Don’t Fear Failure, Allergan Medical Exec Tells Device Fest Attendees
Failure is a key to building a successful company, according to Robert E. Grant, President of Allergan Medical.
That may seem a surprising opinion for the 39-year-old businessman who played a leading role in taking Allergan, now a $4.3 billion company, through its $3.3 billion acquisition of Inamed in March 2006. But Grant said that allowing failure, not fearing it, is essential to building a company that embraces the risk needed to foster innovation.
Grant, the keynote speaker at BIOCOM’s fourth annual DeviceFest in Newport Beach on May 7, recalled words of advice from University of California Irvine’s Dean of Engineering Rafael L. Bras: The three keys to success are failing, fail again, fail a third time and maybe even get fired for failing. But fail for taking risks.
“Until you are able to break that fear of failure you’ll never be able to have breakout success,” Grant told the more than 250 life science professionals gathered at the Fairmont Hotel in Newport Beach.
If a CEO has to come up with all the ideas for a company, then he or she should not be surprised if nothing happens, Grant said. Good leaders have to allow people to work in an environment where their good ideas are rewarded.
“Expect ideation in your organization,” he said.
When a company fosters innovation, it is creating an atmosphere where it can continually evolve and recreate itself to meet the needs of its customers, he said. Grant talked about Allergan Inc.’s decision to buy Inamed, when it realized that Botox, its blockbuster product, would eventually face competition. Allergan wanted to surround its customers and meet all their needs they possible could.
“Our culture is what drove our success,” he said.
In addition to Grant’s talk, DeviceFest featured standing room only panel discussions on product innovation and venture capital fundraising options. It also provided a showcase for some of the latest medical device technology. Featured Southern California medical device companies included Applisonix Ltd, of San Diego, OrthAlign in Irvine, Mission Viejo-based SafeShot Technologies, LLC., Temecula-based CVAC Systems, Inc., and Flexiciser based in Carlsbad, all of which received awards for their innovations. Sponsors included Mentus Life Science, Continuum, Stradling Yocca Carlson & Rauth, CMTC, The Aubrey Group, and Source Scientific.
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OrthAlign Inc. employees (from left) Rory Gleadhill, Sandy Guzman and Pieter Wolters took home the "I would invest in that" award for the company's KneeAlign system.
The technology that was exhibited at the event was judged in the following categories:
- “I would invest in that” award (tied: OrthAlign and Applisonix).
- “Why didn’t I think of that?” award (SafeShot Technologies)
- “The Far Out” award (CVAC Systems)
- “Life Changing” award (Flexiciser)
The “I would invest in that” award was a tie between OrthAlign and Applisonix. OrthAlign exhibited their KneeAlign system, a non-invasive palm held device that allows surgeons to more effectively navigate andorient knee procedures. Applisonix showcased IMPRESA,ä its proprietary ultrasonic hair removal technology. The “Why didn’t I think of that” award was won by SafeShot Technologies for its SafeShot syringe, which is designed to provide a unique safety solution to prevent accidental needle stick injuries. “The Far Out” award went to CVAC Systems, Inc for its unique capsule device focused on the application of its Cyclic Variations in Altitude Conditioning process to treat diseases and disorders associated with aging, including insulin resistance, diabetes, neuropathy, cardiovascular disease, Alzheimer’s and declining testosterone levels. Flexiciser received the “Life Changing” award for its device designed to improve movement to individuals who are unable to maintain the body’s movement through natural means.
“DeviceFest is a great event for medical device companies to discuss current issues, network with investors and showcase their latest innovations. We were more than pleased with the turnout and the overall impact of these companies as they strive to improve the quality of patients’ lives,” said Joe Panetta, CEO of BIOCOM.
Spotlight on Cystic Fibrosis
With each issue of the Biocommunique, BIOCOM is continuing to take a monthly look at drugs and devices in development to treat a specific disease from member companies. Following our 2009 "Art of Research"Calendar, each month, we'll look at a new disease and our companies’ efforts in it, with the information posted to the "About Southern California" section of our Web site.
For our May disease spotlight, we'll take a look at companies with products and devices in development to treat Cystic Fibrosis. Cystic Fibrosis is an inherited chronic disease that affects the lungs and digestive system of approximately 30,000 children and adults in the United States. A defective gene and its protein product cause the body to produce unusually thick, sticky mucus that clogs the lungs, leading to life-threatening lung infections and obstructing the pancreas stopping natural enzymes from helping the body break down and absorb food. The predicted median age of survival for person with cystic fibrosis is 37.
More information on Cystic Fibrosis and resources for people with the disease can be found at the website for the local chapter of the Cystic Fibrosis Foundation.
The following companies responded to our request for summaries of their Cystic Fibrosis efforts. Is your company not on the list? Please email Michelle Wright and we'll update you on our site.
Next month's spotlight will be on companies working to combat reproductive health. Please contact Michelle Wright any questions or to make sure your company is on the list.
Southern California life science companies working in Cystic Fibrosis include:
Mpex Pharmaceuticals, Nanogen and Vertex Pharmaceuticals
Mpex Pharmaceuticals:is a biopharmaceutical company developing new therapies to combat the growing issue of antibiotic resistance, with a particular focus ongram-negative organisms. MP-376 is a novel formulation of levofloxacin specifically designed for aerosol administration. The product is being developed as a maintenance therapy in cystic fibrosis for the management of chronic respiratory infections due to Pseudomonas aeruginosa and other serious bacterial pathogens and for prevention of exacerbations in high-risk patientswith COPD.
Nanogen: Founded in1993, Nanogen Inc. develops diagnostic products that enable physicians to deliver better patient care. The company's innovative, high-quality products allow faster and easier diagnosis, treatment and monitoring of infectious diseases and cardiovascular disease and include molecular diagnostic kits and reagents, and kits for point-of-care rapid testing.
Vertex Pharmaceuticals: “We’re seeking to transform the way serious diseases are treated. We have drug development programs underway targeting hepatitis C, cystic fibrosis, rheumatoid arthritis, cancer and more. VX-770, an investigational CFTR potentiator, is intended to increase chloride ion transport through the defective CFTR protein. VX-809 may act to restore the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein, the defective cell membrane protein responsible for the progression of CF.