20.03.2015 Views

Kayla Tausche CNBC

The arrival of January seems to bring out the list-making in the media. There are reviews of the previous year and predictions for the one we are now in. Publications commonly create a list of Top 40 Business People that are under the age of 40 as top entrepreneur’s to watch for the upcoming year. It used to be that 40 was the target for career establishment. Not anymore. In today’s aggressive market place, a long track record of success prior to age 30 is not uncommon. Credit technology is the empowerment of the Millennials. The reality is that the age bracket in which 30 is considered old, don’t just have extensive resumes – they have already formed in irreversible impact. That’s why The Suit Magazine opted to highlight six of these movers and shakers in our first edition for 2015. As expected, our list contains success stories from social media. There is no denying the changes and questions the emergence of social media brings to our world. Yet, our list goes further.

The arrival of January seems to bring out the list-making in the media. There are reviews of the previous year and predictions for the one we are now in. Publications commonly create a list of Top 40 Business People that are under the age of 40 as top entrepreneur’s to watch for the upcoming year. It used to be that 40 was the target for career establishment. Not anymore. In today’s aggressive market place, a long track record of success prior to age 30 is not uncommon. Credit technology is the empowerment of the Millennials. The reality is that the age bracket in which 30 is considered old, don’t just have extensive resumes – they have already formed in irreversible impact. That’s why The Suit Magazine opted to highlight six of these movers and shakers in our first edition for 2015. As expected, our list contains success stories from social media. There is no denying the changes and questions the emergence of social media brings to our world. Yet, our list goes further.

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QUALITY AS A CRITICAL PLANNING CRITERION<br />

Commonly held knowledge says that it takes years, combined<br />

with skilled expertise in handling regulatory red tape, to get a<br />

new medical drug or device out of development and into the<br />

marketplace. To say it is a tremendous amount of work is an<br />

obvious understatement.<br />

Yet, headway is being made toward reducing time<br />

frames as well as in adding product value during<br />

the complicated regulatory process. A 20-yearold<br />

Hayward, Calif.. company called Pharmatech<br />

Associates specializes in solutions and processes that can<br />

move products envisioned by biotech firms, medical device<br />

and diagnostic companies and pharmaceutical laboratories<br />

out of the mere idea and concept stage, turning them<br />

into market-ready products and services evaluated and<br />

approved by the Federal Food and Drug Administration.<br />

“Our work is considerably different from what a lot of<br />

others in this industry do since they deal primarily with<br />

theory during the developmental stages,” Warren Baker,<br />

CEO of Pharmatech, said. He notes that instead, his firm<br />

takes an evidence-based approach from the beginning of<br />

a new product’s life cycle, ultimately reducing the amount<br />

of time and testing needed to bring a product into compliance.<br />

“Everything done on the front end will be of benefit<br />

to a company when it goes to file the applications. We have<br />

been able to show our clients how to expedite their development<br />

and approval processes.”<br />

Baker and Pharmatech use a system called “Quality by<br />

Design” – or QbD – to expedite this process. QbD was first<br />

introduced by Joseph M. Juran in the late 1970s and was<br />

later embraced by the U.S. auto industry during its labor<br />

crisis in the 1980s. The FDA gave its nod of acceptance to<br />

QbD in 2004, noting its basic premise that quality can be<br />

planned and could have time and cost-saving implications<br />

for both pharmaceutical and medical device development.<br />

Baker sees plenty of potential for startup success, even<br />

though the economic recovery from the Great Recession<br />

from 2007 to 2009 remains slow and tepid at best.<br />

“Despite our current economy, with the biotech industry<br />

exploding the way it is regarding targeted therapies for<br />

specific diseases, and with products advancing through<br />

the approval process, there is plenty of room for startups<br />

to find success,” Baker said. “The regulatory side is getting<br />

more complex, but we have the insight to help startups understand<br />

the opportunities and what it will take to get a<br />

product through the process and to market.”<br />

www.pharmatechassociates.com

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