You are a chartered accountant turned biotech Founder-CEO. Can you share your journey with us?
After graduating with a Bachelor of Science in Finance, I trained to become a Chartered Accountant with PwC. I later secured a role as a Management Accountant with pharmaceutical company, EirGen Pharma, progressed to Financial Controller and then Head of Finance. During my time there, I obtained my executive MBA. In 2018 I co-founded Shorla Oncology, a specialty pharmaceutical company developing and commercializing innovative oncology drugs addressing unmet needs. I come from an entrepreneurial family and I always knew I would run my own business eventually but I wanted to spend time in practice and industry and gain as much formal education as possible in order to maximise my knowledge and skills, build an industry network and ultimately enhance my credibility to ensure success.
Shorla Oncology focuses on re-innovating existing oncology treatments. Could you elaborate on the unique challenges and advantages of this approach compared to developing entirely new drugs?
Prior to founding the company, my co-founder and I identified shortcomings and limitations with existing pharmaceuticals where we found that oncology treatments were limited, often in shortage and inadequate for the target populations.
New approaches to Research and Development in the pharmaceutical industry are increasingly needed as intense pressure is applied to reduce the cost of prescription drugs and expedite medicines to treat unmet medical needs including rare orphan diseases. Identification of novel applications for existing active substances compliments traditional drug discovery by mitigating high monetary and time-related costs and risks.
New drug development while potentially transformative, carries significant risk and cost. Taking established and proven oncology treatments and doing something novel or different with them to address key areas of unmet need is an approach that we take at Shorla to create differentiated, superior products, creating Intellectual Property, while utilising a defined regulatory pathway to register such speciality drug products with the U.S. Food and Drug Authority (FDA).
What drives you?
Prior to founding Shorla, I found myself inspired and fascinated by other entrepreneurial journeys, particularly having joined EirGen Pharma at an early stage and experiencing that company grow and succeed. I was highly motivated to do something meaningful and purposeful with my life; to have a wider impact and create positive change for patients and I’ve always had an appetite for risk. In truth, the fear of failure to achieve our goals and as a result, letting stakeholders down is what drives me every single day in addition to feeling compelled to make my loved ones proud and especially to inspire my three young sons.
With several products in the pipeline, what are some of the key milestones Shorla Oncology is aiming to achieve in the next 12-18 months, and what impact do you foresee these having on the market?
We have four product launches imminent and executing commercially on these opportunities in the near term will be fundamental to our success. Our product development strategy has evolved throughout the evolution of our business (originally solely focussing on developing products in-house to later acquiring or in-licencing products to de-risk and expand the pipeline) and this approach has become our strategy for longer-term growth and revenue optimization by complimenting our in-house product development pipeline and maximizing the commercial infrastructure we have built in the U.S. with synergistic acquisition or in-licensing opportunities.
Can you highlight some career achievements you take pride in?
Our vision of improving lives through science and innovation has been realised many times with a robust pipeline in development and a portfolio on the market. I felt a massive sense of accomplishment when the first patient was treated with our first drug; this proved to me that we could take an idea, bring it through the regulatory process and successfully launch it commercially and that fills me with pride and optimism for the future of our business.
Who or what has shaped who you are?
My mother and my grandmother who lived with us growing up have been a huge influence on me and my mother continues to inspire me every day. She has illustrated the true meaning of equality as a strong, independent businesswoman and taught me that anything is possible if you put your mind to it. More recently, my three young sons have become my ‘why’ and given me a reason to strive for success; I’m determined to inspire them and demonstrate the meaning of equality to them.
Congratulations on the numerous awards and recognitions, such as being an EY Entrepreneur of the Year finalist and making Ireland’s Best Young Entrepreneur list. Can you share the key qualities, strategies, or efforts that you believe have contributed to these accolades?
The awards and recognitions can be credited to our fantastic team who go above and beyond every day. We strive to live our company values in the pursuit of our mission together and I’m continuously inspired by our innovative and tenacious professionals and their steadfast commitment to achieving our goals collaboratively and compassionately to keep the momentum going.
I was very fortunate to have spent a large part of my career working in a pharmaceutical company at a senior level. I watched the company grow from a start-up with a handful of people to a multinational company employing over 200 people in the South East of Ireland. I worked on various transactions, including a large fundraise and the due diligence associated with the sale of the company to a large US company. The training I got taught me how important the fundamentals are in order for a company to function optimally. Creating agile business systems, covering legal and taxation bases and paying extremely close attention to the numbers is essential. A mindset of embracing change and not fearing it is at the core of our product development strategy and our ability to innovate.
What is one interesting fact about yourself that few people know of (a hobby, etc.)?
I’m an adrenalin seeker and love trying new activities whether in the sky, on the snow or in the ocean!
What is your view on failure?
Running a venture capital-backed entrepreneurial company with several stakeholders comes with significant pressure to execute and succeed.
Our journey so far has been a very rewarding experience but not without significant challenges no different to any start-up company. I now know that failures along the journey are inevitable and it’s how you react that will determine the outcome. While overall I fear failure and do my utmost to prevent it, I now understand that sometimes there are circumstances outside of my control and as a result I’m more accepting and better able to manage the defeats. I feel very fortunate to have my amazing co-founder Orlaith Ryan; we can support each other through the bad days and celebrate the good days together.
Given your diverse experience and success, what advice would you offer to young entrepreneurs looking to make a significant impact in the healthcare and pharmaceutical sectors?
Three things:
1) Mentoring – Identify an informal and confidential mentor you trust and admire early in your career and don’t be afraid to ask for help when you need it- you’ll be surprised at how willing successful people are to help you.
2) Branding – Be very conscious of branding – both the company or product brand and your own personal brand. People form relationships with and do business with people and not companies. Identify what makes you unique and stand out from the crowd and embrace it – every single day.
3) Network – Concentrate your efforts on working smarter and not necessarily harder. Never underestimate the power of your network; take time to grow it and engage with it consistently- your connections will open endless doors for you and strong relationships are key to future opportunities.