Erica Monaco

As a business woman and a female CEO, what unique challenges have you faced in your career, and how have you overcome them?

A few challenges come to mind when thinking about this question. Most notable is finding both a mentor and balance in life.

Finding a female mentor at the senior level has been challenging. I am in an industry where so many leaders are talented men. I have learned a great deal from them, however we, as women, have different struggles in the workforce and in leadership.

When I attend meetings with bankers or conferences with physicians, most of the attendees are men and statistically I am most often an N of 1. This can make it challenging to have my voice heard. In some, not all, of these situations I find my gender an added handicap. Without a strong female mentor, I occasionally struggle to claim my seat at the table and be heard. So often your work product might be welcome, but not necessarily your ideas or point of view.

I have found myself at times taking on the bulk of executing the details of projects while seeing someone else say “I” for work that has been completed either collaboratively or primarily through my efforts. Despite lacking true mentors at the executive level, I have found many wonderful women in different roles that remind me to keep fighting for what I
believe in. Being surrounded by strong women who are not afraid to tell me what they think and who also build my confidence is invaluable. I would not be sitting here today without some key women in my life. Thank you to Andrea, Alison, Kerry and Lori. You continue to shape my thinking and keep me grounded and humble.

Thankfully, and proudly, I've created a culture at Biofrontera where I can lead by example and provide mentorship and growth opportunities to females who are trying to pave a similar path for themselves. At Biofrontera, I have been a strong advocate for diversity and inclusion. More than 60% of our workforce is female. I believe we have instilled the key attributes into our culture that embody a supportive, empathetic environment that recognizes the value of all our contributors.

Leading the company through the pandemic, I realized the strength and criticality of this evolving culture I have worked to create.

My husband was essential personnel during that time and had to work onsite. I was alone, juggling work and virtual classrooms. Biofrontera had limited cash on hand and our revenue was essentially at a standstill while dermatology offices were closed. I wasn't able to relax or take my mind off all of the pressures I was under; it was survival mode. Biofrontera had to do furloughs and cut 20% of our staff. I reduced my own pay significantly; we applied for deferred payroll tax and deferred office rent programs. Ultimately, we made it through, but it was a team effort with everyone juggling personal life as well.

Coming out of the pandemic with a deeper awareness of the personal side of our colleagues and a culture of appreciation for each other's struggles and dedication made us stronger.

Post-COVID, it is still challenging to balance being a female leader and being a mother. Having two young, energetic and fantastic kids keeps me busy! They do dance, karate, swim, cooking, you name it. I travel at least 30% of the time for work and have evening events weekly. Learning to balance my schedule and set expectations and boundaries is a work in progress. It is easy to advocate for my teams to have balance, but practicing what I preach is another story. I am fortunate to have a spouse who is my champion and a supporter of my career. I also have my village of amazing family and friends who keep my kids spoiled and help mitigate my mom guilt.

Defining balance is not a clear-cut process. Everything I do, I give 100% of my commitment and passion to. My career hasn't been something I designed on paper and intentionally progressed towards.

I grew up with a mom who worked in sales 9 to 5 and had family dinner on the table every night. I was brought up to do it all and do it well. If a project is on my desk, I do it. If I am unfamiliar with the subject matter, I learn it. I seek to understand and I am driven to excel. It is not inherently in my nature to ensure “balance,” and so the challenge for me is not about taking time off of work or taking time off of being a mom; it's finding places where I can expect less from myself. The laundry isn't folded, and dinner was cereal last night, but we ate together and talked about our peaks and pits of the day. I am learning to be OK with that.

What steps has Biofrontera taken to promote gender equality and diversity in the workplace?

At Biofrontera, we take an approach to attracting candidates that focuses on skill sets and ability to be successful in the role being hired. Currently, our employee mix is 68% women and 32% men, with the Senior Management (C-suite and VP levels) equating to an even 50/50 of men and women. The specific things we have done to accomplish this are focusing on the retention of talent, rewarding performance with new opportunities, developing inside staff rather than hiring a skill set, compensating for the role, and setting clear expectations with our staff. . All levels of management recognize “above and beyond” activities and small wins, which goes a long way with our staff.

As I developed in my career, I often worried about the stigma of being female and deciding to have a family. How would I be perceived? Would this make me seem less committed to my job? I worked through both my maternity leaves. Do I wish I had taken more time for me and my new family? Yes, but I also believe if I had not done that the male leaders around me would have written me off my career trajectory.

