Curiosity is Engine of Business Success: It’s Driving Force Behind– Innovation, Invention, Discoveries…

Business ideas are often born out of applied ‘curiosity’; it’s testing the old and seeking the new, which leads organizations to success. Curiosity is the engine for solving complex problems and identifying new opportunities… curiosity is a fundamental component to– creativity, innovation… and without it business lacks the energy to succeed…

According to Kristof De Wulf; humans are curious by nature but organizations are not– most business practices fail because they don’t encourage or embrace curiosity. Organizations can only be curious because they are composed of people who are curious…

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According to Enrique Rubio; the most important creative process occurs when people question what they see; and in doing so they are letting ideas and doubts simmer in the ocean of ideas and experiences that they have in their conscious and subconscious. It’s a slow cooking process in which the ideas and doubts are the ingredients, ignited by the fire of curiosity…

Curiosity is a fascinating act of insubordination against tyranny of the status quo, and by challenging the ways things are, and it unlocks limitless potential to innovate. The future will be less about money, power or size… and more about agility, networking and sharing… In order to survive and thrive organizations must grow into a permanent state of curiosity, and making it a core strategic competence…

In the article Curious People Are Destined for C-Suite by Warren Berger writes: Welcome to the era of the curious leader, where success may be less about having all the answers and more about wondering and questioning… In a PwC survey of more than a thousand CEOs; many of them cited ‘curiosity’ and ‘open-mindedness’ as traits that are critical for leaders in challenging times. Curiosity inspired leaders need to continually seek out fresh ideas and approaches that keep pace with rapidly change and highly competitive market environments. According to Brian Grazer; lead-by-curiosity is the engine that generate more ideas from all areas of an organization, and the catalyst for worker engagement…

The desire to keep exploring ‘new paths’ becomes even more important in today’s fast-changing, innovation-driven marketplace… While curiosity is known as igniter of startup ventures, it also plays an important role at more established organizations where leaders must contend with disruptive change in their marketplace… According to Ron Shaich; in today’s highly competitive business environment, a leader’s primary occupation must be to discover the future… It’s ‘a continual search requiring leader to be curious and keep exploring new ideas, including; ideas from other– markets, industries, even from outside the business world…

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In the article Business Value of Curiosity by Geoffrey James writes: Being successful at business requires many things, e.g.; courage, creativity, people skills… however, there is one character trait whose importance is sometimes neglected: Curiosity… It’s like a Swiss Army Knife with all attachments– it gets the job done in nearly every situation, and it’s easy to access once you’ve got it in your tool kit. In short, curiosity is at the core of every successful organization and without it success becomes very illusive… Curiosity is the foundation for:

  • Building customer relationship: People are drawn to those who show interest in them. Having an abiding curiosity in others give you the opportunity to learn new things about them, thereby making a deeper connections…
  • Increasing your business acumen: Being curious about your own industry and the industries of your customers drives you to learn more. As you satisfy your curiosity, you’re augmenting ability to add value to customers’ business…
  • Solving customer problems: It’s a truism that customers are looking for solutions to their problems. It’s only possible to create meaningful solution when motivated by true curiosity– about what’s actually going on and why problems occur…
  • Negotiating win-win contracts: Your ability to understand the positions of the other party are directly dependent upon your ability to feel true curiosity about them. If you’re not curious, you’ll end up arguing about issues that aren’t important…
  • Sales failures: When a customer buys from somebody else (or doesn’t buy from anyone at all), if you’re not curious about what happened, you won’t bother to find out why, and therefore can’t learn from failures…
  • Creating great products: Would-be innovators who aren’t curious about what makes people tick and why technology works (or doesn’t) can’t possibly create workable products or services that people want buy…
  • Motivating employees: Some bosses think of employees as cogs in a corporate machine. However, if you want to get the best out of people, you must be curious about their dreams and desires…

In the article Curiosity is Most Important Tool in Business by Garrett Moon writes: One thing separating those that are successful and those that are merely surviving is a spirit of learning and curiosity. Those that never stop trying, learning are the ones that continually leap ahead. Real curiosity comes from discerning eye; one that is able to see what others are doing right, and adapt it for themselves… It’s not copying, but a curious eye that is able to see the real lesson and value and apply it to their own situation… Hence, rather than observing ideas to copy them, curiosity observes to understand them…

And once understood they can be used to improvise new solutions for your business… but it also means asking  probing questions, e.g.; Why use that business strategy? What are the elements of that business model? How is marketing organized? Observe what you can and learn from it… Creativity is a state of mind, and it’s the ability to think in directions that rub against status-quo, and it’s extremely important in most organizations… Brilliant ideas are simply– new approaches to old problems… and all it takes is being curious, imaginative, creative, persistent…

According to Dr. Thomas Chamorro-Premuzic; curiosity is required before one can change and improve their organization; it’s prerequisite for growth… much like the commonly known psychological capabilities of– Intellectual Quotient (IQ) and Emotional Quotient (EQ). The Curiosity Quotient (CQ) is one’s affinity to be ‘inquisitive’ and open to new ideas, experiences, and similar to IQ and EQ… CQ improves one’s ability to understand, navigate complex issues:

  • Intellectual Quotient (IQ): IQ is an assessment of a person’s ability to think and reason… it’s a measure of a person’s cognitive capacity relative to their peers…
  • Emotional Quotient (EQ): EQ is the capacity of individuals to recognize their own, and other people’s emotions, to discriminate between different feelings and label them appropriately, and to use emotional information to guide thinking, behavior…
  • Curiosity Quotient (CQ): CQ is an assessment of person’s level of inquisitiveness, openness to new experiences… they tend to generate many original ideas and are counter-conformist, which leads to higher levels of intellectual investment and knowledge acquisition over time…

According to Ian Leslie; 21st Century economies reward those who have an unquenchable desire to discover, learn and accumulate a wide range of knowledge. It’s not just about who or what you know, but how much you want to know… Technology is rapidly taking over tasks historically performed by humans, and it’s no longer enough to be merely competent or smart– computers are both. But no computer can yet be said to be curious…

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According to Kevin Kelly; machines are for answers and humans are for questions… And, industries are growing more complex and unpredictable and employers are increasingly looking for curious learners– people with an aptitude for cognitively demanding work and a thirst for knowledge… The web is just as likely to neuter curiosity as supercharge it. It presents more opportunities to learn than ever before… Those who acquire the habits of intellectual curiosity early on will use computers to learn throughout their lives; those who don’t, may find they are replaced by one…

