Product expert Paul delves into the challenges and strategies of product management in Healthcare, emphasizing the importance of customer desirability and exploring the DERPA model. The podcast sheds light on the evolving nature of innovation and R&D in product management roles within the industry.
Product management in Healthcare lacks core tenets, showing a demand for improvement.
Product portfolio rationalization is vital for maximizing revenue and margin contribution.
Deep dives
Evolution of Product Management Roles
Product management has seen a significant rise in demand, with an increase in roles by 30% over recent years. The expansion includes the emergence of chief product officers in Fortune 500 companies. The role encompasses developing, launching, and managing products throughout their life cycles, involving strategies, innovation, and eventually sunsetting. The variability in defining product management mirrors the complexity it entails, often leading to misconceptions and varied interpretations.
Strategic Product Portfolio Management
Product portfolio rationalization plays a crucial role in maximizing revenue and margin contribution. The 80/20 principle is highlighted, indicating that a significant portion of revenue is driven by a select part of the portfolio. Analyzing products based on revenue and margin helps identify areas that might erode the company's margins, necessitating strategic decision-making. The necessity of evaluating and potentially removing products that hinder profitability showcases the underappreciated aspect of product management.
Product Management (and the variety of overlapping functions of R&D, Innovation, and Product Development) is a fast-growing sector, yet many Healthcare companies appear to be deficient in its basic core tenets. In this series, we do a deep dive into all things product, and Paul shares his perspective in this opening episode.
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