Yuanfeng is excited to announce a new feature to help medtech regulatory affairs professionals gain faster market entry: New Product Introduction (NPI). The Yuanfeng NPI solution significantly accelerates decision-making and reduces time to market by centralizing decision-making and automating time-consuming, manual processes. NPI also expands Yuanfeng extensive list of regulatory workflows that help medtech regulatory teams manage their products across the regulatory lifecycle.  

New product introductions typically involve one of two important decisions: deciding which market to take a new product or, more commonly, deciding where to take an existing product to market next. Both involve careful planning and collaboration across numerous internal and external stakeholders. Regulatory teams need to assess the amount of time, resources, and costs needed to enter each new market. This process often involves careful examination of the product’s existing registrations. There are also business considerations they need to make including forecasting expected revenue gains for each market.

Traditional approaches to new product introductions are time-consuming and manual. There's no centralized place to manage regulatory information, making it difficult to view the product’s existing registrations, collaborate efficiently, and forecast effectively. Additionally, these processes are often complex, involving numerous spreadsheets and disjointed systems that drastically increase operating costs and slow decision-making – and ultimately time to market.  

The Yuanfeng NPI solution addresses the common challenges companies face when doing a new product introduction project. By providing complete visibility into all regulatory information in a single platform, companies can streamline their processes and improve efficiency with:  

• Centralized data management – Streamline the request and approval workflows needed to place a product in a specific market in one platform

• Enhanced collaboration - Collaborate with all relevant internal and external stakeholders directly within Yuanfeng

• Automated workflows - Automatically create registrations directly from the project

• Forecasting and decision support - Forecast expected revenue from NPI projects directly in Yuanfeng, and realize revenue gains faster

• Easier market entry - Reduce manual data collection efforts. Stay updated on important timelines, delegate tasks, and keep track of progress in a streamlined project

With its new NPI solution, Yuanfeng is excited to continue its mission of increasing the accessibility of life-changing products by giving medtech RA teams a centralized collaboration hub for NPI projects backed by the automation necessary to more accurately forecast, speed decision-making, and remove market entry barriers.