GlaxoSmithKline appoints Iain Mackay to new CFO role
GlaxoSmithKline plc (GSK) has announced that HSBC Chief Financial Officer, Iain Mackay, will join the business in the same capacity. MacKay will also become an Executive Director to the GSK Board in January 2019, and will take over from present CFO, Simon Dingemans.
A chartered accountant, Mackay has worked in Asia, the US and Europe and before HSBC was at General Electric, Schlumberger Dowell and Price Waterhouse. He is a trustee of the British Heart Foundation and a member of the Court of the University of Aberdeen.
Emma Walmsley, Chief Executive Officer, GSK said: “I’m delighted to welcome Iain to GSK. As a proven CFO of a complex, regulated global organisation, he brings tremendous finance experience and will be a great addition to the team. He is a strong leader with a track record of driving cost, cash and capital allocation discipline to deliver strategy.
“These capabilities will be vital as we continue to implement our Innovation, Performance and Trust priorities for the benefit of patients and shareholders.”
Simon Dingemans will continue to be accountable as CFO for GSK’s financial governance through March 2019, where a transition period will enable Mackay to become CFO Designate during this time. He will formally take the reins in April 2019.
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In this new role, Mackay is set to receive a base salary of £850,000, which could be increased further through a performance bonus, The Herald has reported.
This year has been eventful for the business with regards to new partnerships and a changing management structure. Spending approximately $13bn to regain control of its consumer healthcare unit, following on from a partnership with pharmaceutical giant Novartis, the business has also transformed its senior leadership team to enhance productivity and efficiency across its operations.
In his new role, Mackay will seek to look for financial wins, taking a deep dive into GSK’s research and development spend as part of its cost saving programme, whilst ensuring the business remains able to maintain momentum in the development of new and existing drugs.
GSK has recently released its Q2 figures, reporting a net income of £441mn, an increase from a loss of £86mn at the end of the prior-year period, as well as £7.3bn in group sales.
The company is also placing significant investment within the field of genetics, with a new four-year partnership with consumer genetics company 23andMe. The two companies will use 23andMe's database to fuel drug target discovery, with the goal of jointly discovering novel targets that can progress into development.
Zoom enters the healthcare market - a timeline
Since the pandemic began Zoom has become an integral part of daily life for people working from home, as well as a vital tool for families and friends to communicate. However it's also been eyeing up the healthcare space since 2017, and following the boom in telehealth the company has been rolling out additional services. Here we chart Zoom's move into healthcare.
2011 - 2013
Zoom is founded in San Jose, California, by Eric Yuan, formerly of Cisco. He got the idea to create a video calling platform from his visits to his girlfriend while he was a student, which would take 10 hours by train.
A beta version is released in 2012, which can host up to 15 participants. In 2013 this rises to 25. By mid-2013, Zoom has 1 million users.
2014 - 2017
Zoom attracts investors, including Sequoia Capital, Emergence and Horizon Ventures. By January 2017, Zoom has a series D funding worth $100 million.
2017 - 2019
Zoom for Telehealth launches, including an integration with EHR system Epic. It has cloud-based video, audio, and content sharing features, a "waiting room" for patients, and can easily be integrated into healthcare provider's workflows.
In 2019 Zoom goes public, with its IPO rising 72% in one day.
As a result of the pandemic, Zoom gains 2.2 million new users, more than in the whole of 2019. On the 23rd of March alone - the day the UK lockdown was announced - the platform was downloaded 2.13 million times around the world.
Share prices rise to around $150, and founder and chief executive Eric Yuan becomes one of the world's richest people, with an estimated net worth of $7.9 billion.
Early security issues are addressed by encrypting data with the Advanced Encryption Standard (AES). By now the the platform allows 99 people to be on a call simultaneously
New features launch, including Zoom Home and Zoom for Chats. Throughout the year the platform is used to replace most kinds of real life events: work meetings, online classrooms, church services and social events.
Renamed Zoom for Healthcare, users can share secured video, audio, and content through desktops, mobile phones, and conference devices. As well as Epic, it can be integrated with Strmr, IntakeQ, and Practice Better.
It can also be used with diagnostic cameras and other point-of-care devices, including digital stethoscopes.
In an interview with Korea Biomedical Review, Zoom Global Healthcare Lead Ron Emerson said: "Our service is not simply a virtual care and telemedicine platform but a multi-purpose platform that can satisfy the needs of healthcare institutions."
"It can be used for administrative tasks, including telemedicine, medical team meetings, recruitment, medical education, employee training, and disease prevention. Analysing electronic records managed by Zoom could provide meaningful insights into patient care."
Phoenix Children's Hospital, Belfast's Hospital Services Limited, Butler Health Services and the global Project ECHO are among Zoom for Healthcare's current customers.