The Costs Involved in Taking a New Product to the Market

Taking a New Product to the Market

When it comes to realizing a new product idea into the physical form, many entrepreneur inventors underestimate various costs that are involved. These inventors underrate not only the product development costs but most of the other vital costs as well.

Underestimating the costs is especially true for medical device products. Inventors should never make the mistake of misjudging various costs, as it can hinder their success. Rather, they should learn and know all the different types of costs involved in bringing a new medical device product into the market.

Remember, the total cost to take a new product from just a mere concept to a mass-manufactured product widely varies. If it is a complex product, the total costs may reach to a hefty figure. Anyway, let us look at some of the most common costs that are involved when it comes to realizing a new medical device product into a physical form and taking it to the market.

Product Design Costs

The conceived product idea needs to be elaborated, and product design helps in this regard. Rough, hand-drawn sketches are carefully drawn into proper drawings by the professionals. These drawings are then elucidated even more using computer applications, like CATIA, SOLIDWORKS, etc.

While creating the drawings or 3D models using a computer application, many changes are also made and tested in order to achieve a definitive and feasible product design. Making professional drawings and computer-generated 3D models requires experience and skills, and it costs a reasonable amount of money. The computer application itself, by the way, will cost a substantial amount of money.

Product Prototyping Costs

Every new product idea needs a prototype. Based on the definitive product design, a product prototype can be made. A product prototype gives the clear understanding of how the conceived product will physically look, feel and function. At the same time, a product prototype helps test the conceived product, eliminate any defects, and enhance certain functions.

Product prototype development is a complex task as it involves creating near perfect examples of the final product. It is arduous and intellectually challenging job. It will cost a substantial amount to develop definitive product prototypes.

Product Development Costs

Based on the product prototype, the final product is developed. Since it is a medical device product, the product development costs can be broken down into (normally) three groups: the mechanical, the electronic, and the plastic.

While the mechanical and electronic do all the magic, the plastic is responsible for holding the product together. Sometimes, instead of plastic, other materials may be used, but plastic is the most common, versatile, and economical material of choice.

Normally, the mechanical and electronic will be the most difficult and expensive to develop, and they will share a big proportion of the product development costs. The plastic parts or components will, comparatively, cost less to develop.

Copyright, Licensing & Certification Costs

While the normal copyright and licensing costs may not be exorbitant, the fees that inventors have to pay, if they hire professionals, are something worth considering.

For novice inventors, the process of acquiring the copyright and other licenses may seem overwhelming. At the same time, in order to protect the invention, acquiring the copyright and licenses is essential. For that reason, inventors may need to hire professionals who would help obtain the necessary copyright and licenses. These professionals will charge fees that are worth considering.

For medical device products, inventors need to obtain certain certifications from the US Food and Drug Administration (FDA). Acquiring these certifications will also cost some money.

Production Setup Costs

Inventors need to set up production facilities in order to mass manufacture the conceived product. Establishing a production facility is no easy feat, and it requires a considerable amount of capital.

Since it is a medical device product, hybrid production facility, which can mass manufacture and assemble mechanical, electronic, and plastic components, needs to be set up. Further, because it is a medical device product, the facility also needs to have a sterile environment. Forming such a facility will cost a massive amount of money.

The inventors, of course, have the option to partner with existing manufacturers, but that will also cost – not as much as establishing own facility, but a significant, nevertheless.

Well, these are just some of the common costs involved in materializing a new medical device product into a physical form and taking it to the market. Other costs such as branding, packaging, logistics, marketing, and so on are also involved.

If you are an inventor and need help in realizing a new medical device product and taking it to the market, then GID Development Corporation can help. A product development company in California, GID Development Corporation specializes in new product design, product prototyping, product development, plastic product manufacturing, and other product fulfillment services.

Whether it is medical device product development, electromechanical product development, sports product development, or generic or special-purpose product development, GID Development Corporation will surely “GET IT DONE!”

Want to learn more about the professional product development company in California, GID Development Company? Just visit https://www.gidcompany.com/.

A FREE 15-minute telephonic consultation is available! Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.

How to Take Your New Product with Electronics to the Market?

How to Take Your New Product with Electronics to the Market

So you have a novel idea for a new product with electronics? How would you realize your product idea and take it to the market? Well, develop a product prototype, get it bulk-manufactured, and start selling! It sounds very simple, isn’t it?

The reality: nothing is simple or easy about introducing a new product into the market. And, it is even more challenging and arduous when it comes to introducing a complex product, like a new product with electronics, to the market.

Most budding innovators have the false impression that they can take a new product from concept to consumers in a short time, like within a year. That is not true for most products – even untrue for simple products.

Taking a new product with electronics to the market is expensive. Most innovators and startups do not have enough money or risk tolerance to create a definitive product in one step. If they, however, take several small steps, they can get success with their new product. Here is what an innovator or startup should do in order to realize their product and take it to the market.

