that the successes we have achieved are having an impact. Energized by this recognition, we are even more motivated to keep pushing to expand our team and capabilities and be more widely recognized as one of the premier consultancies in the life sciences arena," Barnett says. "Rather than resting on our laurels, we instead will strive for greater success, continued innovation and deeper partnerships to support our clients as their breakthrough therapies transform healthcare, improve patient outcomes, and save lives."