Putnam Associates [2024 Profile]

Putnam Associates

Putnam Associates is a leading management consulting firm focusing on strategy, operations, and technology consulting for the life sciences industry. The firm prides itself on providing innovative solutions that drive success and deliver positive outcomes to clients within the industry.

Putnam Associates Key Stats

• URL: https://www.putassoc.com
• Headquarters: Boston, MA
• Number of Employees: 200+
• Number of Locations/Countries:  10 offices in 8 countries
• Revenue:  $37.5 million (revenue between $25 to $100 million)
• Cost of Engagement: The cost of engagement varies depending on various factors.
• Social Media Links:
  • https://www.linkedin.com/company/putnam-associates
  • https://twitter.com/putnamassociate

Background/ History of Putnam Associates

Established in 1988, Putnam Associates is a management consulting firm that provides consultancy services to the life sciences industry. The company has its headquarters in Boston, Massachusetts, and was founded by three partners, Bill Putnam, Richard McFarland, and Dennis Swinford, who used to work together at Bain& Company. Putnam Associates provides consulting services to pharmaceutical, biotech, medical, device, and diagnostics companies. The firm also targets private equity firms and venture capitalists.

In its early years, Putnam Associates specialized in research and strategy consulting for pharmaceutical and biotech companies. Over time, it has expanded its operations and scope to other areas of healthcare, including medical devices and diagnostics. Its client base has also increased to include 19 of the top 20 companies in the pharmaceutical industry.

Putnam Associates has continued growing, opening offices in new locations, including Europe and Asia. It has also added to its service offerings, including pricing and market access, organizational design, and Mergers and Acquisitions. In 2021, Putnam Associates rebranded to Putnam.

Work/ Focus Areas at Putnam Associates

The team at Putnam Associates prides itself in providing practical and innovative solutions in the life science industry that result in positive real-world impact. For example, Putnam Associates has worked with the client team to successfully launch a new cancer drug in the market. With deep expertise in specific healthcare areas like oncology and digital health, Putnam Associates have a reputation for delivering actionable insights to clients.

Key practice areas at Putnam Associates are as follows:

New Product Strategy: Putnam Associates helps clients to successfully introduce new products to the market and achieve commercial success. The firm supports organizations in decision-making to advance new products from the clinical stage and market approval to commercialization.

Portfolio Licensing & Development Strategy: Portfolio Licensing and Development Strategy are available to life science clients seeking a competitive advantage in a thoroughly innovative industry. Putnam Associates provides long-term portfolio planning and optimization, technology and asset scans, due diligence for in-licensing and out-licensing, and strategy development for legacy and newly acquired assets.

Value, Pricing & Access Strategy: The team at Putnam Associates has the expertise to support clients in creating holistic pricing strategies for growth and value optimization. With deep knowledge of global market access, clients can look forward to Putnam’s support in the Value, Pricing, and Access strategy throughout the life cycle of product development

Established Product & Franchise Strategy: The firm focuses on helping clients optimize the commercial potential of their existing products. This area considers that established products need unique strategies that differ from those necessary for new products. Teams at Putnam Associates help clients identify and understand marketing opportunities, track performance, and chase evolving opportunities. They also plan for and defend competitive interests and develop lifecycle management strategies.

Data Strategy: Putnam Associates has 16 years of experience in big data. The Data Strategy teams use this experience and knowledge to provide clients with in-depth knowledge of the ever-changing data landscape from new players and traditional sources. Services in this practice area include forecasting, dashboard and predictive analytics, data strategy and optimization, segmentation, and omnichannel engagement. It also deals with patient journeys and clinical development strategies.

Medical & Scientific Affairs Strategy: The Medical and Scientific Affairs Strategy teams at Putnam Associates work to help medical teams with decision-making and planning. The teams leverage deep scientific knowledge and problem-solving skills to help medical teams deliver on a product’s or franchise’s clinical value and enhance the ability to transfer the benefits to suitable patients.

Industries

Putnam Associates specializes in the life sciences industry. The company focuses on clients in the biopharmaceutical medicine device, diagnostics, and related sectors to ensure organizational effectiveness, market access, product development, and commercialization.

