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The Life Science Product Manager's Toolkit
 

The Life Science Product Manager's Toolkit

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A discussion about market research tools that can optimize each stage of the new product development process. Prepared by BioInformatics LLC exclusively for life science product and marketing ...

A discussion about market research tools that can optimize each stage of the new product development process. Prepared by BioInformatics LLC exclusively for life science product and marketing managers.

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    The Life Science Product Manager's Toolkit The Life Science Product Manager's Toolkit Presentation Transcript

    • Product Manager Toolkitgene2drug.com Life Science Industry Market Research
    • Questions?2 gene2drug.com Life Science Industry Market Research
    • About BioInformatics LLC A full-service market research firm since 1994: • Consulting and strategy development • Expert interviews • Focus groups • Surveys • RateMyProduct™3 gene2drug.com Life Science Industry Market Research
    • About BioInformatics LLC  Conducting market research exclusively on scientific markets:manufacturing & material science environmental testing • Lab products clinical diagnostics • Analytical instrumentation • Biotechnology research & bioprocessing laboratory products chemical, food & beverage • Drug discovery & life sciences development • Molecular diagnostics pharmaceutical agriculture biotech 4 gene2drug.com Life Science Industry Market Research
    • About BioInformatics LLCProject team includesscientists, statisticians andbusiness analysts. Question 9* Instant access to a 71,000 What are your MAJOR area(s) of interest with respect to your epigenetics research? (check all that apply) member scientific online panel. Respondents 200 Gene regulation 135 Disease mechanisms 115 Gene regulation 68% Biomarkers 110 Disease mechanisms 57% Basic biology of epigenetics 94 Therapeutic targets 46 Biomarkers 55% Stem cells 41 Genomic imprinting 27 Basic biology of epigenetics 47% Transgenerational epigenetic inheritance 21 Therapeutic targets 23% Tissue repair/regeneration 20 X chromosome inactivation 10 Conduct market research for all Stem cells 20% Genomic imprinting 14% Transgenerational epigenetic major suppliers in the industry. 10% inheritance Tissue repair/regeneration 10% X chromosome inactivation 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% * Totals are based on number of times an item was selected. * Percentages are based on number of respondents. An Overview of Your Epigenetic Research © 2009 BioInformatics, LLC www.gene2drug.com 3-175 gene2drug.com Life Science Industry Market Research
    • BioInformatics LLC Presenters Bill Kelly President Robin Rothrock, Ph.D. Director of Publications Mary Follin Marketing/Sales Manager gene2drug.com Life Science Industry Market6 Research
    • 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  If you are going to fail — fail early7 gene2drug.com Life Science Industry Market Research
    • Classifying New Products  Improvements and revisions of existing products 26%  Additions to existing product lines 26%  New Product lines/functions/applications 20%  Cost reductions 11%  New-to-the-world products 10%  Repositioning 7%8 gene2drug.com Life Science Industry Market Research
    • Tell Us How would you classify the new product that is commanding MOST of your attention right now? A. Improvements and revisions of an existing product B. An addition to the existing product line C. Whole new product lines/functions/applications D. Production cost reductions E. New-to-the-world products F. Repositioning9 gene2drug.com Life Science Industry Market Research
    • Causes of New Product Failure  Design failure  High development cost/price  Gaps in knowledge of market: • Overestimated demand and size of market • Positioning problem • Ineffective communication/promotion • Unexpected reaction from competitors • Poor timing10 gene2drug.com Life Science Industry Market Research
    • The Stage-Gate Process Ideas Feasibility Development Launch(Stage 1) (Stage 2) (Stage 3) (Stage 4) GATE 1 GATE 2 GATE 3 Establish Commit Major Approval Project Resources for Launch gene2drug.com Life Science Industry Market Research
    • Use Market Data to Reduce Risk High Project Risk Project Knowledge Low Project Time12 gene2drug.com Life Science Industry Market Research
    • Tell Us Is your company using a Stage-Gate new product development process? A. Yes B. No C. Not technically, but we are borrowing concepts from Stage-Gate D. Not yet, but we are planning to make the switch13 gene2drug.com Life Science Industry Market Research
    • Generate and Screen Ideas (Stage 1)  Generate ideas for new product development  Use VOC to ensure your customers are part of the innovation process  Select the best ideas using market data14 gene2drug.com Life Science Industry Market Research
    • Use Data to Support Go/No Go Decisions High Project Risk Project Knowledge Project Cost Low Project Time Stage 115 gene2drug.com Life Science Industry Market Research
    • Research Options in Stage 1 Refine New Ideas with Thought Leader Interviews In-Depth Interviews Measure Receptivity to New Ideas Among Potential Customers Online Survey Conduct VOC to Capture Customer Input into Design Process Customer Focus Group(s)16 gene2drug.com Life Science Industry Market Research
