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Life Science Sector Spotlight: New Product Development

Developing new products in the life science world is a daunting task. Well, to be fair, developing a new product in nearly any sector is a major challenge. This is particularly true with life science tools, considering the significant development time – and financial investment – which tends to be required. Of course, a successful company is going to have to get over this hurdle, one way or another. Without a successful new product development initiative, a company will struggle to remain relevant in the market.

It’s All About the Market

One of the biggest mistakes that is made by life science tool companies when developing new products is failing to pay attention to the market at large. Generally speaking, the market will make clear exactly what it is looking for – it is up to the individual company to read the market and respond accordingly. After all, if a new product doesn’t have a big enough market to make it profitable, what was the point in the first place?

It simply doesn’t matter how impressive a new product may be, as the only measuring stick for a given product is how it sells on the open market. The research and development department may do a great job of thinking up a tremendous new product, but their efforts could be wasted if they haven’t been communicating with the marketing department. Does anyone out there actually want the new product which has been created? Will anyone be able to pay the asking price? The answers to these questions are ultimately going to determine whether or not the new product is a winner.

The Right Amount of Innovation

Of course, there does need to be some degree of innovation included in new product development. If an organization is simply recreating products that have already been made by other firms, and then trying to sell them for a lower price, there will be a limit to future growth. In an ideal world, the company will be able to walk the line between filling proven customer needs and adding new and exciting features.

In addition to offering features that the market at large will value, businesses in the life science tools market who are developing new products also need to think about some other issues. It should go without saying that the price of the new product is going to be partially responsible for the success or failure of the launch. Additionally, the time to market is going to be a factor. If a product is rushed to market, it may not be fully developed and tested before it lands in the hands of customers. Or, if it is too slow to market, the competition may arrive first and claim a bigger share of the sales.

Only when everything comes together properly can a new product be a success. The majority of new product launches will not be a success, but they don’t all have to go over well in order for a business to thrive. In fact, it may only take one or two ‘home runs’ to make up for the others that did not sell as hoped.