BioPlan Associates

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    • New Product Development
      • NPD Models That Work
      • Quick Test
    • New Technology & Product Evaluation Program
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New Product Development

Services

New products are necessary for a company’s success.

Keeping your new product pipeline full is important to any company, but especially so for technology organizations. Consider the Product Life Cycle model as a model for determining a product’s lifespan. Companies need to continually launch new products and product improvements if the product line (and perhaps the company) is to survive. Fail to update your product lines and a competitor will move in and take your customers. To be successful, a company needs to reduce the costs and risks associated with getting new products to market.

Keep it Simple

Many excellent models for evaluating the value of a potential new product to you and your customers are available. Most are comprehensive and effective. The challenge is often encountered in the implementation of extensive, integrated NPD systems. They often require strong senior management oversight to ensure implementation at the grassroots level. The commitment needs to be fully in place, otherwise the NPD process is sometimes put on a back-burner.

Alternative: For many new products, establishing a simple, market-oriented approach to New Product Development can be effective. We provide you with a straight-forward, customer-oriented, cost-effective method for your marketing and product managers.

Benefits of improving your new product development game:

  • First-to-Market can mean millions! Launch successful products, while your competitors continue hit-or-miss R&D.
  • Dramatically increase your NPD success rate. Get new products out the door faster than your competitors.
  • Reduce or eliminate non-productive internal discussions about which products to develop, and when. Create a customer-driven R&D process.
  • Improve your company’s teamwork, communications, and management by creating a customer-driven R&D process.

New Product Development Issues

Developing new products is important to any firm, but it is especially true for technology-driven industries such as biotechnology and life sciences. Some of the obvious questions that often get overlooked or incorrectly estimated:

Customer and market need—Is there a need for the product?

Market share—How much of the market can we capture, and is the volume attractive enough for us?

Market size—Is the market big enough to be worth the investment?

Pricing—How should we price this product to ensure we can reach our revenue goals?

Where are the customers—Who are the customers for this new product, and how many are there?

Profitable market—Can we make a reasonable profit from this new product?

Decision-maker profile—Who are the decision-makers for this purchase?

New product development—Could we spend our New Product Development resources on a better product?

Competing technologies—Are competing technologies being developed that could leapfrog my product?

Market adoption rate—If I launch this product, will the market adopt it fast enough for me to turn a profit this year?

Reduce the Risk in New Product Development
BioPlan Associates can help you reduce these risks:

  • Risks in new product development—A good product concept may not be a good investment. Evaluate the statistical probabilities of success.
  • Risks in the new product development process itself—If a good process is in place, the risks can be controlled and managed.
  • Internal risks involved in coordinating many departments—This process requires total organizational support. Without it, the NPD chain will be broken and the risk of failure will increase dramatically.
  • Risks of incorrectly evaluating market acceptance—Your research might show that there is a need for the product, but is that information reliable, accurate, and valid?

Why New Products Fail

Why New Products Fail

No NPD Process In Place: A primary reason new products fail is lack of a rigorous new product development process. One that requires accurate assessment of:

  • Overall market demand
  • Estimates of development costs
  • Estimates of production costs
  • Competitor reaction

“Over-Championing”: Another common reason new products fail. This happens when an executive or a product manager pushes a favorite idea. If a rigorous NPD process is not in place, there may be no checks or balances to validate the worthiness of a product. No questions will be asked about whether it should be invested. Over-Championing increases the risk of product failure because it moves the project outside a normal NPD process.

Poor Marketing: Another failure point is poor marketing execution of a good product. If a product is not well marketed, or if the product does not meet the technical specifications that the market demands, it can fail. Market analysis of acceptance of a new product can be challenging. Pre-market testing can be inaccurate. Further, since you may be estimating first-time sales for an entirely novel product concept, it is difficult to predict with certainty that your forecasts will be valid.

Try the BioPlan Associates 8-Step Process for New Product Development.

Our Team in the News

Vicky Qing XIA

Vicky Qing XIA, Sr. Project Manager

Vicky Qing XIA, Sr. Project Manager, MBA, She has 10 years of experience in consulting, business development, as well as alliance management in China’s biopharmaceutical industry. Recent positions include manager of open innovation for Janssen’s R&D center in China, senior business development manager for HUYA Bioscience, assistant editor of China Pharmaceutical and Biotech Monthly, etc. […]

Leo Cai Yang, Project Manager

Leo Cai Yang, Project Manager, has sales and marketing experience in the biotech and pharma segments, including nearly 10 years in marketing and market research. He has worked with several western equipment manufacturers in the pharmaceutical and medical device industries. He is familiar with how western and Chinese business work together and can navigate the […]

Advances in Biopharmaceutical Technology in China, 2nd ed.

International Biopharma Spotlight   Society for Industrial Microbiology and Biotechnology and… LEARN MORE

News and Announcements

China Biopharma Distributors

NEW! Directory: Top 60 Distributors of Bioprocessing Supplies in China: Opportunities for Global Biopharma Suppliers to Find and Manage Local Distributors in China   Comprehensive China Biopharmaceutical Equipment and Suppliers Distributors Directory 2020 provides detailed profiles of China’s Equipment and Supply Distributors industry. Competitive landscape in China’s bioprocess equipment and consumables segment, with comprehensive information on […]

China CMO

NEW! Growth of Biopharmaceutical Contract Manufacturing Organizations in China: An In-depth Study of Emerging Opportunities Comprehensive In-depth Study provides detailed analysis of the CMO industry, its recent development and trends. Profiles of China’s Contract Manufacturing Organizations (CMOs) and Contract Development Manufacturing Organizations (CDMOs), including their capacity, history, products, scale, management, business focus, products, R&D, business and […]

Advances in Biopharmaceutical Technology in India

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Our Team in the News

Advances in Biopharmaceutical Technology in China, 2nd ed.

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Directory of Top 60 Biopharmaceutical Manufacturers in China

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China Biopharma Distributors

NEW! Directory: Top 60 Distributors of Bioprocessing Supplies in China: Opportunities for Global … LEARN MORE

China CMO

NEW! Growth of Biopharmaceutical Contract Manufacturing Organizations in China: An In-depth Study of … LEARN MORE

Advances in Biopharmaceutical Technology in India

International Biopharma Spotlight Advances in Biopharmaceutical Technology in India A Society for … LEARN MORE

Advances in Biopharmaceutical Technology in China, 2nd ed.

International Biopharma Spotlight   Society for Industrial Microbiology and Biotechnology and … LEARN MORE

Advances in Biopharmaceutical Technology in India

International Biopharma Spotlight Advances in Biopharmaceutical Technology in India A Society for Industrial … LEARN MORE

Advances in Biopharmaceutical Technology in China, 2nd ed.

International Biopharma Spotlight   Society for Industrial Microbiology and Biotechnology and BioPlan … LEARN MORE

Directory of Top 60 Biopharmaceutical Manufacturers in China

BioPlan’s Directory of Top 60 Biopharmaceutical Manufacturers in China Completely updated, comprehensive Top 60 D … LEARN MORE

A Quick Guide to Clinical Trials

  A Quick Guide to Clinical Trials,  2nd Ed. -  This book provides a unique view of the clinical … LEARN MORE

China Biopharma Distributors

NEW! Directory: Top 60 Distributors of Bioprocessing Supplies in China: Opportunities for Global Biopharma … LEARN MORE

China CMO

NEW! Growth of Biopharmaceutical Contract Manufacturing Organizations in China: An In-depth Study of Emerging … LEARN MORE

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