Do you have a clear description of your new product? Have you made a model of the item you will sell, with a label and in the proposed packaging presentation? It is vital to have a tangible item which becomes your focal point.
Do you have a suitably structured process with an effective decision making framework? Many creative minds start without this and hope to develop the process as the project unfolds. Attempt and learn is how product development is usually done in small business! Unfortunately it is inefficient, costly, creates frustration and the final result is not exactly what was intended because there have been too many compromises.
Have you got the resources? You will need the right people, sufficient time and a realistic budget. The people on the job need to know exactly what they are trying to achieve and when they need to deliver. There must be decision makers and well understood direction, support and encouragement from the most senior leadership. The people on the project will: stop it happening, watch it happen or make it succeed.
The supply of therapeutic goods, pesticides, veterinary medicines and cosmetics is highly regulated in Australia.
The Therapeutic Goods Administration TGA provide a national framework for the regulation of therapeutic goods to ensure the quality, safety and efficacy of medicines.
The National Industrial Chemicals Notification and Assessment Scheme NICNAS is responsible for the integrated regulation of industrial chemicals for the protection of human health and the environment. Many cosmetic products and their ingredients are regulated by NICNAS.
Product development in these highly regulated industries must be carefully planned and managed to avoid adding additional cost and delay to the process. Our consultants have had extensive practical experience developing and improving pharmaceutical, cosmetic and other products. This includes experience with formulation chemistry, analytical chemistry, clinical trials, scale-up to manufacture, packaging and labeling, preparation of regulatory dossiers. We know that a new product development project is not complete until regulatory approval, manufacture, distribution, marketing and then sales to customer have been completed and post-market surveillance is being carried out.
The conventional view of product development is that it poceeds via a stage process. Many experienced practitioners know that it is usually a "launch, learn, improve" approach. Launch a product, gain experience about the offering and the market, then make modifications based on these experiences. It is an iterative and time-consuming process of refinement and continuous improvement.
Continuous innovation with existing products and processes is extremely beneficial and an extremely important undertaking for all enterprise.