Eyeworld

July 2018 • Ophthalmology Business 15 Some financial literacy is import- ant (balance sheet/cash flow state- ments at a minimum and accrual accounting if it's a large company). Be able to analyze and create budgets. Be comfortable making deci- sions with limited information and reliance on others as authorities in areas you are not. This is part of the innovation process at any company. Experienced doctors are used to being data-driven subject matter experts with our patients and are expected to "know it all." You will now need to at times make tough calls in areas that may be outside your areas of expertise. Industry moves fast and does not always have the luxury of complete data sets; consultation with others is key. Lastly, realize that you are no longer the owner of the business. Make sure you are OK with having a boss, even a CEO does—that would be the Board of Directors. OB Editors' note: The sources have finan- cial interests related to their respective companies. Contact information Lindstrom: rllindstrom@mneye.com Parekh: Kerajai@gmail.com Rajpal: rrajpal@seeclearly.com Talamo: JTalamo@its.jnj.com advice to those who are present- ed with this opportunity? Do some consulting first to under- stand when/how companies seek out MD input. It is different on the inside when you are a full-time employee, but the experience is still valuable. Learn to ask questions and listen. Surgeons as a group are not always as good at these things as we think we are. … The most important question I ask when I arrive in a new job is, "If you were me, what would you be focusing on right now?" Prioritize. You need to have a "vital few" big things that you are focusing on trying to accomplish at any given time. Learn that team results are more important than individual at most companies. Ophthalmology practices are often organized around the doc- tor/owner and maximizing his or her productivity. Respect and tolerate diversity in the workplace. Your team will function best when all feel welcome/ valued and there are opportunities for different views and approaches to be heard. Experience running a business is valuable. Negotiating with/managing outside vendors, consultants, and contractors is important for all size companies. when in the Boston area. I no longer perform surgery, as in a surgical prac- tice I think it is important to be phys- ically available to care for patients in the acute perioperative period. What are some of the pros about being a CMO? The chance to innovate on a mac- roscopic level is truly wonderful. As a physician, you touch and change the lives of thousands of patients every year. As an executive in a multi-national company, you can help millions. It is very rewarding to have a seat at the table when inno- vation strategy is determined, as the CMO in many companies has a real voice when it comes to identifying unmet patient needs and determin- ing if the science and business case exists to make product development feasible for a given therapeutic area or indication. … I also enjoy being so involved in medical affairs: determin- ing the educational gaps and needs of the healthcare professional com- munity and having the much-needed dialogue with the ophthalmology key opinion leaders' community to obtain the insights needed to develop and bring products to market. What are some of the difficul- ties of being a CMO? Resources are not infinite, even in the most successful companies. While it is easy to quantify sales metrics, doc- umenting the value created by excel- lent clinical and medical affairs is less straightforward. It is very important to be able to make a strong business case for what you and your teams do within the industry ecosystem. The talent pool is also finite—there is a relatively small pool of ophthalmol- ogists/optometrists with the knowl- edge and skills to function at a high level in industry, and these folks are in demand. Though only a few ophthalmol- ogists will have the opportunity to be CMO, what would be your Amar Agarwal, MD, reviews a video of a glued IOL in an eye with Marfan syndrome. View videos from BRASCRS 2018: EWrePlay.org

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