This text provides informative, short introductions to the core concepts of Operations Management. This text contains more than 50 concept entries and is fully cross-referenced.An outstanding reference for Operations Management students at all levels. 

New Product Development

New product development

New product development (NPD) is the set of processes, routines and best practices used by companies to create new product concepts and to transform these concepts into product and process designs. The outcome of NPD is the commercialisation of a product.

NPD Process Model

In the pharmaceutical industry, less than 1 per cent of the compounds initially considered as potentially new products will make it to the clinical testing phase (i.e. human testing). Out of all the compounds which go through clinical trials, only 20 per cent will actually reach the market. When bringing a new product into the market becomes that difficult and risky, it is important to control costs and also to manage the efficiency of innovative processes.

Figure 30 presents ...

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