“We Have to Keep Fighting for It”: Lisa Johnson on the Future of Wisconsin Biohealth
Wisconsin’s biohealth ecosystem did not emerge overnight. It has been shaped over decades by researchers, entrepreneurs, investors, policymakers, service providers, and industry leaders who believed that world-class science and company-building could happen here—not only on the coasts.
Few people have had a better view of that evolution than Lisa Johnson.
Lisa has spent her career helping to build and strengthen Wisconsin’s biohealth community from nearly every angle. She was part of the early team at Novagen, a Madison-based life sciences company founded in 1989 and later acquired by Merck KGaA/EMD Biosciences. She went on to hold leadership roles in corporate development, business development, and economic development before becoming CEO of BioForward Wisconsin, the state’s leading biohealth industry association.
In April, BioForward announced that Lisa will retire at the end of 2026 after 11 years of leadership. During that time, she has been one of Wisconsin biohealth’s most visible champions—advocating for the industry, connecting companies and partners, and helping the state to tell a stronger story about its role in the future of health innovation.
As Lisa prepares for her next chapter, we asked her to reflect on what has changed most significantly over the course of her career, what it takes to turn strong science into strong companies, and why she believes Wisconsin is well positioned for what comes next.
Her answers offer a candid, practical, and optimistic view of the ecosystem: how far Wisconsin has come, what still needs to happen, and why collaboration, talent, education, and competitiveness will matter even more in the years ahead.
Looking back on your career, from Novagen and EMD Biosciences to the Wisconsin Economic Development Corporation (WEDC) and BioForward, what are you most proud of helping to build or shape in Wisconsin’s biohealth ecosystem?
LJ: I’m proud to have been part of the early group of people building companies in Wisconsin’s biohealth ecosystem in the late ’80s and early ’90s. There were a lot of us at that time starting early-stage companies. We were just talking [before the interview] about Ralph Kauten—he was one of them, too—and I joined a group of scientists to help start Novagen.
At the time, that area was often called research products, and a lot of the talent came out of Promega. That’s what you want to see in a healthy ecosystem: you have strong existing companies, and then people go off and start their own companies. That doesn’t mean the original company wasn’t a good place to work. It means it helped fuel people and gave them the experience and confidence to build something new.
I feel very fortunate to have been part of Novagen and that team. When Novagen was acquired in 1998, we became part of Merck KGaA, which is based in Germany and operates under the EMD name in the United States. Through that experience, I was part of a broader group of individuals and companies that helped to strengthen the overall ecosystem.
Those companies brought light to Wisconsin—and I love that idea of light, especially with FAR Biotech’s name and meaning. They showed that investors could get a return in this area called research products, and they helped build credibility for Wisconsin as a place where biohealth companies could grow.
Since then, we’ve seen different strengths emerge across the state. Epic has had that kind of effect in digital health, where people build great experience there and then go on to start their own companies. Exact Sciences has done the same in diagnostics. When you hire a lot of talented people, some of them are going to want to go out and do their own thing—and that’s a good thing.
So I think what I’m most proud of is being part of that early group in the research products space. It was one important chapter in a much bigger story of Wisconsin building, recycling, and expanding its biohealth talent over time.
You’ve seen Wisconsin’s life sciences and biohealth community from many angles: startup, corporate, economic development, nonprofit leadership, and board service. How has the ecosystem changed most significantly over the course of your career?
LJ: What I talk about quite often—and what I’m excited about—is how much that dynamic has changed.
Novagen eventually moved out of Wisconsin in 2009, and we saw that with a lot of companies that were purchased. We would build strong companies here, but then in the ’90s, 2000s, and even into the late 2000s, a lot of those companies would end up moving to California or the East Coast.
You don’t see that nearly as much anymore. It still happens once in a while, but for the most part, it has completely changed.
Companies recognize that they can expand here. We have the workforce. We have much lower costs. We have outstanding research institutions—and it’s not just Madison. There’s UW-Madison, the Medical College of Wisconsin, and even the broader Big Ten network, whether that’s Minnesota, Iowa, Michigan, or others, that can help support workforce and research activity.
Companies are seeing that they don’t need to go to the coasts anymore. In fact, in many cases, they can’t afford to. Investors are recognizing that, too. Years ago, venture investors would often want to pull companies out to the coasts to be closer to their firms. Some of that still happens, but investors are also realizing that their investment goes much further here, and valuations can be more attractive.
