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Successful New Product Development by Optimizing Development Process Effectiveness in Highly Regulated Sectors: The Case of the Spanish Medical Devices Sector

In: Managing Innovation Driven Companies

Author

Listed:
  • Annemien J. J. Pullen
  • Carmen Cabello-Medina
  • Petra C. Weerd-Nederhof
  • Klaasjan Visscher
  • Aard J. Groen

Abstract

Innovation is a key driver of sustainable competitive advantage and one of the key challenges for small-and medium-sized companies (SMEs) (O’Regan et al., 2006). Therefore, SMEs need to remain active in new product development (NPD). It is difficult for SMEs1 in regulated sectors to development new products, because heavy regulatory involvement imposes a number of difficulties on the NPD process. Products have to meet these strict regulations in terms of quality, safety, functionality, and manufacturability, which makes it difficult for SMEs to differentiate in terms of the effectiveness of the product concepts. However, there are big differences in the NPD performance of SMEs. Then, the questions are (1) how do SMEs in regulated sectors distinguish themselves in terms of innovation performance? And, (2) how can SMEs in regulated sectors be successful in NPD?

Suggested Citation

  • Annemien J. J. Pullen & Carmen Cabello-Medina & Petra C. Weerd-Nederhof & Klaasjan Visscher & Aard J. Groen, 2011. "Successful New Product Development by Optimizing Development Process Effectiveness in Highly Regulated Sectors: The Case of the Spanish Medical Devices Sector," Palgrave Macmillan Books, in: Hugo Tschirky & Cornelius Herstatt & David Probert & Hans-Georg Gemuenden & Massimo G. Colombo & Tho (ed.), Managing Innovation Driven Companies, chapter 6, pages 99-124, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30654-7_6
    DOI: 10.1057/9780230306547_6
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