Part Two12 Feb 2021 09:55
“Nobody saw this one coming, nobody saw it spreading
‘For 30 years, infectious diseases were the most unloved Cinderella industry in pharma’
‘Ihave spent my life hating debt’
so fast but vision with hindsight, they can see why it spread, but we have been so, so lucky.”
Open Orphan is, he says, “riding the wave and I don’t see any crash coming just yet”.
For example, the company is now trialling a Covid nasal spray vaccine from US company Codagenix.
For the last 30 years infectious diseases “were the most unloved Cinderella industry in the pharma industry…nobody wanted to know.” he says.
However, Friel does not expect to see a pandemic like this again in our lifetime thanks to the increased spending that will go into healthcare.
“Unfortunately, Ireland and the rest of Europe is going to be about six months behind Britain because of what Britain is doing – and I think it’s absolutely sensational, I know it is popular to beat up Boris [Johnson] and beat up the UK Brexiters – but what they have done is absolutely entrepreneurial.”
The UK has vaccinated more people than any large nation.
“Britain’s pandemic will be over by early summer. The rest of Europe because we didn’t get [the vaccine] approved in time, we will be paddling that boat until the Autumn time,” says Friel who spends most of his time in London.
He has come a long way since running the family business in Donegal aged just 16 after illness hospitalised his father and he spent his time trying to “keep the bank manager off my parents back”.
His career has taken in the Irish Software Association, Merrion Stockbrokers, Fastnet Oil and Gas, Amryt Pharma, Raglan Capital, and now as executive chairman of Open Orphan.
Those early days in Donegal have made him averse to debt and the run-up to the 2008 economic crash was the only time in his working life when he felt “really poor”.
“For the two, three, four years up to 2008 I kept wondering how are all these people affording houses in Portugal, how are they were affording apartments in Dubai and all these places and all driving Range Rovers, and I was thinking ‘I’m working about 25 years I should be richer’, but I didn’t realise,” Friel says.
“I have spent my life hating debt because it f**ked up my childhood.”
Now, he is the father of three “mad craic” children. “I think everybody should re-invent every three, four, five years, and how do you re-invent? You read the books, watch a few videos at night.”