It is because of these stigmas I faced that I prioritize corporate culture at Biofrontera and the important steps I have outlined above. I firmly believe in leading by example. I hold my team accountable for their work but am mindful that there is a person and a family behind that work product. I try to approach each day with authenticity and humility, and find this resonates with the team and enhances the culture.

Biofrontera is a welcoming environment and supportive of our employees' professional and personal aspirations. I genuinely care about how someone's sick child is doing or how their vacation week was. Building deeper connections strengthens our culture and brings us together.

A testament to this is displayed in our office kitchen, where we have numerous holiday and announcement cards from our employees and their families. We recognize our people as our greatest asset and each of those assets should be celebrated for the uniqueness that makes them who they are.

How has your leadership style evolved over time, and what role has your gender played in shaping it?

I always thought of myself as a fighter, not a leader. I have been someone who focuses on what is right and fights for the voices who are often silenced even in our modern day society. It was only upon entering the C-suite that I realized this was part of my leadership style, and I've always prioritized the greater good and ensuring all voices are heard.

As a female and a mother, this style can also be challenging as we so quickly put our own needs on the back burner. As a female in a largely male-driven business environment throughout most of my career, I used to shy away from sharing personal information as I perceived it would be seen as a weakness. Staying home with a sick child or running late if the bus is missed are former anxiety triggers for me. The fear is that I might be judged as someone who can't handle the demand of the workplace. Growing up as an employee with that mindset has helped shape my view on leading people with reality and empathy.

As primary caregivers and homemakers, women have a different perspective on the role of families in the workplace. I have a strong bias to support my teams and individual contributors, and I think about both the work and the families behind my people at all times. I understand how critical people are to the business, and I constantly work towards building an environment that rewards performance yet provides balance.

What advice would you give to other women aspiring to leadership positions in the biotech industry? What resources have been most helpful to you in your career?

5 things come to mind when it comes to advice:

1. Hold your male (and female) colleagues accountable. Accomplished women make those around them successful, but if they are not doing the work and YOU are, hold them accountable.

2. Don't be afraid to talk about your accomplishments and “toot your own horn”. Remember Ginger Rogers did all the dance steps Fred Astaire did - and she did them backwards and in heels.

3. When you know what you want, ask for it – whether that is job, promotion, opportunity, or raise – always ask for it.

4. Find a good mentor and reach out to those women coming up behind you and offer yourself to BE a mentor.

5. NETWORK! NETWORK! NETWORK!

What do you see as the biggest challenges facing women in leadership positions today? What can be done to address them?

For women in leadership roles today, we have all experienced our share of gender bias and persevered through it. I reflect on the far too many recent examples where I have been the target of these biases. The challenge we face is to not allow those stereotypes to continue for future female leaders. We have developed through an era of just grin and bear-it mentality, and we need to shift that thinking and confront the implicit bias head-on. Finally, continue to both evolve with the times and also drive the changes we'd like to see in leadership whether that be business, government, or societal norms.

I recognize as a woman in a leadership position, it is part of my responsibility to advocate and support opportunities for women. Barriers due to gender stereotypes need to be eliminated which will lead to a stronger societal fabric as well as enhanced workplace cultures.

Women leaders need to embrace their place as change agents and push society to break the glass ceiling.

One of my favorite songs right now about female leadership and empowerment is by Ava Max, called Kings and Queens. Ava sings,

“If all of the kings had their queens on the throne, We would pop champagne and raise a toast To all of the queens who are fighting alone Baby, you're not dancin' on your own”

Women leaders need to raise up the women around them. We are here for you; We are rooting for you; and We will win together.

Finally, what are your goals for the future of Biofrontera, and how do you plan to leverage your experience to achieve them?

Throughout my career, I have been a change agent. Starting my career in consulting there is assessment, analysis, and recommendation, yet you are removed from the decision and execution. It becomes easy and natural to assess a situation and suggest a change, as it is not directly affecting you. This has always been a strength for me to leverage, and I see there is always an opportunity to change or evolve.

Improvement doesn't mean something was wrong before; it just means there is an opportunity in front of you to make something better. Having that mindset in a fastpaced growth environment is critical. I may be proud of the ship we built to get us from A to B, but I also know it might not be what we need to get to point C.

As I think about the future of Biofrontera and the goals that lie ahead, I want Biofrontera Inc. to become a leading U.S. specialty dermatology company.

Today we are known for our innovative product and therapy. Tomorrow, my goal is to provide multiple therapeutic options that enable dermatology healthcare professionals to help improve the lives of their patients.