Based on our experience most New Product Development fails due to a company’s inability to determine the unmet need. Through a combination of our own experience and expertise, conducting Voice of Customer (VOC), engaging with our advisors and Key Opinion Leaders (KOLs) we are able to determine and validate the unmet need.
The same processes enable us to qualify new ideas and create new technologies allowing more effective ideation. Furthermore, we are able to qualify the clinical utility. This means that it is not only effective in the laboratory informing the clinician of relative and actionable data but most importantly it brings benefit to the patient.
Once we have determined the unmet need, qualified the clinical utility and ideated we can assess its commercial potential. Market values are often created through disease incidence, this can lead to wholly underestimated figures and equate to poor market potential for your company. There are many factors to consider in this early phase of a project.
We have guided clients through quite complex diagnostic concepts, identifying unseen issues that should prevent investment in flawed projects. Equally we have experience in creating sound business cases on the basis of having a true understanding of the market.