Tags |
|
|
Links |
|
|
Digg It - Product Development The Easy Way
Here’s how to create successful new products if you’ve never had an original idea in your life. I'm not very creative, so that’s the only way I could create any products at all. All I’ve done is to create new products by improving on an existing product that already sells well. By doing this I’ve sold o
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ver $39 Million of products to major retailers.
Improving on existing products takes most of the risk away. With a totally new invention or completely new product, you don't know at first whether it will sell. If you start with something that sells well already and you make it a lot better, you don’t h
Improving on existing products takes most of the risk away. With a totally new invention or completely new product, you don't know at first whether it will sell. If you start with something that sells well already and you make it a lot better, you don’t h
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ve that problem.
Here’s a story that makes the point:
When I started my first business, my partner had a small screen printing operation and we set up a joint venture together to explore products I would create and sell and he would make. He was selling souvenirs and a popular look at the time was to ma
Here’s a story that makes the point:
When I started my first business, my partner had a small screen printing operation and we set up a joint venture together to explore products I would create and sell and he would make. He was selling souvenirs and a popular look at the time was to ma
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ke decals out of prismatic vinyl. (This a metallic material with a pattern embossed into it to reflect light into rainbows.)
Though I started by selling souvenirs, before long I noticed there were hundreds of companies starting to make stickers for kids and they were collecting them. (Note how quick I
Though I started by selling souvenirs, before long I noticed there were hundreds of companies starting to make stickers for kids and they were collecting them. (Note how quick I
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
as to see this - after 100 other companies were already doing it!).
Most of these stickers were just traditional paper, so I decided to try our prismatic material and see how it would sell. We put a product line together of prismatic stickers on rolls and started selling some gift shops.
Sales were incr
Most of these stickers were just traditional paper, so I decided to try our prismatic material and see how it would sell. We put a product line together of prismatic stickers on rolls and started selling some gift shops.
Sales were incr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dible.....
They sold better than anything else in the store so we decided to make some more - and amazingly, they sold well too.
The next step was to put these same stickers in packages to sell to the major chains. Long story short, in another couple years we were in Wal-Mart, Target, K-Mart, and about
They sold better than anything else in the store so we decided to make some more - and amazingly, they sold well too.
The next step was to put these same stickers in packages to sell to the major chains. Long story short, in another couple years we were in Wal-Mart, Target, K-Mart, and about
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
every other major retailer and we were selling over $1.0 million of stickers every month!
ANOTHER EXAMPLE
A few years later, I started another company selling school supplies exclusively to the major chains. We came up with an entire line of folders, notebooks, pens, pencils, 3 ring binders all with the
ANOTHER EXAMPLE
A few years later, I started another company selling school supplies exclusively to the major chains. We came up with an entire line of folders, notebooks, pens, pencils, 3 ring binders all with the
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
prismatic/holographic look.
All I did is take the look that worked on stickers and put it on another kids product. And that’s not all - I went to companies who already knew how to make all these products and had them made with our holographic look.
Result - another multimillion dollar success. This one
All I did is take the look that worked on stickers and put it on another kids product. And that’s not all - I went to companies who already knew how to make all these products and had them made with our holographic look.
Result - another multimillion dollar success. This one
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
even got us the "Best New Vendor of the Year" award from Target’s stationery & school supply department.
AND ANOTHER
I wasn't done yet - I had also discovered that kids stickers were sold to the medical market as give-aways for pediatricians, dentists and others to give to kids when they came in to thei
AND ANOTHER
I wasn't done yet - I had also discovered that kids stickers were sold to the medical market as give-aways for pediatricians, dentists and others to give to kids when they came in to thei
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
offices.
The products being sold at the time were all plain paper circles just like the retail market had been 5 - 6 years earlier. This time I started a mail order company to sell the prismatic look stickers to medical offices.
Another success....
After we grew to having over 10,000 medical offices a
The products being sold at the time were all plain paper circles just like the retail market had been 5 - 6 years earlier. This time I started a mail order company to sell the prismatic look stickers to medical offices.
Another success....
After we grew to having over 10,000 medical offices a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
d hospitals as customers, I sold this company to a larger competitor.
All in all, 3 national businesses founded and grew from one simple idea applied over and over.....make an existing product better.
Start with this concept - make an existing product better. But instead of depending on the consumer ac
All in all, 3 national businesses founded and grew from one simple idea applied over and over.....make an existing product better.
