WoW Woman in HealthTech I Terry Weber, CEO of Biote
Terry Weber is the CEO of Biote.
Biote is a hormone optimization company that has translated over 80 years of scientific insight into clinically validated medical approaches that identify and treat imbalances in the production of hormones. By partnering with over 4,700 medical providers across the United States, Biote is educating practitioners on the scientific evidence of the roles of hormones and supplements to support improved health, and on responsible treatment of patients. They are dedicated to helping patients live better, longer by changing the way healthcare is practised on a global level.
Terry has spent her career transforming companies and empowering individuals by creating spaces to grow and ways to evolve that others didn’t consider. Her track record of accelerating growth includes Ford Motor Company, Advance Auto, British Petroleum, and Jiffy Lube, where she modernized and updated an industry once known for sleepy, regional stores into service-oriented and technology-driven retail chains. She has also worked with major consumer brands including Ann Taylor, Fredericks of Hollywood, Kroger, and Lowes Home Stores, helping them adapt and succeed in an increasingly competitive retail environment forever changed by e-commerce.
Terry joined Biote to drive permanent industry innovation in the hormone optimization market, addressing the 200 million individuals in the US who suffer from hormone imbalance. Terry was awarded the 50 Fastest-Growing Women-Owned/Led Companies of 2021 by the Women Presidents’ Organization (WPO), in collaboration with JP Morgan Chase Commercial Banking, and named one of PharmaVOICE’s 100 Most Inspiring People of 2021 in the life-sciences industry. She is a founding member of PreventiveMedicine.org and a board member of the International Women’s Foundation.
Terry is fortunate to be pursuing a personal passion at Biote by educating practitioners about integrative approaches, calling for and supporting more collaboration and more unbiased scientific inquiry, and advocating for improved gender equity in research that has historically left out 50% of the population — women. It’s the disruption that’s long overdue.
Outside of work, she is also passionate about causes and organizations that lift others up by expanding access to previously inaccessible resources, both internationally and in the US.
Terry, tell us a bit about your background and your projects so far.
I began my career in the manufacturing, heavy equipment, oil, and gas industries, where I had to take hard jobs to prove myself in these male-dominated sectors. My work was noticed, and I quickly moved into executive roles. During my time in these roles, I was in the business of helping multi-billion-dollar companies to pivot to safety and innovation long before it became synonymous with agile business practices amid COVID-19. From piloting a more “shoppable” auto store with Advance Auto Parts, growing from 3 to 1,700 stores, transforming Fredericks of Hollywood’s e-commerce business from $500,000 to $7.8 million in less than 18 months, and now at Biote driving a full digital transformation of the company, I’ve made my career to-date by building high-performing teams and successfully navigating diverse industry sectors, seamlessly adapting them to the changing landscape of business and technological innovation.
How did you get into this industry? Has it been an easy industry to get into or have you had many challenges?
After successfully driving significant growth in several companies through these technology-driven transformations, I left that world for the ever-changing healthcare industry. The one thing I wish I had when I entered healthcare was a better understanding of doctors and how they are different from business professionals. Their training and daily environment are set up very differently from other working styles. I learn and adapt every day to improve communication with these medical professionals, build relationships and provide the most relevant, up-to-date resources that cater to their individual needs and, ultimately, the needs of their patients.
How long did it take you to be where you are now? What was the biggest obstacle? What are the challenges of being in the industry you are in?
I accelerated quickly into executive leadership roles by taking on difficult jobs in undesirable locations early in my career, soon becoming known as a problem solver and getting promoted to more challenging roles. Now, even with decades of transforming businesses through varying crises behind me, the healthcare industry still brings unique challenges I haven’t yet faced in my career. For example, as I walk into investor presentations at Biote, I think that I’m going to be reviewing numbers and a business plan, but I find I first have to do a lot of education about hormone deficiency and menopause. People just don’t talk about ageing, about women’s healthcare throughout their lives, and it falls first to me to prove that this is even an issue before I can get to the finances. I feel more like an evangelist for women’s health than a CEO seeking investors.
What are your biggest achievements to date?
I have been fortunate to have had an extremely fulfilling career, running companies with financials from $100 million to $2.5 billion. I am proud to have been awarded the 50 Fastest-Growing Women-Owned/Led Companies of 2021 by the Women Presidents' Organization (WPO) in collaboration with JP Morgan Chase Commercial Banking through my current work at Biote. But the most rewarding of it all is that I now have the opportunity at Biote to advance a personal passion of mine: expanding the access to life-changing therapies that truly impact the lives of so many.
What are the projects you are currently working on?
At the moment we are heavily focused on driving accelerated accessibility and education of hormone optimization to 200 million Americans affected by hormone imbalance including a $600 billion menopause market. We recently announced SPAC business combination with Haymaker Acquisition Corp. III provides us with the funds and access to the public markets to expand not only our business operations (technology development, sales and marketing, and customer service) but also clinical research and product development.
Is the #WomenInTech movement important to you and if yes, why?
Technology-driven transformations have been the foundation of my executive career success to date. However, women continue to be significantly underrepresented in executive roles, and what that means is that we don’t get a voice at the table to speak to challenges we face, raise problems we have that businesses can solve, and share a different point of view on business opportunities. Even just looking at healthcare, only 13% of healthcare CEOs are female, despite women making 80% of the buying and usage decisions in the industry. Elevating our fellow female leaders in executive positions is absolutely crucial to giving women the representation we need to ensure the voices of 50% of the population don’t go unheard.
What will be the key trends in your industry in the next five years and where do you see them heading?
Digitization and Automation – especially with the impacts of COVID-19, the healthcare industry has had a huge shift to online services. People are more comfortable than they ever have been before scheduling online healthcare visits, completing digital intake forms, and monitoring their health on the broad spectrum of devices that are constants in daily life. There is an expectation of a seamless experience from website to device, to in-office visits, to post-visit care and follow-ups – it will be our duty to provide that experience not only to patients but also to our providers.
Preventative Healthcare vs Acute Care – now more than ever, as we have dealt with the uncertainty of the past few years, people are focused on what they can do today that will help prevent future issues with their health, rather than waiting until those issues come up to seek treatment. Healthcare providers and their patients are wanting to be informed of their current health and future risks, and they want to have tools in their arsenal to do something about it today.
What is the most important piece of advice you could give to anyone who wants to start a career in this industry?
Numbers are everything. When I mentor young women in their careers, I tell them how important it is to learn the basics of finances in order to understand what your business needs, or otherwise, you'll limit your own career. We need more financially driven companies that produce really good results to move the needle on women’s health, and that starts with a solid grasp of finance.
Who are three inspirational women in your respective industry you admire?
Anne Wojcicki
Deborah Dunshire
Ashley McEvoy
Find out more about Biote on their website.
Terry will join us as a speaker at the FemTech Untapped launch event "Creating accessible and inclusive solutions for the future of healthcare". Get your FREE ticket here and join us on February 24, 2022, at 4 pm GMT.
This interview was conducted by Marija Butkovic, Digital Marketing and PR strategist, founder, and CEO of Women of Wearables. She regularly writes and speaks on topics of wearable tech, fashion tech, IoT, entrepreneurship, and diversity. Follow Marija on Twitter @MarijaButkovic and read her stories for Forbes here.