with Eyal Wolstin, BioCeuticals - Managing Director
Eyal Wolstin was born and raised in Israel. His career began there at Reckitt Benckiser. The skills that would make him Future Fit, however, developed when he led a team at Ahava, a company whose cosmetics are based on the minerals from The Dead Sea, and he built a style that is focused on innovation and education. He brought those skills to Australia and leading provider in Integrative Healthcare, BioCeuticals.
“Overcoming cultural constraints”
At first, Wolstin found Australian business constrained. “Australia is much more structured and there's a lot of red tape and governance,” Wolstin notes. “In Israel many businesses are more free spirited, more open to exploring, doing things differently and bringing products to market that don't already exist there. If we look at the vitamin category in Australia, for instance, there are probably eighteen different companies that are selling roughly the same products.” This was not what Wolstin thought a business should be. “What I value about BioCeuticals is that the products are different. There's research behind them, there's clinical evidence behind them, there's the education and support that we give and that's what Israel does so well. It's taking the scarce resources that you've got and creating something big and different.”
Wolstin also brought with him the Israeli way of being agile, flexible and quick. “It's much smarter to make small mistakes on a smaller scale and not bet the farm on something massive. That's what companies in Israel do really well. You simplify the question or the issue and you develop against that.” Australian companies, he found, tended to think that the big attack, the game changer, is what matters. “I think that more Australian companies are now realising that you need to move to in a much more agile, sophisticated way to create those slow changes that will culminate in a big, grounded effect.”
What he picked up in Australia though was the importance of not cutting corners, of sticking to a process and knowing that it doesn’t divert you from being able to be flexible, agile and innovative. That it’s important to ensure that you're covering all the aspects that you need to cover.
“Learning from the world around you”
Wolstin was educated in another market. Worked in another market. “Being able to work in a global environment gives you a tremendous advantage,” he states. “You've seen other markets. You’ve conversed with individuals from different continents. And different countries do businesses in different ways.” This he feels, gives him a valuable viewpoint on Australian business.
“If we look at Australia from an innovation perspective,” he notes, “there are pockets of tremendous innovation. When we look at medical science and a few of the vaccines that were developed in Australia, when we look at HIV therapies and stem cells therapies, Australia is really at the leading edge of those technologies. When you look at more FMCG companies, though, we truly lag behind.”
For Wolstin, Australia’s slowness in identifying trends and translating those trends to products holds it back. “That's when regulatory obstacles become quite a big hurdle to jump through. Medical cannabis is a prime example, he says. “That's a key opportunity for the Australian market but we’re not seizing it.”
“Turning lagging behind in to Future Fit”
“I think Australia needs a much more collaborative approach by companies. A will to work together to understand that if we are working in a collaborative way, everyone can benefit.” Real progress in medical marijuana and other medicinal opportunities, would come quickly, Wolstin notes, if it wasn’t just about winner takes it all, but about companies working together. There’s power in a group, that doesn’t exist in individuals. “You look at Uber for instance - it's not just Uber. There's Ola, there's Get it and quite a few other brands out there that all benefit from the regulations having changed to allow ride sharing. If only one company has been pushing for it, it would be very difficult for them.”
“Where are the growth opportunities in healthcare?”
Personalised medicine is the true future, Wolstin states. “We all like the engraved wallets and iPhone covers.” It’s a natural wish to be distinctive. To feel unique. To have one’s unique needs recognised, he adds. “That's where the practitioner and the doctor can work together with supplement companies. The future lies in creating products that are tailored for every individual.”
Secondly, Wolstin adds, practitioners and technology have to come together. “We all know that technology is the future in everything that we do in our lives. The future for a practitioner lies in personalising their experience with their patients and involving cutting edge technology into that practice.”
What keeps BioCeuticals Future FIt?
“The people in the team. No business is a standalone operation,” Wolstin states. “You're only as good as the team that surrounds you and, in ours you need to have individuals that really have that passion for healthcare. Happiness matters too. Bioceuticals empowers individuals to create a new journey for the business. So if you work in the R&D department or if your work in education, you are given a lot of rope to go out and explore and come back to us with a proper business case and a proper plan on how we can all execute it and how we can all benefit from that.”
What keeps Eyal Wolstin Future Fit?
I make sure I have the right employees in my business and I’m open minded enough to listen to them. I give them a voice, give them that true opportunity to influence and support the business because most of us, when we come to work every day, we want to work.