The age-old saying– curiosity killed the cat– was used often to prevent people from being curious and asking ‘unnecessary’ questions. The origin of the saying was an article in Washington Post of March 4, 1916, in which the story of a cat, Blackie… Blackie used to go to the chimney of fireplace to hang out. But one day out of curiosity, Blackie climbed up the chimney and, unfortunately, as the story goes, Blackie fell and broke his back, died…

Yes Blackie was curious, yet it wasn’t the curiosity that killed him, but rather the lack of preparation for the mysteries that curiosity revealed…

Dreaded Death Spiral– Negative Cash, Cash Flow: Revenue is Vanity, Cash Flow is Sanity, Cash is King…

Cash may be king, but cash flow is the power behind the throne… Avoid the death spiral pattern: Low cash leads to increased borrowing, leads to increased interest, leads to lower profits, leads to lower retained earnings, leads to higher liabilities, leads to increased current liabilities, leads to  even lower cash flow— it can become death spiral.

Cash is life-blood of  a business, but cash flow is the most important focus– no business can survive without enough cash to meet its immediate needs, and cash flow is the source of that cash in a sustainable business… An unprofitable business can survive if it has cash, but a profitable business will fail if it runs out of cash to pay liabilities…

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According to Angela Armstrong; cash is the new ‘purple’, it confers; liquidity, agility, power… a great example is the dominoes effect of Wall Street investment banks during the recent recession… The collapse of liquidity in several of the Wall Street investment banks cascaded into others, and just about toppling the whole industry… While it’s not easy to draw direct comparison between large capital markets and private enterprise, one thing is sure; cash is defiantly king– purple robes be damned– too little cash at exactly wrong time can kill a business, or even a whole industry… Lack of cash is one of the top three reasons that organizations fail…

In the article Cash Flow as Measure of Performance by Maxwell Samuel Amuzu writes: Cash flow is one of the most important measurements used to value a business– it provides a clearer picture of what the company is truly doing… The study of cash flow gained prominence as early as 1966, following studies by H. W. Beaver. His studies indicated that cash flow as a function of total debt was an effective way of forecasting the failure rate of a business… Also, it’s important to note that cash flows are generally ‘objective’ in nature and, as such, no value judgment exists as to how and when revenues may have been recognized… Cash flow statement recognizes the exact amount of cash that is either pass; out of, or into– an organization… In other words– profit is opinion; cash is fact…

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In the article Value of Cash by Hans Tallis writes: How much is $1 of surplus balance-sheet cash worth? Less as a company matures, it turns out… Several research studies have examined the relationship between balance-sheet cash (i.e.; cash, cash equivalents that appear on firms balance sheet) and market capitalization… A study suggest that investors value incremental balance sheet dollars between $0.23 – $1.80. The different valuations are explained by characteristics of organizations, e.g.; cash is worth more to companies,  in the following situations:

  • Investment options: Companies trying to develop a new technology, business model… in rapidly changing or consolidating sector(s)…
  • Unprofitable: Companies whose margins are too thin to generate sufficient retained earnings…
  • Limited or expensive access to external capital: Companies without a readily available source of liquidity…

In contrast, cash is worth less to companies that can be described as the following:

  • High credit quality: Companies perceived as investment-grade and have unfettered access to external capital…
  • Stable growers: Companies that have smooth, predictable investment needs and whose earnings comfortably cover those needs…
  • Over-stressed: Companies that use surplus liquidity is to pay down debt…

A clear understanding of both the benefits and costs of additional balance-sheet cash helps guide decision-making about appropriate levels of liquidity… In some case it’s may be best to simply return surplus cash to investors in the form of dividends… or, if it’s ‘cash trapped’ offshore (cash that firms earned overseas but, usually for tax reasons, they delay its return to their country of origin)– then it might be better to repatriate and distribute the cash, even if it costs upwards of 35% in tax leakage to do so… or, invest cash in highly competitive ‘moonshot’ project… or, if there is M&A opportunity that may be the best use of cash… or, it might be better to hold on to cash and take advantage of low debt costs to enhance financial flexibility…

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In the article Business’ Most Important Asset by Gene Marks writes: There is no clean definition for what constitutes sufficient cash liquidity. According to Ross Crane; firm is liquid when it has ability to continually fund business in variety of ways, e.g.; company’s liquidity can change immediately by something as simple as one large customer missing a payment or filing bankruptcy. Companies need variety of funding sources: cash, equity, lines of credit, debt… having a cash cushion is about ensuring short-term survival

According to Gary Harpst; keep (or have ready access to) enough liquid assets (i.e., cash and cash equivalents) to fund short-time obligations, and that allows adequate time to arrange financing or lower expenses… one way to determine the amount of cash cushion a firm might need is by comparing amount of time it takes to collect; cash, or receivables, or secure a loan, or negotiate equity arrangement… vs. lead time needed to pay near-term obligations without going default… The life-span of ‘working-capital’ accounts dictates how much grease is needed to keep gears turning on a short-term basis…

Bankers and investors don’t like surprises, and neither should you… If you think revenue are ebbing, or margins shrinking, or expenses increasing… then adjust, quickly. Having greater foresight, provides more time for triage, more credibility for options… Managing cash doesn’t mean stuffing it under a mattress– it means making sure there is enough available to keep playing through the hard times… once you run out cash there are no good options…

One of the classic sayings in business and it’s also one of the great truths– ‘cash is king’… Cash presents business with many opportunities, e.g.; it’s the ultimate reward for business success, it’s an opportunity to make additional investments, it’s security for an unknown future… However, it’s important to appreciate, understand that cash is not something that ‘just happens’…  Cash is ultimate symptom of an organization– it’s the lagging indicator of business performance. Cash is either; realized or not realized, but only after series of related events, e.g.; successful execution of well-conceived, strategic business plan… which primes the pipeline for the flow of cash for the organization… 

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According to John R. Curry, Lyn Hutton; effective cash management is crucial component of enterprise risk management… it’s the ability to access cash as needed, or  easily convert business assets to cash as needed… but managing cash and liquidity have risks that lurk around nearly every corner… Although a focus on liquidity is crucial, it’s also important to note that business must not lose sight of the its strategic objectives… Cash hoarding, or focusing singularly on minimizing risks incurs opportunity costs, which can lead to critical ‘shortfall’, i.e.; failure to meet business objectives…

