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A Screener to Guide      New-Product Assessment                                   Should you develop and                  ...
Ask any product developer about their worst nightmare. Most will tell you it   involves spending countless (sometimes than...
Our Top-10 Issues                                           3                     Clinical Need                     Upside...
Clinical Need                           4 Does this product address a real clinical need? Is  that need currently unmet o...
Upside Potential                            5 Will this product generate a significant level of new  revenue, net of cann...
Customer Acceptance                              6 Why will customers buy? How can they be sold? Who will stimulate adop...
Downside Risk                           7 Are we reasonably sure the product will attain  regulatory approvals? When? Wi...
Economic Benefits                             8 Will the product reduce healthcare expenditures  overall? How do we know?...
Time to Market                           9 When can we get this product to market? Are we  sure? How long will customer ...
Competition                          10 Who are the major competitive suppliers in this  space? Will our competitive pos...
Platforms                            11 Will this product serve as a technology platform for a  future new line? Will th...
Resource Needs                            12 What financial investment will be required and for  how long? What fraction...
Intangibles                           13 Will this product contribute to a humanitarian  mission? Do we want patient rec...
For more insight and support contact …                                            14                     Joe Kalinowski   ...
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A Screener to Guide New-Product Assessment

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Should you develop and commercialize that new medical product? Review these hints and reminders before you leap.

Published in: Business
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A Screener to Guide New-Product Assessment

  1. 1. A Screener to Guide New-Product Assessment Should you develop and commercialize that new medical product? Joe Kalinowski Trilogy AssociatesA Pathway to New-Product Success
  2. 2. Ask any product developer about their worst nightmare. Most will tell you it involves spending countless (sometimes thankless) weeks and months developing a wonderful innovation and having it fail miserably in the market. Happens all the time. And, in the great majority of cases, it happens because an appropriate assessment of that new product’s market fit and business potential was not performed prior to its detailed development. Don’t let this happen (again) in your business. Get that assessment done up front. This little screener will help get you started. It consists of a series of questions to make you think. Sometimes just being exposed to these questions will lead you to a quick decision to kill that new-product idea. That’s great. Sometimes these questions will encourage you to do the heavy lifting to answer the questions accurately and honestly. Internal controversy may ensue, but that’s great, too; a better product will result. These 10 lists of questions could be applied to just about any product aimed at any market. However, they fit best for the assessment of the merits of prospective new medical products – especially medical devices. I hope you find these reminders helpful. JKTrilogy Associates 2
  3. 3. Our Top-10 Issues 3 Clinical Need Upside Potential Customer Acceptance Downside Risk Economic Benefits Time to Market Competition Platforms Resource Needs IntangiblesTrilogy Associates
  4. 4. Clinical Need 4 Does this product address a real clinical need? Is that need currently unmet or poorly met? Do we know precisely which patients will benefit and how much? Does it do the job better than, or at least as well as, existing products? Are we sure about these conclusions? How do we know?Trilogy Associates
  5. 5. Upside Potential 5 Will this product generate a significant level of new revenue, net of cannibalization? Will it contribute to an increase in profits? Will it improve our competitive position? Will it enhance our reputation among stakeholders? Will it raise our profile in the industry?Trilogy Associates
  6. 6. Customer Acceptance 6 Why will customers buy? How can they be sold? Who will stimulate adoption? Who will resist? Will the product be easy and intuitive to use? Will it save procedural time? Will it be more convenient to use? Will it improve workflow and logistics? Will the product be disruptive to current clinical practice? If so, is that the right outcome?Trilogy Associates
  7. 7. Downside Risk 7 Are we reasonably sure the product will attain regulatory approvals? When? Will the level of reimbursement be adequate to stimulate adoption? What’s the likelihood of medical error? Adverse clinical outcomes? Can our technology be readily substituted for and commercialized by others? How soon?Trilogy Associates
  8. 8. Economic Benefits 8 Will the product reduce healthcare expenditures overall? How do we know? Will clinicians benefit financially? How? Will healthcare facilities benefit financially? How? Will payers benefit financially? How?Trilogy Associates
  9. 9. Time to Market 9 When can we get this product to market? Are we sure? How long will customer adoption take? How do we know? Have our financial projections taken these realities into account?Trilogy Associates
  10. 10. Competition 10 Who are the major competitive suppliers in this space? Will our competitive position be substantially improved with this product? Why? Why will customers favor our new product over competitive ones? Are we sure? How will our competitors react to this new product? How soon?Trilogy Associates
  11. 11. Platforms 11 Will this product serve as a technology platform for a future new line? Will this product create an entirely new channel or customer segment for us? If we are successful will our technology be saleable to others?Trilogy Associates
  12. 12. Resource Needs 12 What financial investment will be required and for how long? What fraction of our critical staff resources must be devoted to this initiative? What will be our opportunity cost? What other initiatives must be sacrificed?Trilogy Associates
  13. 13. Intangibles 13 Will this product contribute to a humanitarian mission? Do we want patient recognition and access? Will this product provide them? Does this product exercise our most important strengths? Does it minimize our limitations? What other advantages and disadvantages are worthy of consideration?Trilogy Associates
  14. 14. For more insight and support contact … 14 Joe Kalinowski Founding Principal Trilogy Associates (919) 533-6285 jk@trilogyassociates.com http://trilogyassociates.comTrilogy Associates

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