Putnam Associates combines the collective experience and breadth of services from SmartAnalyst, PHMR, and Creativ-Ceutical companies, all within the Putnam brand.  SmartAnalyst provides strategy, value, and insights for clients, while the team at PHMR is in charge of market access and reimbursement. Creativ-Ceutical, on the other hand, provides strategic pricing, health economics and market access services for Putnam clients.

Focusing on a single industry creates value and expertise, making Putnam Associates an industry authority. However, every project varies in size and scope, although it is still within the same industry.

How to Interview with Putnam Associates

Putnam Associates has over 200 employees and is still growing. With its stellar performance, it is not a surprise that professionals in the industry would love to be part of the team. Here is what the interview process looks like for those who want to join Putnam Associates.

Interview Process

The interview process at Putnam Associates is rigorous and challenging while maintaining professionalism and structure. It is tailored to evaluate the candidate’s analytical, problem solving and communications skills. The interview also ensures the candidate is a perfect fit for the firm.

Standard interview stages at Putnam Associates are as follows:

Step I: Screening

This is the initial stage of the recruitment process and occurs on campus for applicants in core schools. Candidates from non-core schools undergo pre-screening through phone interviews. During this stage, the applicants get screened about their resumes, interest in working with Putnam Associates, and a few fit and behavioral questions.

Step II: Round One

The first round of interviews takes 45 minutes and comprises 30 minutes of case interviews and a 15-minute behavioral interview.

Step III: Round Two

Final round interviews happen at the offices of Putnam Associates and consist of 3 back-to-back interviews. The first two interviews are majorly case interviews that last between 30 and 40 minutes. The third and final interview comprises a behavioral and fit interview to gauge how well you fit into the firm and its company culture.

Once the interviews are over, candidates get an invitation for lunch with junior team members. The rigorous interview process aims at onboarding competent professionals who fit Putnam’s work environment well.

Typical questions include:

Common interview questions at Putnam Associates range from case interviews to fit questions, all geared toward getting the best talent for the job.

Case Interview Questions

• Estimate the market size for a new drug.
• Explain the market potential for a new drug given two potential regulatory outcomes.
• What factors should you consider to estimate the monthly treatment costs of a patient with a given disease using a specific therapy?
• Recommend the best course of action for a client interested in expanding its operations on how to double profits within the next three years

Fit Interview Questions

• Why are you interested in working at Putnam Associates?
• What experience do you have working in a team?
• Take us through your resume.
• Why do you want to work in healthcare consulting?
• Please provide an example of a time when you faced conflict and explain how you handled it.

The recruitment timeline at Putnam Associates typically takes over four weeks from start to finish.

What to Expect

Given that Putnam Associates deals with life sciences, candidates should expect questions relevant to the industry. However, interviewers may occasionally throw in case interviews for businesses in different industries. Besides case interviews, you should expect fit or behavioral questions during the interview process. Candidates who pass both interviews get an offer at least a week after the exercise.

How to Prepare

The best way to ace an interview at Putnam Associates is to prepare adequately for each round. Use the following tips to get ahead of the recruitment process and increase your chances of working at Putnam Associates.

As with any interview, prior research into the firm is vital in helping you understand what the company does. This way, you are better positioned to answer any questions. Know the company’s services, mission, vision, values, and clients.

Review Putnam Associates’ website and social media profiles, and read press releases and recent company news. When answering questions, you can use this information to make your responses more relevant and align with company culture, especially during fit interviews.

When preparing for a case interview, practice makes perfect. Find sample cases on consulting websites and books and try to solve them with the help of a coach or partner. Use the following approach when tackling case interviews for a better chance of success.

• Ensure you understand the question or problem, including the case context, the firm, and the goal. Feel free to ask for clarification in case of any doubt.
• Develop a strategy to solve the problem using the information you have. You can use familiar business frameworks to find a solution or develop a unique personal structure to approach the situation. Creativity in problem-solving means you don’t rely on familiar frameworks in every situation and can think outside the box. Share this approach with the interviewer.
• Solve the problem using the approach you develop. This may include quantitative and qualitative techniques. Practice your case interview math skills before to make the process faster and easier. Also, work the interviewer through the solution before beginning any calculations. Consider how your answer impacts the overall case to help you formulate an appropriate recommendation.
• Lastly, summarize facts about the problem and communicate your recommendations to the interviewer persuasively.