Thus while there are costs for ‘too little’ liquidity (cash), there are also costs for ‘too much’ liquidity. Thinking ‘out-of-the box’ and asking speculative questions can enhance choices… The key is finding the right balance between; cash, cash flow, liquidity… and strategic and operational performance… the best time to think about business liquidity (cash) is when it’s not an issue, when it’s not a priority…

It’s like chess; when opponent captures the king (cash) then the game is over… when they captures the queen (cash flow)– it’s beginning of the end of the game… Hence, protect ‘cash’ and use it wisely; energize ‘cash flow’ with creative strategic initiatives…

Mindless, Zombie-Like, Brain Dead Management– They Sound Normal, Act Normal: But Just Walking Dead…

All too often management is out of touch with their own– organization, customers, markets, workers, competition, partners… they are ineffective, incompetent… and phrases like ‘brain dead’, ‘zombie’, ‘same old, same old’, ‘total lack of creativity’… are being used to describe them…

According to Gordy Curphy, Robert Hogan; incompetent or brain dead management in most organizations is estimated to be at least 50%… According to Mike Myatt; it’s important to realize that just because someone holds a position of leadership, doesn’t necessarily mean they should– not all leaders are created equal– problem many organizations suffer is recognition of good leaders from ‘brain dead’ ones…

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According to Randy Conley; many leaders have fallen victim to the brain dead (zombie) plague… organizations should be alert for the symptoms, e.g.; management that does the minimum amount of work required to keep the organization afloat… they stop pushing the boundaries to innovate and fail to adapt to the new realities of the marketplace… they are content with doing the– same ‘ol, same ‘ol… They waste energy focusing on all the reasons why something can’t be done rather than working to find solutions… They’re often heard saying; Why change? That’s the way its always been done around here…

According to Umair Haque: when you think of human achievement in the 21st century, the kind of soaring ambition and deep, world-shaking creativity that produces– art, cathedrals, symphonies– stuff of enduring, elevating value– it’s in tragically short supply… Perhaps that’s why for many workers– ‘work’ is very– dull, drab, meaningless. According to Juan Antonio Samaranch; brain dead leaders lack the will and/or skill to sustain effective action and resist creating positive change; brain dead leaders are usually supported by brain dead followers– the managers and workers who ignore or discount the warning signs and let bad leadership linger are just as brain dead…

 In the article Care and Feeding of Leader’s Brain by Sharon McDowell-Larsen writes: In business, brain power wins the day, not horsepower. The ability to think, communicate, exhibit emotional intelligence, creativity… and yet, if you were to design a lifestyle that is the antithesis of good cognitive function and long-term brain health, the life of an average executive would come pretty close… Consider the human brain– it’s the crown jewel…

Scientists have learned more about brain in last 10 years than in all previous centuries combined. Yet it remains for all intents and purposes, it’s a deep mystery: Weighing in at just three pounds, it consumes 15% of our total cardiac output, 20% of total oxygen consumption and 25% of total glucose use… When the brain is fully working, it uses more energy per unit of tissue weight than fully exercising quadriceps… The brain is the seat of intelligence, emotion, memory, behaviors… and yet for many in management the brain seems to stop working– they become incompetent, ineffective… mindless and brain dead…

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In the article Business is Brain-Dead by Umair Haque writes: Management is brain dead; as a result many organizations undergo a slow, barely perceptible but wholly pernicious death… It’s literally true– too often management has serious cognitive malfunction– it’s an inability to process reality… Many organizations fake-it, there not authentic, perhaps entirely fictional… these organizations are not just– sneaky, cynical, slightly evil, even deceitful; they are downright fakes, entirely imaginary. They might exist as organization, but there’s little or no economic-basis for it… They might exist in the world of bean counters, but they don’t exist in reality; it’s a theory-based entity…

When management is brain dead they have a ‘reality dysfunction’… and the organization becomes a fake– it’s a game– and the fake  is sold to ‘consumers’, and then management gleefully drools over the so-called ‘profit’ that is ‘earned’ (or, extracted)… The point of an organization must be bigger than that– if the sum total of billions of person-hours of brow-mopping effort, vast amounts of human energy, is expended on a game of fake, and the mission of the organization is just to pass fake around… then macroeconomic result is great stagnation– in which the organization’s objective is just to paying one another with fake… it’s management’s failure to understand and eliminate or reduce the real societal issues, such as: pollution, obesity, under-employment, under-education, mistrust, anger, polarization, apathy, lack of fulfillment… the result is systemic crisis after crisis…

Management must wake up– move beyond brain dead– and create organizations that are not founded on fakery, but grounded in harsh realities of 21st century. Organizations that are not fighting against the future of prosperity, but fighting for it. Organizations that endures because they have the wisdom to matter– instead of those that vanishes into the dust bin of economic history, because it was too ‘brain dead’ ever to matter… However, if management’s ambition and breadth of vision is merely to book a ‘profit’, then maybe they should grab a crash helmet, hunker down… because fakery, at best, is a recipe for mediocrity… And worse, it’s recipe for punishment and pain, doled out from increasingly empowered, dissatisfied, fed-up folks… it’s time to get real…

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In the article The Side of Brain Most Important for Management by Lynn White, Esther Newall write: Psychologists have called the rational ‘left brain’, the part of the brain that deals well with logical and analytical thinking… the left-side brain is supposed to be the buttress for modern business management, but it appears that effective management must also involve something more… it must involve the ‘right brain’ and the ‘whole brain’… 21st organizations requires management that relies far more on giving value to– personal connectivity, intuition, insight, emotional intelligence… The old structures are dissolving as organizations increasingly work in– partnerships, alliances, sharing…

Management must move beyond the traditional command and control and develop the ability to manage ‘looser’ business models and operate more effectively within a web of connections and conflicting demands. Organizations are shifting to focus on ‘purpose’ which goes far beyond traditional– profit, maximizing shareholder value motivations… It’s a ‘whole brain’ management approach, and it means: Leaders without vision fail; leaders who lack vision cannot inspire teams, motivate performance, create sustainable value… A leader’s job is to align the organization around a clear, achievable vision– this cannot occur when management is brain dead…

A leader who lacks character or integrity will not endure, and it doesn’t matter how savvy, intelligent, affable, persuasive… if leader is prone to rationalizing unethical behavior, they will eventually fall prey to their own undoing. Optics over ethics is not formula for success. Best leaders are acutely aware of how much they don’t know; they have no need to be smartest person in the room, but have unyielding desire to learn from others… leaders who are not growing cannot lead a growing enterprise. When leader is not fully invested in the team, he/she won’t have a team– at least not an effective one. Never forget the old saying; people don’t care how much you know until they know how much you care…

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Leadership absent courage is a farce– not referring to arrogance or bravado, but real courage. It takes courage to break from the norm, challenge the status quo, seek new opportunities, cut losses, make the tough decision, listen rather than speak, admit faults, forgive the faults of others, not allow failure to dampen spirit, stand for those not capable of standing for themselves, and to remain true to core values.

