What do I need to include in my product roadmap?
We've been asked by potential investors to lay out a product roadmap to show the likely path of growth our product will take. I'm unsure what projections need to be included and if a competitor analysis needs to be done. I've done some research on the web trying to get a general outline, but it seems like every resource gives me different answer. Our product is in pharmaceuticals.
Every product needs a statement of direction based on a vision.
So products must have release plans which are short term (3-4 months), medium term (6 -7 months) and long term (12-18 months). Product must also have a startegic vision with undefined timeline. This gives customers the confidence that the product is a useful life through usage lifecycle and will stay relevant with capabilities as required from time to time. The vision establishes the leadership thinking of the company which produces the product. The road map ensure that research and development has a clear direction that ensures product is ready for the market when needed, though timelines amy vary some from the plans.
As I see it, a Product Roadmap is an all-encompassing strategy on how your product will reach its users, how it will entice them to use it, how it will grow/make space for itself in the market and how will it evolve into a better product with time and feedback. Note that the roadmap likens to the growth path of a person from birth to death - birth/production, growth/market-space, learning/user-view, adolescence/evolution, adulthood/establishment-sustenance, old-age/reinvention, death/off-shelving/replacement.
Abby, in my view it depends on the answers to the following two questions: 1. Are these investors industry-savvy? That is, do they already know all the weird and wonderful things that go into bringing a pharmaceutical to the marketplace? IF NOT, your product roadmap will necessarily have to include a state-of-the-industry overview and clearly point to the barriers to market entry and what this product will need to do to overcome those barriers en route. IF SO, you will need to be able to identify and list but not necessarily explain in detail each of those barriers and overcoming steps.
2. Are they investing in a.) the wrap-up of the R&D, b.) in the technology transfer from small batch experimentation to production line development, c.) in the post-approval/licensing phase of the product life cycle or d) some combination of more than one of the above? Depending on the phase of the life cycle that they are investing in, the road map will be different.
And once you know the answers to these two questions, you SHOULD be able to "walk the mile in their shoes", and supply the road map answers for the phases of a phamaceutical product's life-cycle that will be most relevant to these investors.
Bear in mind that the road map should probably take into account the barriers thrown up by a social milieu that doesn't easily grasp hard sciences and also barriers likely to be thrown up by competitors (ie. "big pharma") if this is a startup or a generic product.
I have to say that a competitor overview is vital because when talking to investors you want to have a great value proposition and state to them that my product is better than brand x. y. z., and we can capture market share.
Well this is a difficult topic. But in most cases, this is about a Projection. I thing Competitive Analysis is important. A Product Roadmap has to take into account where the Competitive Landscape is and wehre it is going. I would recommend for something Like Pharma, you have to look out to where the market will be, as competitive advantage in this type of a space is Fleeting at best. There is no one right answer, it is all in the information you put out there in such a fashion as an Investor will see that you are making a Product that has competitive advantage.
In the pharma industry the two most important issues that you need to include in your product roadmap are:
I would suggest a business plan with SWOT analysis. Heavy emphasis on Marketing and Sales with each area a separate discipline...SCORE MENTOR would help u immensely
In my experience, once a product opportunity appears, it needs to have a solid product manager define the specifications, competitive analysis, and target demographic.
Then it goes to development and they work together on the project plan and roadmap. This is essential as the product manager knows the top priority functionality required and the developers do not necessarily have that skill set. Even if they do, the same modifications will need to be made. The guidelines set forth in the project plan and the subsequent iterations need to be anticipated by whomever you are reporting.
A phased project plan is best with goal dates. You need to anticipate possible bumps in the road and explain what that would mean to the plan as well.
Also, since several expertise's are involved in the plan, you need to consult on important items such as marketing, sales approach, business development, budget, and more.
Try city by city demonstrating exactly what percentage of potential clients became regular buyers and project based on that.
Your product road-map can include but not exhaustible.
1. the specification and design in pharma;
2. target market and marketing related further analysis;
3. the critical investments required to underline the deliverables;
4. the health statutory and regulatory requirements and findings;
5. the pharma's related GMPs for Active Pharmaceutical Ingredients, GDP and so on;
6. product life-cycle;
7. pricing, cost-analysis and any financial-investors related working papers.
8. any weaknesses and potential upgrades that will lead to second generation and future generations of products.
9. product descriptions, allergens and contraindications etc.
Hope this will help your presentation.