They’re also seeing returns. When you look at transactions involving Wisconsin companies—whether it’s Abbott acquiring Exact Sciences, AbbVie acquiring Nimble Therapeutics, or Merck acquiring Mirus last year—investors are seeing that there can be real outcomes here.
That is a major change from the ’90s and early 2000s, when the mindset was often, “We have to get out of Wisconsin,” or “We can’t make it in the Midwest.” Now, I think the Midwest is primed for continued growth. It has simply become too costly for every company to feel like it has to be in California or Boston. That doesn’t mean some companies won’t go there, but for the most part, the opportunity to build and scale here is stronger than ever.
As someone who has worked closely with entrepreneurs, researchers, investors, service providers, and policymakers, what do you think are the most important ingredients for turning strong science into strong companies?
LJ: You always have to start by looking at the company itself. Strong science matters, but strong companies also need strong teams that understand what it takes to build beyond the science.
In Wisconsin, I’ve sometimes heard entrepreneurs say, “We just don’t have the money here,” or “I can’t make it here.” There is some truth to the fact that companies here often need to go outside the state to raise capital. But the strongest teams understand that. They know they can be located here and still go out and get the money they need.
That doesn’t mean we shouldn’t keep educating legislators and other leaders about the importance of investing in entrepreneurs and creating an environment that is welcoming to them. At BioForward, we’ve been very involved in attraction and expansion efforts, and a big part of our advocacy has been fighting for this industry and making sure legislators understand how important biohealth is to the state.
Other states recognize this. North Carolina, South Carolina, Tennessee, Indiana—they are going after this industry because they understand it is a growth industry. FAR Biotech is coming at it from the quantum side, which is different from research products or API manufacturing, but it is all part of this broad biohealth industry.
We’ve worked very hard to help policymakers understand that you can’t have policies that work against this industry. You have to do whatever you can to grow it. Whatever politics people have, we need to put that aside and get behind the state.
Those policies matter for entrepreneurs because they also send a signal to investors. If I’m an investor outside Wisconsin and I see this as a strong business state—a place where companies can flourish and where the state is committed to growing the industry—I’m going to feel more comfortable investing here.
It has taken a while, but we are getting really close. It’s exciting to see legislators from all over the state starting to back this industry.
What advice would you give to founders building science-driven companies in Wisconsin today, especially those working in complex fields like drug discovery, diagnostics, therapeutics?
LJ: My biggest advice is that you have to have the right team. I was referencing that a little bit in my last answer. You need the right combination of business people, scientists, engineers, and other experts. It has to be a balance. A company can’t be run only by business people, and it can’t be run only by scientists or engineers. It really is a team effort.
The business people need to be able to go out, raise funds, explain the science in a way investors can understand, and get people excited. But you also need the scientific and technical depth behind it.
For anyone starting a company, you also have to understand the market. Is there really a market for this? Sometimes I’ve seen entrepreneurs come out of a research institution with a great technology, and it may be exciting, but the question is: is it a company, or is it really a product that should be licensed to someone else? Is there a foundation you can build from, the way FAR has, where you can create products and services around it and truly build a company?
I’ve seen entrepreneurs think there is a market when there really isn’t. I’ve also seen cases where the technology was strong, but they were going after the wrong market. Once they found a different pathway, the company took off. That happens a lot. What you originally think the market is may not be where the real opportunity is.
That’s why programs like SBIR grants are so critical. I’m glad the U.S. government reauthorized SBIR grants, because that is one way the federal government can step in and help entrepreneurs test things out at an early stage. It gives companies a chance to validate the technology and better understand whether there is a real market. That kind of early-stage support is important if we’re going to compete globally, especially against countries like China.
Companies should take advantage of those resources when they’re appropriate. SBIR may not be right for every company, but when it is, founders should pursue it.
Founders also need to make sure they understand all the resources available to them. I still see entrepreneurs who don’t know about programs like the Qualified New Business Venture program, tax credits, loan programs, and other tools that are out there. You have to do the research. Those things don’t just come to you—you have to go fight for them and go get them. If you can’t do that, you’re going to have a hard time being successful as an entrepreneur.
As fields like AI, quantum science, advanced therapeutics, and computational drug discovery continue to evolve, what do you think biohealth communities need to do to better support companies working at the intersection of deep science and commercialization?
LJ: I’ll probably come at this differently because my background is more in finance and business development. Some of the people you interview may come at it more from the scientific side.
