Provided is a process for making a paper based product which comprises first preparing a slurry of a cellulosic pulp, a particulate binder, and an emulsion comprised of lecithin and a fatty acid or derivative thereof. This slurry is then drained of liquid to form a web, with the web being dried to provide the paper based product. The preferred polymeric binder is a hydrolyzed polyvinyl alcohol powder, which binder can be present in the final dried product in amounts of up to about 20 weight percent or more. The use of the emulsion comprised of lecithin and a fatty acid or derivative thereof permits a web containing such a high amount of sticky polymeric binder to be dried at high temperatures, without the web sticking to the drying cans generally used in commercial processes. The process of the present invention thereby permits one to efficiently prepare such a paper based product using conventional, commercial papermaking machinery.