Courage is having strength of conviction to do ‘right thing’ when it would just as easy to ‘do nothing’… When an organization is shy of these traits, you probably have brain dead management…

 

Power of Moonshot Thinking– Beyond Crazy, Stupid, Even Fringe of Sci-Fi: But Without It, There is No Giant Leap…

It starts with a dream, a crazy thought– moonshot thinking is a concept that revolves around radical change… According to Shamash Alidina; moonshot thinking is opposite of the way most organization think… most organizations think about how they can make themselves– 10% better, not 10x better… But 10% better is what most competitors do…

But there is different way– it’s another level of thinking; it’s stupid, crazy, science fiction (Sci-Fi)… More than 50 years ago, President John F. Kennedy captured world’s imagination when he said; U.S. will land man on the moon and return safely to earth… and thus the term ‘moonshot’ entered the lexicon as shorthand for– ‘difficult and unimaginable task, the outcome of which is expected to have great significance’

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According to Scott D. Anthony and Mark Johnson; all good moonshots have three key ingredients: 

1.) It inspires: Kennedy’s quote raises the spirit; a more typical corporate goal of increasing return on invested capital from 13.4% to 13.9%, not so much. That kind of financial target might be important, but it’s unlikely to get people to do extraordinary things… 2.) It’s credible: It’s easy to assume that a moonshot is just a ridiculous stretch target, but before Kennedy made his speech he had made a detailed assessment of the underlying technological trends to ensure that the goal had a reasonable chance of success… 3.) It’s imaginative: It isn’t an obvious extrapolation of what’s happening today (which for Kennedy would simply have been to fly farther into space), but something that offers a meaningful break from the past…

In the article Moonshots by Astor Teller writes: Moonshot’s live in a place that is between audacious, and pure science fiction… Yet the lessons people are taught from early age is to– play it safe, don’t do stupid things, walk before you run, slow and steady wins the race, under-promise and over-deliver… In repeating these mantras the message is very clear– don’t think big… Moonshot thinking starts with picking a big problem; something huge, unthinkable, impossible…

Next it involves articulating a radical solution– one that would actually solve the problem, if it exists– something that might that sounds like it’s out of a Sci-Fi story… Also, there needs to be some kind of concrete evidence that the proposed solution is not quite as crazy or impossible as it might seem…

Something that justifies at least a close look at whether such a solution could be brought into being if enough– creativity, passion, persistence… were brought to bear on it. This evidence could be some breakthrough in technology that could actually make the solution possible within say, a decade or so… Without all of these things, you may have a Sci-Fi or crazy idea, but you don’t have a moonshot… And for sure not one where you can aim for new heights, and address a big challenge in a ‘maybe-not-totally-crazy’ kind of way… Often, if you just step back and apply enough audacity, creativity, persistence– you can get new perspective that makes doing the impossible, possible…

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In the article Future-Proof Your Business With Moonshot Thinking by Anthony Scherba writes: Any organization can use moonshot thinking to anticipate change– not to mention brainstorming more effective ways of developing a new competitive strategy by asking questions, such as: Is your competitive advantage truly sustainable? Will current strategies be competitive in your industry for 5, 10, 20 years? According to Clayton Christensen; there are serious pitfalls focusing solely on fulfilling the needs of current customers… The dilemma comes into play when a successful business gets comfortable, and neglects to explore new ideas because customers are happy with the current state of the solution…

But moonshot thinking is easier said than done: It’s very tempting to pour big money in futuristic hypothetical ‘what ifs’, as opposed to investing money in more immediate, less exciting improvement projects… But you don’t need to make big investments to start looking ahead; holding occasional brainstorming sessions focused on the future of your industry can help solidify your organizations place in that environment… and you can get a better sense of what challenges you are facing in future… and to better understand how you must evolve to drive the organization forward. Get ahead of the curve by asking ‘what if’, before your competitors do…

In the article Applying Moonshot Thinking by Zog writes: Great leaders should be the optimal blend of– creative and analytical…They should represent a constant balance between the– right and left brain. They should take great pride in trying something new knowing that there is risk but also great reward… Thinking in moonshots doesn’t mean abandoning the analytical side; it just dares you to think beyond immediate metrics and traditional practices– it allows freedom of thought…

Making moonshot thinking part of strategy means– accessing risk and optimal flexibility… The correct blend of moonshot in a strategy can help propel your ‘brand’ and organization forward… Taking risks can yield incredible rewards; when an organizations allows its team members to think boldly they can reap great rewards… and even with failures the journey will make your organization stronger, more resilient… The best (most profitable) ideas often come when you allow  your people to forgo the status quo and think big…

Moonshot thinking is a very risky proposition, it’s totally different approach to innovation, but one of the most important lessons is that– some things are perceived to be impossible until you actually try them… The moonshot thinking is not encouraged or embraced by most organization, because of the risk it involves and low probability of successful outcome… but despite its hazardous aspect it does give whole new twist for thinking…

Society needs 10x gains to solve many of its biggest problems; most of the difficult issues are exponentiating, e.g.; world population is rising on exponential curve… use of resources per person is rising on an exponential curve… Humankind needs to keep pace with these and many other challenges to manage and sustain life on this planet… and incremental thinking isn’t going to get you there…

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In the article Stop Looking For Moonshot Ideas, Focus on Simple Solutions by Bobby Emamian writes: Not every idea has to be an earth-shaking innovation… the key is that every strategic step (whether big or small), should be an important improvement for a more competitive organization… and although tempting, big or crazy ideas (moonshot) are usually big waste of time and resources, and a distraction from the core business… Power of an idea isn’t in its– creativity, brilliance, originality… because ideas have no value until they are actually put into action… true value of ideas lie in their potential to solve real problems. The so-called ‘moonshot’ ideas that don’t solve real problems only distract the mission and derails progress…

Business needs ideas that will actually advance the organization– new initiative that address a real problem, or perceived problem, or issues that customers face, or that improve the existing organization… An idea need not be game changer ( moonshot) to make a big impact on the organization… The best way to avoid chasing useless ideas or ignoring important ones is to ensure all solutions align with organization’s core purpose… Next time someone comes-up with an idea that’s going to be game changer (moonshot); first, determine if it solves real problems or provides convenience that really matters.

