Dundalk-based Diaceutics announces 30 new jobs on back of 60% revenue growth
Diaceutics, the Dundalk-based Irish data analytics and diagnostics intelligence company that helps connect patients to the right drugs, today announces 30 new jobs as it continues to lead the way in its field of integrating diagnostic testing into drug launch programmes.
The jobs, which will be filled by year-end 2018, will facilitate further international growth for Diaceutics and allow it to expand its presence in all of its key markets including the US, Europe, Asia and South America.
The announcement reflects Diaceutics’ growing international influence in the commercialisation of precision medicine by revolutionising access to diagnostic data. In doing so, Diaceutics allows pharmaceutical companies to reach more patients that need to be on specific – and often life-saving – drugs by helping them better understand testing for specific illnesses and biomarkers. Diaceutics forecasts that the precision medicine market in which it operates will grow from €1.4bn today to €4bn by 2020.
Since inception, Diaceutics has been involved in more than 200 drug launches and currently has a 60% share in the top 10 global markets. It currently counts 26 out of the world’s top 30 pharmaceutical companies as clients and provides oversight of testing in 23 markets.
In order to build on its 60% growth last year, Diaceutics will create 30 extra jobs over the next two years in areas including global operations, marketing and data analysis, bringing its global team up to 100. The jobs will be created at its global headquarters at the Regional Development Centre at Dundalk Institute of Technology; US headquarters in Parsippany, New Jersey; as well as in satellite offices in Asia and South America.
Peter Keeling, CEO, Diaceutics, said: “Testing is now at the heart of pharmaceutical companies’ ability to identify the right patients for their new therapies. We are uniquely positioned to provide the global testing perspective that allows this identification and treatment of patients who will benefit from specific and often life-saving drugs.
“To put the importance of what we do into context, we have put structures in place that each year help 48,000 cancer patients in the US and EU get biomarker testing and therefore potentially gain access to the right drug for their specific condition.
“Diaceutics has been growing by an average of 60% per annum for the past three years and we expect that growth trajectory to continue as our addressable market is doubling. To facilitate that, we will require a number of new team members in key roles over the next two years.
“Some 70% of new cancer drug launches will be diagnostics-dependent in the next five years. Pharma will be relying on us to show them how they can maximise their market share in what is going to become an increasingly profitable area – and a hugely beneficial one to patients. Diaceutics has positioned itself as a key partner for pharma as it capitalises on the unique opportunity to use diagnostics intelligence to successfully roll out precision medicine.”
To help facilitate the growth in its business, Diaceutics recently strengthened its senior management team with the addition of three domain experts. Dr Juliesta E Sylvester is a new managing director of data and analytics, while Dr Peter Krein is a new managing director of client operations. Dr Merdol Ibrahim, meanwhile, will lead the global Laboratory Implementation team.
Pictured above: Announcing 30 new jobs for Diaceutics following 60% revenue growth are (L-R): Peter Keeling, CEO, and Philip White, CFO, Diaceutics.