Critical Success Factors for New Product Development in Biotechnology Companies

Abstract

The development of new products has become increasingly critical for the competitiveness of companies, due to increased diversity and variety of products, the reduction of product life cycles, and, primarily, globalization of markets. Thus, the identification and prioritization of critical success factors for developing new products is important, particularly for the high degree of risk and uncertainty involved. The main objective of this article is the identification and prioritization of critical success factors in new product development projects in biotechnology companies in the state of Minas Gerais, Brazil. The research method used was a survey questionnaire, which was sent to a sample of 31 biotechnology companies in Minas Gerais state. The principal findings of this research are that interpersonal skills/relationships of the project leader and technical skills are the most critical factors for successful new product development in this industry. The implications for the biotechnology industry in general, as well as for those responsible for managing new product development, are discussed.