Most organizations would be perfectly happy improving their organization by 10%… but according to Larry Page at Google; if you’re not doing some things that are crazy, then you are doing wrong things. He challenges his company (Google) to think in moonshots — ideas so large that they require the kind of creativity and innovation that are necessary to literally and figuratively put a man on the moon… This thinking tasks an organization to do things by 10x– 10x bigger, 10x cheaper, 10x faster… Either disrupt your organization, or someone else will… When you shoot for 10x improvement you approach the problem in a radically different fashion…

moon2 thDo you have a moonshot idea? Many people who discuss crazy ideas, get laughed at, e.g.; when the mission of landing man on moon started, most people just laughed and thought it was crazy, bizarre! No one believed that it would ever happen. Who thought about; Internet, social media, driverless car, mobile phones, new medicines… would really happen? These all started with an idea that was thought to be stupid, crazy… Nobody actually knew how to build an airplane till it was done… We always appreciate– courage, and audacity of a moonshot, once it’s accomplished.

Luckily there are a few people who are– stupid enough, bold enough… that they follow a dream: Yes most moonshot’s fail, but the few that do succeed change the world…

Wall Street Liquid Culture – Tale of Two Capitalisms; Good & Evil: Reforming How Wall Street Works, or Too Big to Change…

Wall Street’s ‘hyper-elitism’ is made, not born… but while criticizing Wall Street for its detachment from Main Street morality, or for lacking morality altogether; Wall Street’s actions are based not so much on moral distance or immorality, but rather on different kind of morality, based on different reality…

Wall Street is socialized to see themselves as; smarter, superior, better educated, harder-workers than other people: They are wholly a meritocratic culture. They are socialized to view roles of corporations, government, and society in a particular way…

The prevailing beliefs are that corporations should be run solely for short-term profits of shareholders; that corporations ‘belong’ to shareholders; that government and the economy are ‘separate’ domains; and regulators need to ‘get out of the way’ to ‘let markets work’…

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Wall Street is ‘distant’ from Main Street, because they believe they are morally empowered to do so… According to Karen Ho; many of Wall Street’s ideas and imperatives are myths; corporate law has never required directors or executives to maximize shareholder value at the expense of other constituents; shareholders do not ‘own’ the entirety of an institution, but rather exchangeable residual claims that are created for tradability, liquidity…

Adherence to the Wall Street ethos has led to– short-termism, extractive cost-cutting (rather than investment in productivity), expedient restructurings, and demise of corporate/public common ground. Wall Street is ‘distant’ from Main Street, because they believe that they are morally empowered to do so…

They believed— and continue to believe– that greed, short-termism, constant buying and selling of companies, circumvention of rules and regulations, even inequality are all necessary evils, inescapable by-products of a system geared for greater innovation, heightened competitiveness, and ever more efficient markets. They also believe, often unconsciously, that they possess a brand of unassailable meritocratic credibility that makes them deserving ‘experts’ on the economy, no matter that their economic ideas and practices are  often prone to failure, implosion, contradiction…

While Wall Street undoubtedly achieves some of its ostensible goals– making markets, collecting savings for investment purposes, increasing retirement portfolios (though in highly volatile and unstable ways) for the upper-middle class… the lessons of 2008 have amply demonstrated that Wall Street takes advantage of ‘common’ people to line their own pockets and create inefficiencies and problems that could lead to future crisis…

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In the article What’s Wrong with Wall Street by Barbara Kiviat writes: Wall Street shapes not only the stock market, but also the very nature of employment and how workers are valued– there is constant job insecurity, downsizing, constant restructuring, a constant need to retrain to have an adaptable skill-set and be flexible… In a sense, job security and stability have been liquidated…

These firms sit at nexus; they are financial advisers and sources of expertise to major U.S. corporations and institutional investors, and from this highly empowered middle-man role, what they say has a lot of influence… The model that came to dominance in the 1980s was one of constant change: The idea is that companies must constantly be moving, restructuring and changing, in lock step with the markets…   rather than stagnant and inefficient, like a lumbering brick…

Understand that Wall Street are ‘liquid’ people; they constantly buy and sell– assets, investments, companies… it’s the culture. According to  Guruprasad Muthuseshan; Wall Street is the symbol of capitalism and there is a general belief that working for Wall Street puts them at top of hierarchical ladder in society..There is general belief among members of Wall Street that there is– dividing line between ‘us on inside’ and ‘those on outside’, and it’s a hierarchy between Wall Street and general public… But despite debates and crisis, Wall Street is still the most influential epicentre of finance for business, institutions, and even governments, globally…

In the article Reinventing Wall Street by Umair Haque writes: Wall Street culture must be reinvented from bottom-up, and a central challenge for today’s economic innovators is to build a disruptively better Wall Street.

According to Michael Sandel; over past three decades, we’ve drifted almost without realizing it, from having a ‘market economy’ to a ‘market society’. A ‘market economy’ is a valuable and effective tool for organizing productive activity, but a ‘market society’ is where almost everything is up for sale. It’s way of life, in which market thinking and market values begin to dominate every aspect of life: personal relations, family life, health, education, politics, law, civic life…

It’s impossible to execute a business decision without it having an impact on other humans, or on the world in which both humans and businesses operate, even if those humans are not directly invested in that business, either as shareholders or employees. In this sense, the ‘market’ is exactly the opposite of amoral, because it affects people, communities… their livelihoods and their environment. The trouble with the neoliberal concept of free markets is that humanity is removed from the equation. It’s as if the ‘market’ is an abstraction, somehow operating independently of the people who use it, run it, profit from it, or are harmed by it…

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In the article Re-imagine Wall Street by William Greider writes: Imagine you have the ability to reinvent Wall Street: Where would you start? What would you change to make it less destructive and domineering, more focused on ‘common’ people? Both political parties are locked in small-minded brawls, unable to think creatively or even to tell the truth about the historic economic crisis.

