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Developing Low-Cost Pills for Pets

If you’ve taken your pet to the vet recently, you know how expensive your little pup’s pills can be. But what if there was a generic alternative? That’s where Putney comes in, a pharmaceutical company specializing in the development of high quality drugs for pets. Part businesswoman, part animal lover, Putney’s CEO Jean Hoffman founded Putney in 2006. One afternoon, while taking her adopted cat Dude to the vet, Hoffman had a couple of realizations. First, pet medications were prohibitively high for many people. And second, this created a niche market for a business that sold generic pet medications. The company, which launched its first product in 2007, has enjoyed a 58 percent compound annual growth rate over the last year, with $9.5 million in revenue in 2010.