The evolution of a new drug, from molecule discovery to becoming available in the market place, is a lengthy, complicated, highly regulated and expensive process. It takes on average between seven and 10 years and US$1 billion for a single experimental pharmaceutical drug to pass through the development pipeline and come into the marketplace. However, once in the marketplace the life cycle of a new product is short - it is usually just 15 years before patents expire and generic equivalents appear.

It is well recognised that many retail businesses fail in their first five years of operation. Many of those who have failed, failed to respect the five must do's and the five must not do's of small business.

By following these rules, you will reduce the risk of joining their ranks.

By Daniele Lima, MD of Road Scholars Sales and Marketing Consultancy