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Interview with HCmed's Finance and Accounting Manager, Wooca Tu

Finance and Accounting Manager of the Management Department at HCmed Innovations, Wooca Tu, this week shares his working experience and management goals at HCmed.

1. Please share your working experience.
After completing my studies in accounting, I started putting my skills and knowledge to practical use at the accounting firm KPMG. As I worked in the audit department, our team mainly provided audit, taxation, and consulting services to the clients. We offered services to companies from a wide variety of industries, including e-commerce, computer, food, petrochemical, leasing, medical device and communication network.
Specializing in the accounting field at KPMG for over 8 years helped me pave my way to become HCmed’s Finance and Accounting Manager at the Management Department. In the past three years, as HCmed continued expanding, our department’s responsibility is no longer limited to finance and accounting, but has also extended into human resources, IT, legal, administration and investor relations to the main functions of our team. As our company grows, there are more procedures that need to be followed and more resources that need to be built up. Our team keeps on strengthening our functions to build up enough capability to service our partners.

2. From a financial point of view, how do you manage a start-up CDMO (Contract Development and Manufacturing Organization) in the medical field?
Flexibility would be an important factor in efficiently managing a start-up CDMO. Unlike some companies that have been established longer ago or that are bigger in service scope, HCmed as a start-up is able to make suitable adjustments more easily, according to market needs or other companies’ business models. Not only just for financial plans, but when it comes to policies in the company or when working with our partners, we hope that while we follow procedures, we still have some room for adjustments if necessary. This way, we are not creating redundant work and forcing employees to take up a lot of time to follow the policies. When facing customers, we are also able to provide flexible collaboration arrangements, not being restrained to certain options.
The spirit of maintaining flexibility can also be applied to managing budgets. We create rolling forecasts to project our future budgets and expenses. To conclude, I think that it is important for us to have an adequate amount of flexibility when managing a CDMO as a start-up company in the medical field.

3. From the management team’s perspective, how do you build up sufficient capability to collaborate with pharmaceutical companies?
It is important for us to provide our colleagues with the support that they need in order to accomplish a task or to improve work efficiency. Whether it is for a bigger workspace, to expand production capacity, or to increase manpower at HCmed, we try our best to provide our company employees with the resources that they need. For instance, as the implementation of automated production lines is becoming increasingly necessary to meet the requirement of our pharmaceutical partners, we have started looking for suitable factory sites to automate our production lines.
Also, if our coworkers at HCmed need legal support services when signing contracts or agreements, our management team at HCmed is able to consult with legal counsels or lawyers to ensure that our procedures are compliant with regulations.

4. What are some of the management team’s plans for the future development of HCmed?
Currently, HCmed is targeting IPO (Initial Public Offering) as the short-term goal in the Taiwan market. By going public, we primarily hope to raise our public profile and increase more visibility in the medical field. At the same time, this allows us to raise capital for our business and to further stimulate our growth momentum.
As the scope of our company is expanding, and we are working with more customers, there will be newer and more regulations or policies that we have to follow. While following the rules, we hope to still build a flexible work culture to improve employee satisfaction and to meet the requirements of our pharmaceutical partners.