Republicans are lost in preposterous nostalgia for small, simple government… Democrats have their own delusions: they insist that regulation will somehow fix whatever is broken, ignoring that the failure of regulation was a principal cause of catastrophic breakdown. Politicians argue over big government so they can avoid talking about big Wall Street, and reality is not cooperating with their illusions…

Despite the so-called recovery, the economic pathologies generated by unbounded Wall Street during past thirty years are expanding: Falling wages and surplus labor, swelling trade deficits and foreign indebtedness, deepening inequality and the steady destruction of the broad middle class… At some point, it will become obvious that the economy will not truly recover until Wall Street is– refashioned and stripped of its self-aggrandizing excesses, and made to serve interests of society, rather than other way around… it requires deep structural changes, not simply new policies. The essential approach is to reach into the guts of Wall Street and fix the wiring…

In the article Wall Street Power by Gautam Mukunda writes: Wall Street influence on U.S. policy is extraordinary, even after the financial crisis. The sector serves vital functions (no modern economy can exist without it)… but when it grows too powerful, it tends to slow economic growth, increase inequality, and experience crashes that exact a huge toll on society, e.g.; the 2008 financial crisis cost U.S. government more than $2 trillion in lost tax revenues and increased spending…

Hence, the Wall Street needs to change, it needs to be rebalanced, reformed… According to William D. Cohen; Wall Street is not like other industries; when things go wrong on Wall Street, consequences can be devastating for the world… On Wall Street, two things need to change for there to be meaningful reform: First, culture of what constitutes success in a Wall Street firm– who gets promoted and put in charge and for what reasons– needs to change… Second, compensation system needs a total revamp so that bankers, traders and executives are no longer rewarded for taking big risks with other people’s money, putting themselves in a position to win big if their risk-taking pays off, but not to be held accountable if things go wrong…

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Wall Street’s power and prestige need reforms that reduce its influence to healthy levels without inhibiting its key functions. The challenge is to choose reforms that mitigate the distortions created by its financial power– reforms for purely economic reasons. Surely, they will be resistance because constructive reforms reduce power and influence… and that’s the point… Reforms that don’t do that, don’t work…

Real power comes not from forcing people to do what is ‘right’, but from changing the way people think, so that they want to do what is ‘right’… Currently Wall Street ‘works’ for just few privileged people and that must change; Wall Street must ‘works’ for all people. Wall Street must be reformed, rebalanced… so as to liberate companies to do what they do well– to create wealth that benefits all people…

Global Counterfeit, Fakes Goods Market– Destroys Brands, Endangers Life: Consumer Complicity, Enforcement, Internet…

Counterfeiters of goods are global pirates of 21st Century; global trade in counterfeit or fake goods (i.e., knock-offs, phonies, copies…) is booming big business. And it continues to expand from relatively innocuous items like; shoes, handbags, watches… to things, like; medicines, pesticides, auto parts, electronics… that can carry serious health and  safety issues…

Counterfeiting goods is growing, and increasingly it’s a dangerous global problem of epidemic proportions... According to International Chamber of Commerce (ICC); when factoring in counterfeit goods markets within countries, plus value of pirated digital material, it’s estimated that counterfeits are worth over $650 billion/year, possible in trillions of dollars…

Counterfeit goods make-up 5 to 7% of world trade, and costs estimated 2.5 million jobs, worldwide… A United Nations report found that almost 70% of counterfeits goods seized come from China… although other popular spots for manufacturing knock-offs are; India, Brazil, Japan, Philippines, South Korea, Vietnam…

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According to Jeffrey Hardy; fake goods trade is exploding and it goes much beyond– music, Gucci bags, Rolex watches… Although apparel and fashion accessories still make-up the largest share of counterfeit goods, worldwide… but increasingly fake goods, such as; consumer electronics, chemicals, pharmaceuticals… are entering the market. Also, counterfeit pharmaceuticals are particularly problematic; not only do they undermine intellectual property laws, but they can be lethal for people using them…

According to Ted Leggett; there are counterfeit drugs in circulation that are ‘ineffective’; they have insufficient levels of medicine, e.g.; toxic cough syrup in Panama, tainted baby formula in China, fake teething powder in Nigeria… It may be hard to get people worked-up over the economic costs, e.g.; illegally downloading music… but when the toy that you thought was from Disney contains ‘lead’ paint, then you might care more…

In the article Global Growth of Counterfeit Goods Trade by Springer writes: Major forces that drive global growth of counterfeit goods trade, include; open-markets, globalization; consumer demand, complicity; lack of global enforcement– it’s a low-risk market strategy. The rapid growth of world trade coupled with reduction of barriers to financial and merchandise flows has certainly opened opportunities for fakes goods…

The sheer volume of imports in many countries makes it almost impossible for customs services to interdict phony goods… According to Deutsche Bank; over 25 million ‘containers’ flowed through each of ports of Shanghai and Singapore, over ten million through Rotterdam, over five million through Los Angeles… worldwide movement of goods is ubiquitous…

Also, the advent of trade agreement, such as; NAFTA… and EU’s open borders… means fewer checks on goods flowing across borders… Also, free-trade zones can serve as safe havens for counterfeiters– there are over 3,000 free-trade zones in about 135 countries… But without consumers demand, there is no market– consumers are complicit, they are enablers of demand, key driving force for ‘fakes’– consumer can buy just about anything through the Internet and on-line auction websites, and many consumers are ‘suckers’ for the ‘great’ bargain… and the perception that counterfeits are comparable to the ‘real’ item, when in fact most of these great buys are just cheap knock-offs…

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In the article Counterfeit Goods Industry Is Horrible for Fashion by Chavie Lieber writes: The logo-mania of the late ’80s and early ’90s has played big role in the ascent of these knock-offs… According to Ariele Elia; brand logos drive purchase, it gives people the perception of ‘status’– it’s a symbol that they are special, that they have– latest, greatest, e.g.; fashions… Most shoppers purchase counterfeit goods as a way to– stay on top of trends, keeping-up with or ahead of friends– it’s a social thing… while also avoiding paying steep prices. According to Valerie Salembier; consumers might change their behavior if they knew that buying cheap knock-off is probably supporting sweatshops, and many of which have– deplorable working conditions, very low pay, and often use child labor…

In the article Surprising Facts About Global Counterfeiting Goods Market by redpoints writes: Counterfeiting ‘brand’ goods is big business but, it’s illegal, it’s theft– that’s the good news… but, only a small fraction of violations are ever caught– that’s the bad news. Some interesting facts:

