“It is very important to create a clear corporate vision” – 60 seconds with: Philip White, Diaceutics

60 Seconds With, Health, Interviews, Ireland | Tue 26 Jun | Author – Business & Finance
Philip White, Diaceutics, diagnostics
Philip White, Chief Financial Officer, Diaceutics (Photo: Kelvin Boyes, PressEye)

Philip White, Chief Financial Officer, Diaceutics, speaks of his company providing the best services so patients can receive optimal care.

Q. What was your first job?

I was very lucky in that I was able to work in a fast-growing retail, wholesale and export tyre family business when I was young. From the age of 12 I spent my weekends and summer holidays working. As I got older, during my early 20s, I was given the opportunity to get more involved in the running of the business. It was during these formative years that I developed my skills in terms of negotiation, communication, people management, client relationships and export ambitions. I won’t reveal what I was paid at the time but let’s just say, it fell well short of the living wage. Still, I truly believe that those years inspired my career path and helped me to get to where I am today.

Q. What would you regard as your greatest achievement to date?

Joining the Diaceutics team is certainly a standout moment and, of course, being involved in the growth of the business is incredibly exciting. For instance, we have enjoyed 60% growth in revenue year-on-year for the last three years and achieved an annual revenue of $10 million in 2017. We expect this year to see similar success and growth. We currently work with 31 out of the top 35 pharmaceutical companies in the world. However, as proud as I am of the progress of the organisation from a business perspective, the direct result of this growth is that we are enabling more patients to receive the right treatment at the right time. Our aim is to revolutionise patient testing and treatment decisions; since inception, we have given more than half a million people the best possible chance of getting better by ensuring they are on the right life-saving medication.

Q. In three words or less, how do you define success?

Loving your work.

Q. What’s the best piece of advice you’ve ever been given?

It’s actually save a percentage of your income. It sounds a bit funny now but back in my early 20s building up an investment fund allows you to take bold decisions in life.

Q. How do you motivate yourself and your staff?

It is very important to create a clear corporate vision and, from this, develop a strategic plan with milestones. Then, it’s about tracking the progress of the plan and keeping the team well informed in relation to how their milestones impact the wider growth and development of the company. I think that an ownership culture is particularly effective and at Diaceutics rewarding employees with shares is a major element of our ethos and success.

Q. If you could step into the shoes of one business person for a day, who would it be and why?

I have always admired US investor Warren Buffett. Obviously his Berkshire Hathaway enterprise (which owns more than 60 companies including Duracell) has achieved remarkable returns since it was established, but as an individual his values resonate with me. As well as being clever and forward-thinking, he also demonstrates great humility and integrity. Despite being one of the most successful investors of all time, he still has his feet on the ground and donates a large amount of his fortune to charity. That is something to be admired and I think it’s a great thing when someone gives back to society in that way, helping those less fortunate.

Q. How do you relax?

Like most people, I love spending time with my family and heading out to dinner with friends. I’m also a member of Malone Golf Club and Phoenix Cycling Club; those are two activities that I really enjoy, not just in terms of keeping fit but they help me to switch off for the few hours that I’m on the course or the road. I also like boxing and hitting the gym, but sometimes there aren’t enough hours in the day to do everything!

Q. What’s your motto?

Work smarter, not harder.

Q. What are your aspirations for the future of the business?

The objective is to improve patients’ lives by connecting them to the right medication first time. We will do this by revolutionising patient testing and making it seamless on a global basis and in so doing, we will transform and lead an industry model.

The objective is to improve patients’ lives by connecting them to the right medication first time.

Diaceutics enables pharmaceutical companies to accelerate their market penetration by better commercialising and leveraging diagnostic testing to ensure the right patients get the right, and often life-saving, precision medicine at the right time.