In the veterinary pharmaceutical industry, product development is a critical and challenging process. Early-stage product development is particularly important as it sets the foundation for the success of a product in the market. A well-planned and executed approach can increase the chances of success, reduce risks, and save time and resources in the long run.
New product development is a team sport. Whether completely done in-house or with the help of external partners, it involves scientists, regulatory affairs specialists, marketing and sales, and manufacturing experts to name a few.
To support organisations that are in the process of, or considering, bringing innovative products to the market, Argenta will host a two-hour workshop on 6 March 2023, focused on early-stage development strategy around veterinary medicinal products, animal nutrition, and medical devices.
Dr Elinor McCartney, Dr Klaus Hellmann and Dr Patxi Sarasola will share their expansive knowledge and insights during the Animal Health, Nutrition and Technology Innovation Europe 2023 event, hosted in London from 6–8 March 2023. These three highly respected industry leaders are the founders of Argenta's acquired companies, Pen & Tec Consulting, KLIFOVET and Ondax Scientific.
Participants will gain clarity around the pre-clinical, clinical, and regulatory requirements in the EU and US markets, as well as the process for achieving regulatory approval. They will also acquire insights on when and how to select the right partner(s) or form strategic alliances to accelerate the development of their product. The workshop will also touch on the challenges posed by the economic downturn on clinical studies and discuss potential solutions.
Some key considerations for a strategic approach to early-stage product development that will be addressed in-depth in the workshop are:
1. Market analysis: The first step in early-stage product development is to analyse the market and identify unmet needs and opportunities. Market research should include an analysis of current trends, competitive landscape, target customer segments, and regulatory environment.
2. Product concept: Based on the market analysis, the next step is to define the product concept and develop a product roadmap. This includes defining the product’s unique selling proposition, target customer segments, and key features and benefits.
3. Feasibility studies: Before investing significant resources in product development, it is important to determine the feasibility of the product concept. This includes technical feasibility, market feasibility, and financial feasibility.
4. Team structure: A cross-functional team should be assembled to lead the product development process. The team should consist of experts from different functional areas such as research and development, marketing, regulatory affairs, and manufacturing.
5. Product development activities: The next step is to conduct the necessary product development activities such as research and development, clinical studies, and testing. The development activities should be well-planned and executed according to the product roadmap.
6. Intellectual property: Protecting intellectual property is a critical aspect of early-stage product development. This includes filing patents, trademarks, and copyrights to protect the product’s unique features and branding.
7. Monitoring progress: Throughout the product development process, it is important to monitor progress and adjust the plan as necessary. This includes making changes to the product roadmap, adjusting resources, and making changes to the development activities as needed.
A strategic approach to early-stage product development in veterinary pharmaceutical companies is crucial for success. By following these key considerations, companies can increase the chances of success, reduce risks, and save time and resources in the long run.
Argenta has supported companies of all sizes in all phases of the product development journey to bring new products into the market. If you are interested in learning more, please do not hesitate to contact us.
Please consider participating in our pre-conference workshop at the 2023 Animal Health, Nutrition and Technology Innovation Europe event.
6 March 2023, 11am-1pm GMT, London, UK
- Get a perspective of early-stage development strategy in the area of your choice: veterinary medicinal products, animal nutrition, or medical devices
- Gain clarity around the pre-clinical, clinical and regulatory requirements in the EU and the US market and the process for achieving approval
- Acquire insights on when and how to select the right partner(s) or strategic alliances to accelerate the development of your product
- Highlight the challenges of the economic downturn on clinical studies and discuss potential solutions
- Dr Elinor McCartney (Technical Director, Pen & Tec Consulting)
- Dr Klaus Hellmann (Chief Veterinary Officer, Europe & Asia, Argenta)
- Dr Patxi Sarasola (Managing Director, Ondax Scientific)
To register please follow this link. As part of the registration process you will be able to book your place on Argenta's pre-conference workshop.