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Just Other Articles - Love Is Blind: Product Planning With Your Eyes Open
You're sitting at your desk, and suddenly it hits you; a breathtakingly beautiful idea for a new product, that "one and only" offering to catapult your company into instant success. You know it will work. You know everyone will want to buy it. Even your family loves the idea. You invest a good deal of time and a substantial
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
amount of money developing and introducing this product you love, but a year passes and not one unit sells.
What at first seemed like an exciting, profitable new concept has become an extremely expensive, disappointing undertaking for your company. How could this have happened?
Quite simply, you were blinded by love and yo
What at first seemed like an exciting, profitable new concept has become an extremely expensive, disappointing undertaking for your company. How could this have happened?
Quite simply, you were blinded by love and yo
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
fell for the wrong product. More than a mere business decision the product became a powerful new passion for you or your company's product development team. The obsession for this new product was so strong that normally pragmatic business people ignored logic to pursue the glittering profits they felt it promised. It's not
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
an unusual problem. Actually, it happens to 80 percent of new products and it's not exclusive to small businesses. Remember "new" Coke, McDonald's McLean burger and the DeLorean?
What can your business do to avoid the "love at first sight" new product mistake? Here's how to identify the proper, and profitable, product nee
What can your business do to avoid the "love at first sight" new product mistake? Here's how to identify the proper, and profitable, product nee
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ed for your business expansion.
A Proper Product Planning Process
We have combined a number of existing new product development systems into the following practical process. We explain each step in the process below and follow each step with a critical assessment question. This system can help you design a new product of
A Proper Product Planning Process
We have combined a number of existing new product development systems into the following practical process. We explain each step in the process below and follow each step with a critical assessment question. This system can help you design a new product of
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ering for your company with less risk and more control.
In the process, make sure you create a cross-functional product development team that includes representatives from sales, engineering, operations, marketing, finance, executive, legal and other areas critical to new product success. Also, guard against any one member
In the process, make sure you create a cross-functional product development team that includes representatives from sales, engineering, operations, marketing, finance, executive, legal and other areas critical to new product success. Also, guard against any one member
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
of the team dominating the discussions or decision-making process. All team members must honestly critique and support the project, or the new product's chances of success are minimized.
Step 1: Search for a Concept
This is the fun part of product development! Generate concepts for new products from employee recomm
Step 1: Search for a Concept
This is the fun part of product development! Generate concepts for new products from employee recomm
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ndations, an engineering or managerial "think tank," customer suggestions and brainstorming by the product development team.
Critical Question: None. Just be as creative as possible within the parameters of your chosen market.
Step 2: Select the Best Concept
Examine all the ideas generated in Step 1 and reduce
Critical Question: None. Just be as creative as possible within the parameters of your chosen market.
Step 2: Select the Best Concept
Examine all the ideas generated in Step 1 and reduce
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he number of new concepts to a manageable size. Rank each new product idea by a set of criteria customized to your company's strategic objectives. Some examples of important criteria are:
• Production / Technology Capabilities. Competitive / Legal Environment
• Financing Issues
• Marketing Requirements
C
• Production / Technology Capabilities. Competitive / Legal Environment
• Financing Issues
• Marketing Requirements
C
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ritical Question: Is the product compatible with company resources and objectives?
If the answer is no, you must modify this idea or return to Step 1.
Step 3: Develop and Test the Product Idea
Turn the broad general product concepts into a specific product idea that will appeal to your target market. You must decide
Step 3: Develop and Test the Product Idea
Turn the broad general product concepts into a specific product idea that will appeal to your target market. You must decide
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
how this new product will benefit your customers. It is critical to obtain their direct input or reaction to the concept through market research such as surveys and focus groups.
Critical Question: Do your potential customers have positive reactions to your new product concept? If not, you need to modify the product
Critical Question: Do your potential customers have positive reactions to your new product concept? If not, you need to modify the product
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
r return to Step 1. Be sure to objectively analyze your primary research to confirm your answer to this question.
Step 4: Look at the Business Potential
Perform a complete financial analysis of your new product's potential. This analysis should be as detailed and realistic as possible. Product costs, profit margins
Step 4: Look at the Business Potential
Perform a complete financial analysis of your new product's potential. This analysis should be as detailed and realistic as possible. Product costs, profit margins
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
, return on investment, cash flow issues and volume projections are financial considerations to closely examine.
Critical Question: Can we manufacture this product profitably with our company's current resources? If the answer here is no, you must abandon the product and start over. Do not attempt to juggle the numbe
Critical Question: Can we manufacture this product profitably with our company's current resources? If the answer here is no, you must abandon the product and start over. Do not attempt to juggle the numbe
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s to reflect positive financial impact when the impact is really negative. Remember, love is blind - trust your numbers.
Step 5: Make the Product
After answering yes to all critical questions in the previous steps, now, and only now, you can begin the prototype construction. This phase of your product development re
Step 5: Make the Product
After answering yes to all critical questions in the previous steps, now, and only now, you can begin the prototype construction. This phase of your product development re
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
uires a complete commitment of the budgeted resources and the entire company's support in a variety of unexpected ways. This level of commitment could strain the nerves as well as the pocketbook, so be prepared.
Critical Question: Does the product work? Do we have the ability to manufacture and market this product pr
Critical Question: Does the product work? Do we have the ability to manufacture and market this product pr
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ofitably?
If no is the response to either question, you will need to prepare for added expenses as you hire outside assistance, modify the product or develop a more suitable offering.
Step 6: Test the Product
Roll up your sleeves and get going! Manufacture a small quantity of your new product and put it in a test ma
Step 6: Test the Product
Roll up your sleeves and get going! Manufacture a small quantity of your new product and put it in a test ma
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ket. Your company should use the same marketing, selling, pricing and distribution tactics it plans to use in larger markets. This is the time to check volume potential, marketing effectiveness and customer perceptions.
Critical Question: Do the test market results indicate satisfactory market potential and customer ac
Critical Question: Do the test market results indicate satisfactory market potential and customer ac
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
eptance?
If you feel the results are unacceptable, abandon or redevelop the product.
Step 7: Commercialize the Product
If your answer to each of the critical questions has been a resounding YES, you are ready to roll your product into an introductory market. Go for it! Start selling!
Critical Question: Are sa
Step 7: Commercialize the Product
If your answer to each of the critical questions has been a resounding YES, you are ready to roll your product into an introductory market. Go for it! Start selling!
Critical Question: Are sa
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
les results satisfactory?
A no answer here means that you may need to modify your commercialization program or abandon the project. If the product still appears to have potential, it may be time to refine marketing strategies. Objective external assistance may help you modify your marketing program.
Although the success
Although the success
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ates for new products are low, using these steps may help your company increase the odds of success by identifying a new product with good profit potential before you invest significant company resources.
Critical question: How can you tell you are finally in love with the proper product? Count your profits, of course
Critical question: How can you tell you are finally in love with the proper product? Count your profits, of course
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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