What Is Product Development?
Across the medical device industry, the role of a product manager has far-reaching responsibilities within a given organization. Accountability from a product’s conceptualization through the end of its life cycle presents challenges that require a proactive approach to risk and life cycle management.
Product development is the art and science of understanding what to build and why to build it. Part marketer, part engineer, part sales, and part project manager, the product manager must lead engineering, surgeon consultant, regulatory, compliance, finance, and marketing teams from concept through commercialization; navigating patent, FDA and International regulatory compliance, market access, and reimbursement landscapes.
Product managers are responsible for surpassing financial contribution targets through strategic product differentiation and satisfaction of unmet user and clinical needs by increasing procedural efficiency and improving patient outcomes.
Proactive communication is a trait of successful product managers in order to clearly define expectations and create organizational alignment to deliver projects within a designated budget and timeline while ensuring conformity to regulatory, compliance, and company policy / procedure requirements.
Did I mention communication? Here’s a great example demonstrating why communication is vital to successful development of any product.
Product Management Quotes From A Few Well-Know Leaders
“If you are not embarrassed by the first version of your product, you’ve launched too late.”
– Reid Hoffman, LinkedIn
“Make every detail perfect and limit the number details to perfect.”
– Jack Dorsey, Square
“If you continue to improve a product enough, you’ll eventually ruin it.”
– David Pogue, the New York Times
KEY POINT: It’s better to go to market today with an 80% solution, than wait for a 100% solution tomorrow.
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