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Dennis Gillings is the founder and former CEO of company Quantiles Transnational. The 72-year-old generally avoids the public eye but now joins an illustrious club of people who have a worth of over $1 billion.
How did this come about? Gillings founded Quintiles after working out that he could make the drugs testing market more efficient. In a 1,000-square-foot house with five employees they began to divide the process of drug testing into set steps, increasing speed. Beyond this Gillings took an intensive look into the workings of this industry, picking holes in areas where efficiency needed improvement and adapting them. In regulation, Gillings hired data entry employees to ensure each patients documents were filed correctly.
This work revolutionized the pharmaceutical industry. In the 1980s, drug tests tended to be low scale and undertaken by academics. Quantiles changed this by allowing large pharmaceutical companies to allow a specialist firm to conduct these tests for them. As the drugs industry in its creation is a costly industry with high sunk costs, Quantile offers a service which relieves drug making companies the complexities of orchestrating clinical trials.
As of the 24th of May 2018, Forbes quotes that Dennis Gillings is worth $1.28 billion. The company that conducts research for pharmaceutical companies was taken off Wall Street in 2003. Away from the public Gillings company has thrived as one of the leading in its field.