At PI, we use a feedback loop – using the market-informed insights gained from manufacturing to then inform the design of an improved product, an adjacent complementary product or even an innovative, second-generation product.
Inventing a great product is pointless if nobody buys it. In my years in the medtech industry, I’ve discovered there are three fundamental laws of commercialization that you need to consider early in the product development process if you are to be successful.
The COVID-19 pandemic has brought to light the gaps in Australia’s manufacturing capacity, but has also highlighted its potential. We’re glad to see the Australian Government focusing on medical manufacturing because we know we can compete globally in this sector.
In my experience, there are common themes that link the failure of new products, and I am often asked by anxious entrepreneurs for my top tips on preventing their products from becoming landfill and, by corollary, how they can make their products successful.