Every industry is different and so is healthcare. Everywhere we have products and services. But not all are manufactured the same way. Especially when it comes to healthcare, there are certain steps involved to determine the quality, relevance and sustainability of the product. But not all medical product development companies are following these crucial steps and are losing out to several competitors who carefully implement them. Here are the five crucial steps in Medical Product Development that you can’t afford to miss.
Initiation, Opportunity & Risk Analysis
Planning is an integral part of any project. Hence first indulge in some planning and analyze the pros and cons. Added to this, you should also see, if a similar product already exists in the market or not. Followed by, funding strategies, marketing strategies and the overall plan to execute the product journey. Most importantly, the risks involved. In this case, a quality management system should be in place. With a QMS from the initial levels, you can actually control the whole process and take it forward in style.
Formulation, Concept & Feasibility
Now you have planned and done a risk analysis to go ahead. The next step is the formulation. Yes, you need to build a product and implement the whole process as planned. Then you give it away to some of your well-wishers and ask for feedback, which comes under feasibility study. Overall, you see if people are welcoming your concept or not. This is a crucial part of your medical product development as you test how it actually works. Moreover, you’re building a prototype here.
Design & Development – Verification & Validation
Once you get a positive review from all your well-wishers, you get on to designing and developing your product on a mass level from the scratches. This is going to be based on the feasibility study you made. In case of a drug manufacturing company, you’d have indulged in some R&D for the first couple of years, some clinical trials etc. and then gone forward to manufacturing. Even in the case of medical devices, similar processes take place. At this stage of medical product development, you have to manage risks with ease.
Final Validation & Product Launch Preparation
Now comes the most crucial part of medical product development. Sales and marketing, product launch preparation etc. come under this stage. It is important because your communication has to be supported by proper evidence. For example, if you’re saying your product cure/treat a particular disease, you need to support it with facts and documented experiments. If you fail to do so, you can easily become legally liable and all your whole efforts will go in vain.
Product Launch & Post Launch Assessment
Now you launched a product and all your efforts are finally paying off. Hopefully, your medical product development would’ve been critically acclaimed and the demand for your products might go higher and higher. Even in this, you have to consistently move forward and to do that, you need to do post-launch assessment. By doing this, you will see how your product can be improved and you can offer the best to all your users.
Technosoft helps clients in customizing and introducing new products in the market. The products we engineer take lesser time-to-market and the manufacturers do not have to build the device from the ground up. With the help of our outstanding engineering services capability, we build a product that meets customer’s specific needs; generate higher revenue and more margins.