Macedonian Tribune - Tribune Excerpts
Education + Attitude + Determination = FORMULA FOR SUCCESS
Science for practical purposes becomes a realized intent
By Richard Litov
The following article appeared in the November 2009 Edition of the Macedonian Tribune
Source: Evansville (Ind.) Business Journal, July 2009; Thanks to George Lebamoff for providing this article.
Having been born the eldest son
of parents who escaped from
behind the Iron Curtain and
immigrated to the US, my
heritage was instrumental in shaping my
determination to succeed.
My father was a Methodist minister and my mother was a teacher.
You can already see how education and attitude were also woven into my life. All these ingredients were critical in developing my formula for success.
I graduated from the University of California at Davis with a bachelor of science in biochemistry and a doctorate in nutrition.
While I enjoyed the theoretical aspects of biochemistry, my real desire was to apply science for practical purposes.
My first human clinical study was to evaluate vitamin E supplementation to protect against air pollution injury. This was the star of my career devoted to research to improve human health and well–being. I had always wanted to go into business for myself and was eager to start my own business upon receiving my doctorate. Instead, I listened to the department chair, who said to get some experience first.
My first job was as a research scientist at Mead John Nutritonals/Bristol–Myers Squibb for 12 years.
I conducted preclinical and clinical studies on infant formula and medical food products. This experience gave me the exposure to the pharmaceutical industry, its methods, regulations and market forces. In early 1993, I left Mead Johnson. I focused on developing a business in an area I knew best –– foods and health. I established NutraTec LLC that year to consult for food companies to help them develop products that were promoted for health benefits. At first, I developed a network of consultants from the "best" of other Mead Johnson professionals who had left the company.
"Functional foods" and "Nutraceuticals" were just becoming buzzwords at that time for foods and ingredients that could be promoted for their health benefits, above and beyond their nutritional value (for example, today you can find on the Quaker Oaks oatmeal label that it "helps reduce cholesterol" and "may reduce the risk of heart disease"). The opportunities were colossal as these products were potentially safer, would be more widely used by consumers, and had less regulatory and development hurdles than drugs.
Nutraceutical products had the potential to be developed to enhance normal biological functions; hold–off or prevent chronic diseases such as heart disease, diabetes and cancer; and even slow down the aging process. I gave presentations to many leading food companies on the services that NutraTec could provide in developing these high margin products.
However, because of the lack of appropriate regulations and adequate protection of intellectual property, the nutraceutical industry never came close to reaching its potential.
In 1996, a former colleague of mine called to see if I would be interested in taking over her part–time infant formula study business. I did so with the forethought to bridge from infant formula and nutraceutical clinical testing to drug testing in the pharmaceutical industry with a focus on the niche of pediatric pharmaceutical trials.
With that vision in mind, I named my newest company Pedia Research, LLC. It wasn't until 2001 that Congress began passing regulations to encourage and require the pharmaceutical industry to test drugs in children that would be prescribed for children.
Until then, around 80 percent of drugs prescribed to children had never been tested in children.
These regulations increased the number of research studies available to Pedia Research and helped grow the awareness of my company in the pharmaceutical industry. Today, Pedia Research has not only grown in size, but in the scope of its research capabilities. It now has three locations in Newburgh, Owensboro and Henderson, Ky. It conducts studies with infants, children, adolescents and adults across a broad spectrum of therapeutic areas.
The success of an entrepreneur is less about the idea and more abut demand, timing and execution in the market. An additional key to success is having the perseverance to overcome the many challenges you face, yet knowing when to move on to the next opportunity because of your limited resources.
The best advice given to me about life in general was from my father, who said, "diversification with moderation." It has served me well. The same advice applies to business.
Success has not come without the help
of many friends, family and colleagues,
including my accountant, attorney and
certainly my wife. Overall, the best advice,
I can give to the budding entrepreneur is to
do what you do best, be driven, be nimble.