Validate the Product Concept

In order to prove your product concept, the best thing you can do is create a product prototype. You will need to have a functional prototype of your conceived product. While developing a prototype, ensure to keep the cost of development as low as possible. Since your conceived idea is for a product with electronics, you will need to use breadboards as well as certain electronic modules.

A breadboard helps create an electronic prototype without the need of a specific or definitive PCB (printed circuit board). A breadboard is generic and reusable, so you can create any circuit on it again and again. It is an excellent board for creating and experimenting electronic prototypes.

To create a prototype for a product with electronics, you can also use Arduino. Arduino is a popular electronic development kit, which helps create advanced prototypes for products with electronics. Arduino is a microcontroller-based kit, and the best thing about it is, it is very inexpensive.

Electronic modules are those components that are designed to perform specific functions. For instance, electronic modules may be used to execute functions like video capture, GPS, Bluetooth, and Wi-Fi among many others.

While a product prototype is not something that you can sell into the market, it is certainly the “Thing” that helps you prove, your conceived product idea actually works.

Validate that the Product Will Sell

In order to prove that your conceived product can actually be sold in the market, you will need to create a definitive prototype – a close substitute for the final product. This close substitute or definitive prototype needs to be produced in a small quantity so that they can be sent to the market for testing and getting valuable feedback.

Innovators will never know what the customers precisely want. They can assume, but will not know what the potential users actually want. The best way to know what the customers want, however, is with their feedback!

So to create a close substitute or definitive prototype for your product with electronics, you will need to look farther than electronic development kits (breadboards and Arduino). What you will need is actual printed circuit boards, specifically designed for your conceived product. On this PCB, you will need to integrate actual electronic components. This prototype should perform all the functions that are expected in the final product.

Unlike initial prototypes, creating definitive prototypes is challenging. Therefore, partnering with a product prototype development company that has experience with the development of products with electronics is a good idea. Such a product prototype development company has the knowledge in the field of electronics, and will help create definitive product prototypes that can be put on the market for testing and getting feedback.

Now the Profit

In order to make the profit, you need to create a perfect final product or an archetype, bulk manufacture it, and send the bulk-manufactured product to the market to the actual customers. An archetype of a conceived product is created after eliminating defects and improving certain functions based on feedback received on the definitive prototype.

Once the archetype is ready, the next step is to partner with a manufacturer. Since it is a product with electronics, it will need a plastic casing. Therefore, you need to partner with a unique plastic product manufacturer who not only specializes in plastic product manufacturing but also in handling electronics. If the unique plastic product manufacturer has the experience in helping take the bulk-manufactured products with electronics to the market, then it is an added advantage. Else, you will need to find professionals who can help bring your new product to the market.

If you have a unique idea for a new product with electronics and want to realize the product and bring it to the market, then professional help is available! GID Development Corporation, an eminent product design company in California, helps innovators in designing, prototyping, and developing a wide range of products, including products with electronics, electromechanical products, products with imbedded software, sports products, medical device products, and more. Aside from product design, product prototype development, and new product development, GID Development Corporation also specializes in plastic product manufacturing. With its plastic product manufacturing specialization, GID Development Corporation can help bulk manufacture a wide range of products. The professionals at GID Development Corporation also assist innovators to take their new products to the market.

To learn more about GID Development Corporation, a leading product design company in California, visit https://www.gidcompany.com/.

You can now have a free 15-minute telephonic conference with one of the professionals at GID Development Corporation. Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.

Getting a Product Prototype Developed

Getting a Product Prototype Developed

Product prototype development is one very important step. No entrepreneur inventors can successfully bring a new product to the market without having a prototype developed for it first. A product prototype is the first physical form of a conceived product idea. It gives a better perception, whether the product would work or not. A product prototype also helps identify any problems that the product may have; knowing what the potential problems are beforehand will help eliminate those problems and make the final product better.

For entrepreneur inventors, product prototype development can be radically tough. Fortunately for them, they do not have to make prototypes themselves, as there are many product prototype development companies, engineering firms, machine shops, and other specialized places that can create product prototypes swiftly. Here are some steps that entrepreneur inventors should consider when it comes to product prototype development:

Step 1. Create conceptual sketches of the imagined product, and then create exhaustive drawings for the same. To create conceptual sketches, inventors can try the traditional approach – use a pencil/pen and paper. They can also hire someone to draw the sketches. Rough sketches of the conceived product are necessary. Based on these rough sketches, inventors should get detailed drawings of the product drawn on the computer. CAD (computer-aided design) applications can help in this regard. These detailed drawings are what inventors need in order to explain their product concept to the prototype development company.