Start with this concept - make an existing product better. But instead of depending on the consumer ac
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ceptance of the improvements like I did with the examples I gave you, how about making it cheaper too!
The examples above actually cost more than our competitors - in some cases as much as 4 times as much as the paper products we replaced. Retailers were initially very skeptical that the products would s
The examples above actually cost more than our competitors - in some cases as much as 4 times as much as the paper products we replaced. Retailers were initially very skeptical that the products would s
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ll because of that.
For example, a typical paper portfolio printed in full color with attractive designs was selling for 59 - 69 cents for the nice ones and as low as 29 - 39 cents for the budget models without any art.
Our portfolio was to retail at $2.00!
Though they sold better than everything else,
For example, a typical paper portfolio printed in full color with attractive designs was selling for 59 - 69 cents for the nice ones and as low as 29 - 39 cents for the budget models without any art.
Our portfolio was to retail at $2.00!
Though they sold better than everything else,
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
there was quite a bit of initial buyer skepticism because of the price.
Here's how to make it a sure thing......
MAKE IT BETTER, FASTER & CHEAPER
When you make the changes to improve the product, do it for less money, not more! And I don't mean just a little bit better either - make it a lot better.
A
Here's how to make it a sure thing......
MAKE IT BETTER, FASTER & CHEAPER
When you make the changes to improve the product, do it for less money, not more! And I don't mean just a little bit better either - make it a lot better.
A
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
couple examples will show you what I mean.
By watching the trends in my raw materials, I found out right away when the prismatic and holographic materials started to be made of paper instead of vinyl or polyester.
At the same time thin film technology appeared to make the brighter film products much thin
By watching the trends in my raw materials, I found out right away when the prismatic and holographic materials started to be made of paper instead of vinyl or polyester.
At the same time thin film technology appeared to make the brighter film products much thin
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
er to match the paper costs.
Using these new materials I introduced a seasonal product line of Christmas address labels, gift tags and stickers. What made these different was that while my earlier regular sticker product was a 4" x 6" sheet of stickers retailing for $1.00, I was now able to do a 8" x 10
Using these new materials I introduced a seasonal product line of Christmas address labels, gift tags and stickers. What made these different was that while my earlier regular sticker product was a 4" x 6" sheet of stickers retailing for $1.00, I was now able to do a 8" x 10
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
" sheet of stickers for the same price!
This was over 3 times the stickers for the same price! What do you think happened? If a small sheet sells well for $1.00, how will a package 3 times the size do at the same price?
How about a $592,000 order from Wal-Mart?
ONE MORE...
This example is not about
This was over 3 times the stickers for the same price! What do you think happened? If a small sheet sells well for $1.00, how will a package 3 times the size do at the same price?
How about a $592,000 order from Wal-Mart?
ONE MORE...
This example is not about
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ne of my products. It’s from an inventor I know in Canada who has a process for making plastic and rubber products from recycled tires and scrap plastic.
He started first with those rubber protectors for ice skates. The existing products on the market wore out fast because the sharp ice skate blades kep
He started first with those rubber protectors for ice skates. The existing products on the market wore out fast because the sharp ice skate blades kep
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
t cutting through the rubber blade covers.
His product was actually more durable and lasted much longer.
But here's the best part:
Because he used scrap material he gets his raw materials for free! Not only did he make a better product, but instead of a $6.00 retail price, his product retailed for $2.0
His product was actually more durable and lasted much longer.
But here's the best part:
Because he used scrap material he gets his raw materials for free! Not only did he make a better product, but instead of a $6.00 retail price, his product retailed for $2.0
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
and he put all his competitors out of business!
THE BOTTOM LINE
You don’t have to be an inventor to develop new products - in fact, it’s better if you aren’t that smart. It’s a lot easier to take something that already is selling well and make it better - and it’s a lot more likely to be successful too
THE BOTTOM LINE
You don’t have to be an inventor to develop new products - in fact, it’s better if you aren’t that smart. It’s a lot easier to take something that already is selling well and make it better - and it’s a lot more likely to be successful too
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/74425/diggit-Product-Development-The-Easy-Way.html">Product Development The Easy Way</a>
BB link (for phorums):
[url=http://www.diggit.org.ua/article/74425/diggit-Product-Development-The-Easy-Way.html]Product Development The Easy Way[/url]
Related Articles:
Career - Are You Feeling Victimized?
Online Flowers -- Internet Business Blooming For Local Florists
Bookmark it:
|