What we are seeing is that when major corporations look at coming here or partnering with companies here, one of their questions is: do you have the technology in the state? And that doesn’t just mean technology coming out of research institutions. They want to know: do you actually have companies in these spaces? Do you have companies like FAR?
Because if you don’t, those are the companies they are looking for. They want to be in an ecosystem that can support their own drug discovery efforts and broader innovation goals.
So from a business development standpoint, I think we have to market more effectively that Wisconsin is a place where a company like FAR Biotech can succeed. All the pieces are here. This has been decades of building from different angles—research products, digital health, diagnostics—and now this next generation of technology is part of that story, too.
When you talk about the intersection of AI, quantum science, therapeutics, and computational drug discovery, it really does come together. As we promote the state, we need to welcome companies working in these areas. We need to recognize the advantages of having companies like FAR Biotech here and ask what else we can do to help them.
That support helps us in other areas, too. It helps attract companies, partners, and talent. People want to know that this is a state where next-generation technology is happening.
So to me, the question is: how do we welcome these companies, how do we assist them, and how do we attract more companies like FAR Biotech? That is how we show that Wisconsin continues to diversify and strengthen its overall biohealth industry.
What advice would you give to investors, corporate partners, and policymakers who want to help Wisconsin’s biohealth ecosystem continue to grow?
LJ: It’s really what we’ve been working on: finding creative ways to continue growing this industry and making sure the policies in place are not detrimental to it.
For investors, corporate partners, and policymakers, my advice is to work with organizations like BioForward and others in the ecosystem to understand what companies actually need. We have to support the assets that make this industry possible—and that starts with our research institutions.
We cannot attack or undermine our research institutions. They are a major asset. Companies like FAR Biotech depend on talented individuals coming out of major research institutions, and so many other companies are equally dependent on that talent. My own company was completely dependent on our research institutions, not just in Madison or at the Medical College of Wisconsin, but across the Midwest.
As a state, we have to value those institutions. And it goes even further back than that—we have to value public education and support the full education system. Without a highly educated workforce, you cannot have these types of companies or this kind of industry in your state. It cannot be done.
Other states are investing, rightly so, in building an educated workforce. Wisconsin has to do the same. That would be one of my main messages to legislators: education, education, education. Let’s value it.
Companies want to hear that. They are not only asking, “What is the most money you can give me?” They are asking, “Where is my workforce? Do you have the talent to support me?” If the answer is no, they have to go elsewhere.
As you enter this next chapter after BioForward, what gives you the most optimism about the future of Wisconsin biohealth, and where do you hope the community puts its energy next?
LJ: What makes me most optimistic is truly how collaborative we are here and how well connected we are across the state.
Sometimes politics can get in the way, and any one of us can get too absorbed in that. But industries like biohealth have shown that we can unite across the state in so many ways—from our research institutions all the way to the pharmaceutical companies now located here—and work toward improving health outcomes.
I have optimism because I think Wisconsin collaborates in a way that some other places can’t. Some states are just too big or too fragmented to collaborate the way we do here. In Wisconsin, I think it’s just how we behave. It may sound simple, but I really do think we want each other to succeed, and we want the state to succeed.
This is also an industry that helps mankind. It improves health outcomes. It can support rural health. It can touch people’s lives in so many ways. That gives me optimism, and I’m proud that Wisconsin is playing a major role in it.
The media on the coasts may not always give us recognition, but I’m telling you, people elsewhere see how much Wisconsin is doing. That makes me proud.
I also feel very fortunate personally. I came out of business school and was able to be part of this amazing industry that has an impact on all of us. I’ve had a great career. I’ve been able to work in so many different ways—from a startup, to a large company, to government, to an association—and with my background, I was able to help companies and help grow this industry.
I’m excited because I think the trajectory is up. But I’m also competitive, and I don’t think we can ever say, “We’ve got it now.” It has to be, “What else do we need to do? What’s the next step?” We have to keep being competitive and keep striving for what’s next, because otherwise another state is going to beat us.
So yes, I’m optimistic—but we have to keep fighting for it.
We are grateful to Lisa for sharing her perspective, her candor, and her deep belief in Wisconsin’s biohealth community.
Her career is a reminder that strong ecosystems are built over time—by people who are willing to connect others, advocate for what matters, and keep pushing the state forward. We thank Lisa for everything she has done to champion biohealth in Wisconsin and for her support and advice to FAR Biotech. We wish her all the best as she prepares for a well-earned retirement and an exciting next chapter.
