The Life Science Product Manager’s Toolkit
According to independent research studies (i.e. Product Development & Management Association, AMR Research, Booz-Allen Hamilton, etc.) between 70-85% of leading U.S. companies now use Stage-Gate to drive new products to market.
In February 2013, the life science product mavens at BioInformatics LLC got together to discuss how product managers in the life sciences can use market research to support their work at each stage. The 50-minute discussion includes the kinds of research techniques available to teams and which techniques are best at each stage.
Bill, Robin. and Mary also go in-depth on topics such as making a business case, supporting a go/no-go decision, drawing the line between customer desires and R&D reality, and how to cost-effectively perform a “gut-check” on your product or product concept at any stage.
Why Conduct Market Research in New Product Development?
- The product must appeal to the customer (however widely defined)
- Timely market research can help you mold the product to the consumer’s need/wants
- Market research tends to point out successes and failures before products are launched “for real”
- Being first to market pays dividends (although being a fast follower is also a valid strategy)
- If you are going to fail — fail early