    • Counterfeit goods traded annually is greater than the GDP of 150 of the world’s countries! An International Chamber of Commerce report estimates the total value of counterfeit and pirated goods globally could be as high as $1.77 Trillion in 2015. To put it in perspective, that value is roughly equal to annual nominal GDP of Canada– 11th biggest economy in the world!
    • Counterfeits goods market has seen an increasing high growth rates over past two decades… Based on trade & customs seizures data, OCED estimates that the global market for ‘counterfeit and pirated’ goods has been growing at between 15%-22% annually since 2008…
    • Losses from counterfeit pharmaceuticals is 10 times greater than clothes and shoes! According to Havacscope; consumers are much more likely to buy counterfeit drugs, rather than buy counterfeit– clothes, shoes, bags… In fact the estimated losses from counterfeit pharmaceuticals exceeds $200 billion vs. a paltry $24 billion for fashion products…

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In the article Fake and Counterfeit Goods Are No Bargain by Lawyers.com writes: Most of people have seen it, either; at flea markets, tent sales in parking lots, even on-line… Big brand names, high quality goods– being offered at prices that are drastically lower than what is paid in stores… The most common form of fake or counterfeit goods are low-grade items that are altered to make them appear as high-quality, name brand goods, e.g.; athletic shoes, electronics, perfumes, sunglasses, watches, pharmaceuticals…

The typical practice involves applying pirated version of– well-known brand labels, logos… and putting them on fakes goods made in illegal factories… There are numerous federal and international laws against counterfeiting goods– although very few laws are actually enforced, e.g.; U.S. Code § 2320 – Trafficking in Counterfeit Goods or Services… says:

  • Offenses: Whoever intentionally– (1) traffics in goods or services and knowingly uses a counterfeit mark on or in connection with such goods or services… (2) traffics in labels, patches, stickers, wrappers, badges, emblems, medallions, charms, boxes, containers, cans, cases, hangtags, documentation, packaging of any type or nature, knowing that a counterfeit mark has been applied thereto, the use of which is likely to cause confusion, to cause mistake, to deceive… (3) traffics in counterfeit drugs…
  • Penalties: Whoever commits these offense intentionally: (A) if an individual, shall be fined not more than $2,000,000 or imprisoned not more than 10 years, or both, and, if other than an individual, shall be fined not more than $5,000,000… (B) for a second or more offense, if an individual, shall be fined not more than $5,000,000 or imprisoned not more than 20 years, or both, and if other than an individual, shall be fined not more than $15,000,000…

What a bargain! Wait ‘til you see the deal I got! This is too good to be true! All too common expressions from shoppers who thought they bought a $700 designer handbag for $100… Then there are those who remark: Yes, I know it’s a fake, but ‘everyone’ buys them! According to Adele R. Meyer; welcome to the world of counterfeit goods! Whether you label them– fakes, replicas, look-alikes, reproductions, knock-offs… they are counterfeit and it’s ‘big’ business.

According to Lyn S. Amine, Peter Magnusson; the ‘fakes’ goods industry is a paradox; most initiatives to thwart counterfeiting fail– because consumers’ believe that it’s governments responsibility to protect them against dangers from counterfeit– medicines, car parts, shoes, bags… and these same consumers defend their right to choose between; genuine brand-name goods, or counterfeits version of same brand-name goods…

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Most consumers view– counterfeits goods or knock-offs… as a source of enjoyment, especially in case of– fashion items, which are knowingly purchased at a lower price regardless of quality… Such consumer attitudes are at odds with issues of– legality, moral values, and even the consumers’ own well-being… Even if consumers suspect that there are potentially negative consequences, the desire to be fashionable, keep-up with friends and peers lead them to ignore the warnings…

Success in fighting counterfeits requires– proactive, targeted actions involving all stakeholders on both– supply and demand sides… Consumers must understand that quality brand goods at low-bargain-price do not exist… Law enforcement must be more proactive in disrupting the supply-chain, both at production and distributions ends… The  ‘brand’ companies must be more diligent in identifying and managing weak links in their manufacturing and distribution activities…

However, there seems to be another side to counterfeit goods trade issues. According to an European Union-funded report; buying designer goods can benefit consumers and the companies whose brands are being knocked-off… The report rejects the complaints of brand companies, claiming that losses as a result of counterfeiting are vastly exaggerated, because most of those who buy fakes would never pay for the ‘real’ thing, and finding that knock-off goods can actually promote the brands…

Others say; this may be true for goods such as; fashions… but it’s problematic for items like; pesticides, pharmaceutical, auto part… these are a clear danger to health, life…

 

Pain Medication is Big Business– $US1.4 Trillion, 4.5 Trillion Doses: Pain Pills Kill Pain, But They Also Kill People…

Pain, pain medication, pain management is big business… everyone has pain whether it be acute, chronic… it’s an individual struggle… According to Institute of Medicine (IOM); over 100 million adults in U.S. have chronic pain and worldwide upwards of 1.5 billion individuals suffer from pain related to various ailments…

Pain has an illusive definition– it’s subjective, multifaceted, bio-psycho-social experience… Most people take some type of pain medication to mitigate the effects of pain, and there are three common types of pain relievers; non-steroidal anti-inflammatory drugs (NSAIDS), paracetamol, opioids…

Opioids have been regarded for millennia as among most effective drugs for treatment of pain… Their use in the management of acute severe pain and chronic pain related to advanced medical illness is considered standard of care in most of the world. In contrast, long-term administration of an opioid for treatment of chronic non-cancer pain continues to be controversial…

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Opiates cover a huge variety of drugs, ranging from legal drugs, such as; fentanyl, codeine, morphine… to illegal drugs, such as; heroin, opium… The terms ‘opiates’ and ‘opioids’ are often used interchangeably… Opiate addiction is a major issue in U.S., with prescription opiate addiction being one of the biggest drug problems today. Opiate medications are surprisingly easy to obtain and, prescription opiate abusers are far more likely to eventually develop a heroin addiction than a non-opiate abuser… since heroin offers a similar high at a cheaper price…

Every day, 52 people die from opioid pain medications… every year 47,000 die from a drug overdose, mostly from prescription pain medication… Opioids are being over-prescribed: And, it’s not people just reaching into medicine cabinets who have made drug poisoning #1 cause of unintentional death in U. S. adults; its people who have been over-prescribed opioids by doctors, and subsequently become addicted, and many move from pills to heroin…

