WASHINGTON (TIP): Eminent Indian American entrepreneur Dr Dinesh C Patel has been honored with Utah Governor’s Lifetime Achievement Medal for Science and Technology for his contribution in the field of biotechnology and pharmaceuticals.
Considered the father of biotechnology and pharmaceuticals in the Rocky Mountain region, Dr Patel has been instrumental in creating, driving and growing Utah’s science and technology community into the rich landscape, according to a statement issued on Wednesday.
The Governor’s Medal for Science and Technology has been awarded to deserving recipients since 1987 as a symbol of recognition to those who have provided distinguished service to the state in the fields of science and technology.
It has been nearly 40 years since Patel came to Utah. His innovations and hard work brought financial success and improved the lives of thousands across the globe.
Patel founded TheraTech Inc., in 1985 serving as president and CEO. He led the company in a successful initial public offering in 1992, and successful acquisition in 1999 when Watson Pharmaceuticals, Inc. purchased the company for over USD 350 million.
Post TheraTech, Patel founded Salus Therapeutics, a biotechnology company that developed anti-sense pharmaceuticals. Genta Inc, acquired Salus in 2003 for USD 30 million.
He continued to start and grow companies in the state, founding and cofounding other successful ventures, including a family investment firm, Patel Family Investments, which has a current portfolio of over 25 early-stage companies and 12 private equity/venture funds.
Patel has received distinguished honors locally and across the globe for his leadership, mentorship and contributions to the scientific communities including the State of Utah’s Governor’s Medal for Science and Technology Award – Industry Category in 1996.