Cathy Tie’s innovative spirit has driven her to redefine how pharmaceutical companies operate online.
Cathy Tie
At just 23, the Toronto native founded Locke Bio, a groundbreaking platform that aims to be the “Shopify” for pharmaceutical companies selling FDA-approved drugs.
Now based in Los Angeles, Tie's creative vision and interdisciplinary approach have led Locke Bio to provide a seamless solution for telemedicine and online pharmacy services, revolutionizing the healthcare e-commerce space. Her remarkable achievements earned her a spot on the prestigious Forbes 30 Under 30 list.
Locke Bio: The Shopify alternative for pharma
Locke Bio emerged from Tie's keen observation of the digital health landscape. She noticed a significant gap: there was no straightforward way for companies to build compliant online stores for selling FDA-approved drugs. Drawing inspiration from Shopify's model of simplifying e-commerce, Tie set out to create a platform tailored specifically for the pharmaceutical industry.
Locke Bio's platform is designed to enable pharmaceutical companies and pharmacy networks to rapidly launch telemedicine and online pharmacy services. Key features include:
- Customizable intakes: Tailor patient intake forms to meet specific needs;
- Video consultations: Integrated video call capabilities for seamless telemedicine services;
- Electronic medical records: Secure and efficient management of patient records;
- Integrated pharmacy network: A built-in network of pharmacies across the U.S. and Canada ready to dispense medications;
- Payment processing: An integrated online payment system that simplifies transactions;
- User analytics: Tools to analyze user behavior and improve service offerings.
By offering a plug-and-play solution, Locke Bio significantly reduces the time and cost associated with setting up compliant online pharmacy services. This makes it easier for enterprises to enter the telehealth market and start providing services in weeks rather than months.
“We're really excited about all the groundwork we’ve done building the software templates, integrations with doctors and pharmacies in all 50 states, for specialists and for physicians. Now, it only takes two weeks for any company that we work with to launch a fully compliant, direct to consumer telehealth brand. And I think that's incredible, because it used to take over a year to build this and millions of dollars at least to spend on developers to build the exact same thing that we can help them launch in two weeks,” says Tie.
The journey and vision
Tie's journey began with ambitious cold-emailing to professors at the University of Toronto at the young age of 14, driven by a passion for hands-on learning in science, particularly biology and chemistry. She was dissatisfied with the textbook-heavy approach in school and sought real-world lab experiences. By her freshman year of high school, Tie was already reaching out to professors to collaborate on research projects.
Her efforts paid off when she published her first research paper on immunology, focused on the human immune system, at just 16 years old. This early success prompted Tie to question the limitations of traditional academic research, constrained by grants and funding. She realized that entrepreneurship offered greater freedom to pursue research independently.
Transitioning her focus to startups, Tie conceptualized Ranomics during her freshman year at the University of Toronto to address issues in genetic testing accuracy faced by companies like 23andMe. Teaming up with Leo Wan, she entered IndieBio, a startup accelerator providing essential funding and mentorship to science-driven entrepreneurs. This journey led her to San Francisco, where she served as CEO of Ranomics for its initial three years, while also being awarded The Thiel Fellowship, a prestigious grant for young entrepreneurs.
Drawing from her experience at Ranomics, Tie's entrepreneurial spirit flourished further. At 21, she became a partner at Cervin Ventures, specializing in SaaS technologies like Salesforce and Slack. However, her passion for merging SaaS solutions with healthcare innovation led her to found Locke Bio, aiming to simplify the process of selling FDA-approved drugs online, similar to Shopify's impact on e-commerce.
“I had launched a couple brands myself in both Canada and the U.S. in the direct-to-consumer, telehealth space. And that's when I realized how difficult and how much of the wheel you have to reinvent every time you build one of these brands. Although there were dozens of these brands already out there and functioning, you have to find your own EMR system. You have to find a payment processor that accepts an online prescription business because Stripe’s lawyer oftentimes shut us down. So that was a really big challenge,” says Tie.
Today, Locke Bio has secured backing from three prominent venture capital firms in the U.S. and Canada, positioning itself at the forefront of digital health solutions for telehealth and online pharmacies.
“In 2023, there is no reason why telehealth and prescription drugs shouldn’t be as easy to navigate as e-commerce.” — Cathy Tie.
Overcoming challenges and looking ahead
Despite the impressive strides Locke Bio has made, the journey has not been without challenges. Navigating the complexities of the pharmaceutical industry and ensuring compliance with stringent regulations required persistent effort and creative problem-solving. However, backed by venture capital funds in the U.S. and Canada, Locke Bio continues to grow and expand its offerings.
Tie is enthusiastic about Locke Bio's future and the upcoming expansions her team is planning. However, she acknowledges that achieving success was not without its challenges.
"I think early in my career, I pushed myself really hard and worked those tough hours, like 100 hours a week," she reflects. "But I soon realized that was unsustainable because when you don’t have time to reflect, you don’t really see the bigger picture."
For Tie, cultivating an "artist mentality" became essential.
"Like musicians who find inspiration at random times — whether it's 2 a.m. or during a shower — creativity strikes unexpectedly," she explains. She prioritizes carving out time for those moments when ideas can flow freely.
These days, while Tie still puts in long hours when necessary, she ensures to balance it with more manageable weeks, aiming for around 40 hours of work.
"It’s about sprinting when needed, working intensely, and then having the space to reflect on what I’ve learned," she emphasizes.
Conclusion
Cathy Tie’s entrepreneurial journey with Locke Bio exemplifies the power of innovative thinking and the ability to see connections across different industries. By creating a platform that simplifies and streamlines the process of selling FDA-approved drugs online, Tie has opened new possibilities for the pharmaceutical industry. Locke Bio’s success story underscores the importance of creativity and persistence in driving meaningful change and paving the way for new opportunities in healthcare e-commerce.