Perhaps even more alarming; 70% of people who abuse prescription pain-killers reported getting them from friends or relatives. The numbers are staggering: In 2014 National Survey on Drug Use and Health report; there are 4.3 million current non-medical users of painkillers. Nearly 2 million people have pain-killer substance use disorders… According to Don Teater; pain killers don’t kill pain, they kill people…

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In the article Can the U.S. Win the War On Opioids? by Leigh Anderson writes: Remember the ‘war on drugs’? This may conjure images of drug lords, packages of smuggled cocaine, or clandestine DEA agents. But now the real bandit is found right in your own home– in bathroom medicine cabinets… According to Centers for Disease Control (CDC); 44 people die from over-dose of prescription opioid pain-killers each day…

These are everyday people– mothers, fathers, young people… Not because they went outside of the legal boundaries to use illicit drugs, but because they were caught-in web of prescription drugs addiction, accidental over-dose… Yes, there is much blame: healthcare providers, policy makers, patients… Here are some sobering U.S. statistics:

  • More people now die from prescription pain-killers than from car accidents…
  • Opioids are class of drugs that include; illicit drug heroin and licit prescription pain relievers– oxycodone, hydrocodone, codeine, morphine, fentanyl…
  • It’s estimated that 23% of individuals who use heroin develop opioid addiction…
  • Drug overdose is leading cause of accidental death in U.S., with 47,055 lethal drug over-doses in 2014. Opioid addiction is driving an epidemic, with 18,893 over-dose deaths related to prescription pain relievers, and 10,574 over-dose deaths related to heroin in 2014…

In the article Explosion in Overdose is Changing How Doctors Treat Pain by Harrison Jacobs writes: All of the attention on opioid crisis has major unintended consequence, many doctors are now increasingly wary of prescribing opioids… According to Dr. Ted Cicero; physicians are becoming hesitant to prescribing these drugs because of the bad publicity surrounding the abuse…

This development is just latest turn in decades-long saga that is modern pain-management… According to National Institute on Drug Abuse; the increased acceptability and commonness of opioid treatment led to an explosion in prescriptions, as well as, development of ‘pill mills’– shady pain clinics whose sole purpose is to prescribe legal opioids without asking too many questions…

Before long U.S. was flush with opioids and by 2011, 219 million opioid prescriptions were being handed out each year… In recent years, the media and government focus on the opioid crisis has shifted to the explosion in heroin users, but some doctors say the crisis has also led to a major change in pain treatment… According to Dr. Houman Danesh; the pendulum in the 1990s was definitely swung all the way in one direction with doctors over-prescribing opioids for everything… Now the pendulum is swinging in the opposite direction with many doctors refusing to prescribe opioids for anything…

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In the article Opioid Epidemic Myths by Jacob Sullum writes: The CDC says; health care providers wrote 259 million prescriptions for painkillers in 2012, enough for every adult in the U.S. to have a bottle of pills… That year CDC counted about 16,000 deaths involving opioid analgesics, or one for every 16,000, or so prescriptions… Opioid-related deaths are rare even for patients who take narcotics every day, for years. The CDC cites; a study of patients aged 15–64 years receiving opioids for chronic non-cancer pain who were followed for up to 13 years…

According to NSDUH; 259 million pain-killer prescriptions in 2012 resulted in about 2 million cases of– dependence or abuse or one for every 130 prescriptions… only a quarter of people who take opioids for non-medical reasons get them by obtaining doctor’s prescription… Hence the sequence that many people imaginepatient takes narcotics for pain, gets hooked, and eventually dies of an overdose— is far from typical of opioid-related deaths… The researchers found that one in 550 patients died from opioid-related over-dose, which is risk of less than 0.2%– meaning risk of addiction is greatly exaggerated…

Pain is big business: According to UN World Drug Report; U. S. makes up about 5% of world’s population, yet consumes more than 75% of the world’s prescription drugs… The most abused prescription drugs fall under 3-categories: pain-killers, tranquilizers, stimulants…

According to National Institute on Drug Abuse; enough prescription pain-killers were prescribed to medicate every U.S. adult every four hours for a month… The biggest eye-opener is that keeping people on prescription drugs is a big money-maker… It’s no secret the pharmaceutical industry rakes in billions of dollars producing drugs to– treat symptoms, manage medical conditions, relieve pain…

The pharmaceutical market is headed for $1.3 trillion, and the global pharmaceutical industry is projected to grow markedly through the decade, reaching $1.4 trillion and 4.5 trillion doses of medicines by 2020… the emerging markets will account for 30% of the global pharmaceutical market share and it will reach $358-$388 billion in sales by 2018… Given its large population (70% of world’s population), growing middle class, increasing healthcare demands, it provides a rosy picture for growth and profit… Largest markets for pharmaceuticals based on sales are: U.S., EU, Japan, China, India… and these countries will account for over 60% of the global market well into 21st century…

However, there seems to be an inherent disconnect between legitimate business goals of pharmaceutical companies, and the needs and safety of consumers… According to Ben Goldacre in his book, ‘Bad Pharma’; declares ‘medicine is broken’ and ‘drug industry doesn’t work’– doctors are kept ignorant about drugs they prescribe… pharmaceutical firms routinely bury unflattering trial results and publish only the good ones… drug trials are run on unrepresentative patients with dodgy statistical analysis, and then pushed on doctors with advertising budgets that are often bigger than firms’ research-development budget…

Side note: According to OpenSecrets.org; pharmaceutical industry spends more than any other industry group each year to influence Washington lawmakers, e.g.; over $US2.6 billion on lobbying activities, in last decade… To get some perspective, consider that oil/gas industry spent over $US1.4 billion… defense/aerospace industry spent over $US662 million.. during same time period…

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Meanwhile, medicine’s guardians– regulators, scientific journals, professional bodies, academic establishment– turn a blind eye… The net result is that– doctors prescribe in ignorance, drug prices are outrageous, patients are harmed, and vast amounts of money are wasted. According to Sabriya Rice; people are led to believe by– doctors, advertisers, pharmaceutical industry– that there is ‘magic pill’ that will cure just about anything that ails them…

Prescription drug usage continues to rise and typical medicine cabinet is lined with multiple prescription pill bottles, and life for many people is nothing more than big bag of pills… The worlds of– pharmaceuticals, doctors, regulators, consumers… must find– different solution, better solution…The pharmaceutical solutions that worked in the 20th Century will not work in the 21st Century…