    • Focus Groups Chief, Molecular Diagnostic & Epidemiology Columbia University Core Facility Manager M.D. Anderson Medical Center Cancer Center Academic Clinical Moderator Associate Scientist Altana Research Institute Pharma17 gene2drug.com Life Science Industry Market Research
    • So if I have limited funds to dedicate to the Stage 1 Screening of Ideas, what would be a recommended method of feeling confident that a new idea is worth pursuing?18 gene2drug.com Life Science Industry Market Research
    • Live Focus Groups 1X 2X ~$5,000 ~$8,00019 gene2drug.com Life Science Industry Market Research
    • Virtual Focus Groups Chief, Molecular Diagnostic & Epidemiology Columbia University Core Facility Manager M.D. Anderson Medical Center Cancer Center Academic Clinical Moderator Associate Scientist Altana Research Institute Pharma20 gene2drug.com Life Science Industry Market Research
    • Parallel Activities Fuel Feasibility (Stage 2) R&D activities: doing experiments, scoping out the IP landscape, assessing the competition, setting specifications Marketing/Product Management activities: building the business case, estimate market size, number of customers, pricing, competitive environment, VOC21 gene2drug.com Life Science Industry Market Research
    • Determine Product Feasibility  Build business case: estimate market size, number of potential customers, pricing, demand and revenue estimates (this can be an iterative process)  Understand product trade-offs, price implications and implications on demand based on product features  Use market data to refine your concept to ensure success22 gene2drug.com Life Science Industry Market Research
    • Research Options in Stage 2 Market Test New Product Concept Online Survey Determine “Must-have” and “Preferred” feature sets of the new product concept. Understand end-user barriers to adoption and workflow bottlenecks. Features and Benefits to Customers Focus Group(s) Estimate Demand and Revenue for Proposed Concept Short Online Survey Demand estimates can be generated very quickly and economically to determine market feasibility before R&D investment.23 gene2drug.com Life Science Industry Market Research
    • Obviously, the feasibility of a new product is a critical stage where the size of a potential market needs to be determined. So back again to the cost issue — aren’t market size estimates one of the most expensive types of market research projects?24 gene2drug.com Life Science Industry Market Research
    • Relative Number of End-UsersNumber of researchers performing specific techniques in a given region Real-Time PCR (qPCR) Western Blotting Cell/Tissue Culture DNA Microarrays Transfection Cell-Based Assays Mass Spectrometry NGS High-Throughput Screening (HTS) Stem Cells Bisulfite Conversion Number of researchers gene2drug.com Life Science Industry Market Research
    • Conjoint Analysis Product Product Feature Feature A B26 gene2drug.com Life Science Industry Market Research
    • Tell Us Have you ever used conjoint analysis to determine the desirability of specific product features? A. Yes B. No C. Not sure gene2drug.com Life Science Industry Market27 Research
    • Cross-Functional Teams Come Together in Development (Stage 3)28 gene2drug.com Life Science Industry Market Research
    • Activities that Occur in Development  Confirm end-user receptivity  Finalize product design: size, packaging and performance-specifications  Determine pricing  Develop (tactical) marketing plans and prepare for launch  Validate the business case  Transfer to operations: scale-up, production and quality control29 gene2drug.com Life Science Industry Market Research
    • Research Options in Stage 3 Identify Beta-test Sites Screening Survey and Follow-Up Assess Pricing Strategy to Determine Appropriate Price Positioning Test Marketing Messages Structured Questionnaire End-User Market Survey Utilize the van Westendorp pricing Assess end-user receptivity to concept method and/or Juster Probability Scale names, message, logos and advertisements. to understand pricing.30 gene2drug.com Life Science Industry Market Research
    • Let’s say I want a “gut-check” on all of the above: customer receptivity, pricing and marketing effectiveness. And let’s pretend I don’t have the budget to do it all. In fact, at this point I don’t have the budget to do ANY of it. What are my options?31 gene2drug.com Life Science Industry Market Research
    • RateMyProduct™32 gene2drug.com Life Science Industry Market Research
    • RateMyProduct™33 gene2drug.com Life Science Industry Market Research
    • $1,50034 gene2drug.com Life Science Industry Market Research
    • Product Launch (Stage 4)  Measure awareness  Fine-tune pricing  Calibrate sales strategy  Assess customer satisfaction  Monitor inventory35 gene2drug.com Life Science Industry Market Research
    • Post-Launch Research Options Determine Awareness of New Product Introduction End-User Market Survey Assess end-user awareness to product name, message, logos and advertisements. Understand Customer Perceptions of Launched Product, Assess Follow-on Features Focus Group(s)36 gene2drug.com Life Science Industry Market Research
    • What does a systematic program look like?37 gene2drug.com Life Science Industry Market Research
    • Tracking and monitoring38 gene2drug.com Life Science Industry Market Research
    • RateMyProduct39 gene2drug.com Life Science Industry Market Research
    • RateMyProduct40 gene2drug.com Life Science Industry Market Research
    • Questions?41 gene2drug.com Life Science Industry Market Research
    • ContactMary FollinMarketing/Sales Manager703.778.3080 x13m.follin@gene2drug.com42 gene2drug.com Life Science Industry Market Research