Target Schools

Putnam Associates recruits from top-rated private and public schools. Below is a list of some of the ore schools the firm targets.

• Boston College
• Harvard University
• Boston University
• Bowdoin College
• Cal Tech
• Columbia University
• Cornell University
• Dartmouth University
• Harvard University
• McGill University
• Massachusetts Institute of Technology (MIT)
• Stanford University
• Tufts University
• UC Berkeley
• UC Los Angeles (UCLA)
• UC San Francisco
• University of Pennsylvania
• Yale University

Careers at Putnam Associates

Putnam Associates careers are available for interns, graduates, and professionals with extensive career experiences. The firm prides itself in providing opportunities for excellence and growth through merit-based promotions and rotations across therapeutic areas and cases.

Office Locations

Putnam Associates has ten offices within and outside the United States. Besides the Headquarters in Boston, MA, the firm has offices in the following locations;

• San Francisco (U.S.)
• New York (U.S.)
• London (UK)
• Delhi (India)
• Tokyo (Japan)
• Krakow (Poland)
• Paris (France)
• Tunis (Tunisia)
• Newcastle (UK)

Salary Ranges

The Putnam Associates salary ranges between $82487 for the lowest paid employee and $142000 for the highest paid employee. The average salary is $100001 per year. The amount an employee takes home at Putnam Associates depends on various factors, including location and the specific sector the employee is in.

Internships

Each summer, Putnam Associates recruits Summer Associate Consultants from top universities to spend at least ten weeks helping with casework and getting exposure to real-world consulting experience. The interns work in project teams of between 4 and 7 individuals under a Manger or Partner at the Boston Office. The suitable candidates for the Summer Internship Program must be rising seniors with an education background in quantitative and qualitative analysis and should be interested in pursuing a consulting career.

Career Track

Once you join Putnam Associates as a beginner, you start as an associate consultant. Associate consultants advance to consultants, Senior Consultants, Managers, Principals, and eventually Partners.

Exit Opportunities

Employees who would like to take up other opportunities outside Putnam Associates have more limited exit opportunities than those in a generalist firm due to the company’s focus on one industry. Professionals are more likely to excel in other similar firms as life science experts, having worked with Putnam Associates. An ideal career move would be transitioning to similar firms like McKinsey, Bain, or BCG’s Healthcare or Life Sciences.

Professionals at Putnam Associates can also leverage their experience for a horizontal move to comparable consulting firms or venture into more senior leadership or management roles within the life sciences industry.

Culture / Environment at Putnam Associates

The culture and work environment at Putnam Associates is open and friendly. Although there is less traveling compared to other consultancy firms, you can expect occasional long weeks away from home. Most employees at the firm work between 50 and 60 hours a week, depending on the manager or project.

The flexibility of work at the company means employees occasionally experience slow days, making time for other activities like going to the gym. Most employees enjoy what they do and who they work with. To make the working experience fun and positive for staff, the company regularly organizes team-building events to enhance cohesion.

Putnam Associates has a set of values that all employees should embrace. These values govern how employees work with clients and how they relate with each other. They also form the basis of company culture. Here are the values Putnam Associates aligns itself with:

• Collaboration: Team, trust, compassion
• Excellence: High standards, retention, exceptional experiences
• Ingenuity: Creativity, resourcefulness, pushing boundaries
• Grit: Passion, perseverance, effort drives success
• Diversity: Inclusion, respect, better for it

Rankings for Putnam Associates

• #11 in Vault’s Top 50 Overall
• Best Consulting Firms for Innovation: Ranked 5th
• Best Boutique Consulting Firm: Ranked 14th
• Prestige: Ranked 37th (up 11 spots!)
• Best Firms in Health Sciences: Ranked 13th
• Diversity Categories: LGBTQ+ Ranked 8th,
• Diversity With Regards to Individuals with Disabilities: Ranked 6th
• Diversity With Regards to Military Veterans: Ranked 11th
• Diversity with Regard to Women: Ranked 13th
• Ethnic Diversity: Ranked 11th
• Overall Diversity: Ranked 10th