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Our American Stories

The Untold Story of Generic Drugs and Lower Prescription Prices

Our American Stories

iHeartPodcasts

Documentary, Society & Culture

4.6817 Ratings

🗓️ 25 March 2026

⏱️ 11 minutes

🧾️ Download transcript

Summary

On this episode of Our American Stories, when Bruce Paddock bought a bankrupt pharmaceutical company at 29, most people thought he was making a terrible mistake. What followed was the slow, difficult building of a business that helped expand access to generic drugs at a time when brand name drugs still dominated the market.

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Transcript

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0:00.0

This is an I-Heart podcast.

0:02.5

Guaranteed Human.

0:14.2

And we continue with our American stories and with our American Dreamers series,

0:19.2

which is sponsored by the great folks at the Job

0:21.6

Creators Network. And today, Alex Cortez brings us a story that gives us a fascinating look

0:26.6

inside the pharmaceutical industry, one we generally don't get. Here's Alex.

0:34.5

At 29 years old, Bruce Paddock bought a bankrupt pharmaceutical company for $20,000, and everyone thought he was crazy.

0:44.1

I had a lab technician, an office manager, and me, so were three of us.

0:49.2

Now, I continued to work as a pharmacist nights and weekends.

0:53.5

I work part-time for Target, Walgreens. I work for

0:56.7

every pharmacy along Lake Street, which is in the South Minneapolis area. So I would work the

1:02.2

five to eleven shift or I'd work weekends because I had to put food on the table because the first

1:07.8

two to three years of Paddock Laboratories, I wasn't taking a salary.

1:12.6

I mean, there was a period of time. I remember I was working 80 hours a week.

1:18.6

I was known throughout the city as have spatula will travel.

1:23.6

I would work for anybody. Anybody would call me up. Bruce, I've got 11 to 7 shift.

1:30.3

I take it.

1:31.3

You know, a lot of times, a lot of these independent pharmacies,

1:35.3

they only got a day off a week.

1:37.3

And so they would pay cash, and they'd pay a lot of cash,

1:40.3

just to get a break, to get a Saturday night or a Sunday morning break. So I would work,

1:46.4

I think at one time, I counted, over a two-year period of time, I had worked in over 50

...

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