Step 2. Search and team up with a good product prototype development company that can help create reliable prototypes based on the requirements and detailed drawings. If the conceived product is to be made from plastic, partner with a product prototype company that specializes in plastic product manufacturing. If it is to be made from metal, seek a company that specializes in creating metal prototypes. If the conceived product is to be made from thermoplastic, rubber, ceramic, or other such malleable materials, then approach a prototype development company that specializes in rapid prototyping or 3D printing (additive manufacturing). Rapid prototyping and 3D printing, by the way, are modern processes that facilitate swift product prototype development.

Note: Get the prototype developed of the same material you intend the final product to be made of; that way, you can get the proper understanding and feel of the conceived product.

Step 3. Redevelop the prototype, until it becomes the archetype of the conceived product. No one can have the perfect prototype on the first try. Several prototypes need to be developed in order to get the archetype, based on which mass production can be initiated. There are certain technologies available, like DS 3DEXPERIENCE Platform, which includes SOLIDWORKS, SIMULIA, GEOVIA, CATIA V6, etc., that help create swift and accurate prototypes; yet, at least, few prototypes need to be made. Often, the redevelopment of prototypes arises due to functional or structural changes; however, other factors may also incite the redevelopment of the prototype.

Step 4. Initiate the mass manufacturing based on the archetype or final product prototype. Now that the archetype or the final product prototype is ready, which is perfect in every sense, entrepreneur inventors should proceed with mass production of the conceived product. Partner with a reliable product manufacturer or, if the budget is not the constraint, set up your own manufacturing facility. Once the product starts rolling out in bulk quantity, take it to the market and start selling to the potential customers.

If you need help with product prototype development, then get in touch with GID Development Corporation. A leading product prototype development company in California, GID Development Corporation not only provides prototype development services, but product design, product development, and other product fulfillment services as well. Just head over to https://www.gidcompany.com/ to learn more.

GID Development Corporation always believes in assisting their customers in any way they can; hence, they are currently offering a 15-minute free telephonic conference to answer various product design, product prototyping, and product development-related questions that the entrepreneur inventors may have. All the entrepreneur inventor needs to do is call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST. Checkout our product Steri-Write.

Benefits of Plastic Injection Molding

Benefits of Plastic Injection Molding

Partnering with a plastic product manufacturer is a good idea. Partnering with a plastic product manufacturer who specializes in the plastic injection molding process is even a better idea! Plastic injection molding is a remarkably versatile procedure of manufacturing new products and their parts. Most plastic product manufacturers utilize this procedure because it has multiple benefits over other procedures of plastic molding. Plastic injection molding is not only simpler and reliable, but it is also exceptionally efficient. For new product development, utilizing this procedure is worth considering.

Here are the benefits of using plastic injection molding for manufacturing new products and their parts or components:

Design Flexibility

The injection molding process involves high-pressure injection or thrust of raw material, i.e., plastic, metal, rubber, etc. into a mold. Due to the high pressure, the material is pressed harder into the mold. Because the material is pressed harder, it is possible to add considerable details in the design of a part or product.

The high-pressure injection that this process utilizes also enables the creation of complex and tricky shapes. The other methods would fail or prove inefficient and too expensive to create complex-shaped parts or products. Therefore, compared to all other molding methods, plastic injection molding offers better design flexibility.

Efficiency

Once the precise mold has been designed as per the required specification and the injection molding machine set, the actual molding process is swift in contrast to other molding methods. Owing to its swiftness, more parts or components can be manufactured, in less time. This aspect of plastic injection molding makes it a cost-effective and highly efficient option for manufacturing plastic parts and components.

Strength Enhancement

Plastic injection molding allows the use of different fillers in the mold. These fillers, which could be silica, calcium carbonate, clay, glass, mica, alumina trihydrate, or any other minerals, can increase the stiffness and hardness as well as strength and heat resistance of the plastic parts. Other molding methods would not allow the use of such fillers; hence, when there is a need for strong and durable plastic parts, plastic injection molding offers a viable option.

Allows the Simultaneous Use of Different Plastic Types

One remarkable benefit of using plastic injection molding for making parts and components is the ability to use different thermoplastic and thermosetting polymers concurrently. This is possible through co-injection technology. Using different types of polymers together reduces the material cost. It also helps alter the density, elasticity as well as color, texture, and mechanical properties of the plastic parts.

Automated Manufacturing

The process of plastic injection molding is automated. Most of the plastic injection molding processes are carried out by machines and even robots. This eliminates manual labor involvement, and so, significantly reduces mass manufacturing costs. Automated manufacturing also reduces inaccuracies; hence, the waste is reduced, and the quality products are manufactured.

If you are looking for a reliable Plastic product manufacturer in California, who specializes in plastic injection molding and can help you develop new products, the GID Development Corporation is worth considering. A product design company in California, GID Development Corporation provides exceptional product design, product prototyping, product development, plastic product manufacturing, and other product fulfillment services.

Currently, GID Development Corporation is offering a FREE 15-minute telephonic conference, where an industrial expert will answer to various plastic product manufacturing-related questions. Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.