40under40 Winner - Colette Sims

Turning a biotechnology company that engages in its own drug discovery businesses into a cash-flow positive entity has earned Colette Sims a 40under40 award.

Dr Sims helped co-found the Australian Stock Exchange-listed Epichem with Dr Wayne Best, with whom she was working at the Chemistry Centre WA.

Together they formed the Medicinal and Biological Chemistry Section in the centre, and that was later to become Epichem.

That company attracted former Glaxo Smith Kline Tropical Medicine head Dr John Horton as its chairman.

Dr Sims says one of the greatest lessons she learned was how to handle the costs of chemical synthesis.

She says in the early days the company would provide a fixed quote to a client and find itself half-way through a synthesis and already over budget.

“We learned to undertake risky chemistry only on a full-time equivalent basis or batch price, thereby placing the risk back to the client rather than carrying it ourselves,” Dr Sims said.

“We have now had many contracts where our clients have requested a chemist’s FTE services for up to a year or more, and this has the added bonus of providing a longer term and steady income stream.”

Her top business tip: “Conduct business with sound corporate ethics and a regard for sustainability and the environment. As the most intelligent species on the planet, we have a responsibility to look after it and each other.”