Skip to Content

Product development

In business and engineering, the term product development is used to describe the complete process of bringing a new product or service to market. It is important to consider product development as part of the system of product life cycle management (see Manufacturing). 

For the sake of simplicity md2m defines new product development as a parallel process involving:

  1. Idea generation, product design and detail engineering (prototyping); and
  2. Health technology and health economic assessment.

New product development is regarded by many as the most critical in the eventual success or failure of a medical device. At each step of the aforementioned processes, md2m applies a strict set of evaluation criteria. This is done in order to ask the hard questions :

do we go, kill, hold or recycle the project ?  Further product development involves preparation for mass production, testing and regulatory approval.

For more information, please contact md2m