Myles Murray, PMD Solutions, on starting and growing a business in Ireland.
What’s your business pitch?
Today it is well known that the difference between 25 and 29 breaths per minute can be the difference between life or death within as short a time as 24 hours. PMD Solutions has developed the world’s first continuous and accurate respiratory rate monitoring, to improve patient outcomes by making every breath count. We enable medical teams to deploy timely interventions for patients around the world.
How long have you been in business?
I was first introduced to the clinical need in 2010. PMD was incorporated in 2011 and now employs 17 amazing people.
What’s your ambition?
To make a meaningful impact in the world. I know this sounds very grand. However, I look at what we’ve accomplished in PMD, and what we have yet to accomplish, it makes me realise that everyone can make an impact.
What’s the most important thing you have learned so far in business?
There’s the plan, and then there’s reality. What tells successful companies apart is their ability to pivot, adapt, and adjust to the changing landscape. It is so important to lift up your head to look and listen to be aware of what is being said. That whole idea of work on as appose to in your business.
What was your biggest ‘mistake’ been, in business so far?
Cash is king and it’s not real until it is in the bank.
Who inspires you in the business world?
Nothing gives me a bigger kick than watching the EY Entrepreneur of the Year awards.
What would you do to change the business climate in this country?
I believe Ireland has a fantastic infrastructure for supporting all types of business. In particular, for the MedTech sector, the Irish MedTech Association, IDA, and Enterprise Ireland. Great people are doing amazing work already. Ireland is a great place to start a business.
Did you receive any supports to start your business and what do you need most at this stage of your business?
PMD has been fortunate with support from LEO South Cork and Enterprise Ireland. We also have visionary investors and partners. Right now PMD is focused on growing its market share. Enterprise Ireland’s foreign offices are an enormous asset in helping to make this happen.