Research & Development

Research and Development are at the core of any product development. Leading companies are known to invest billions of dollars in product development by leveraging their R and D departments. Investment is R and D is highly capital intensive but the returns are worth every dime. It is worth noting that R and D can also take a very long time before the actual product can find its way in the market.

Pharmaceutical companies invest a lot of time in research. It can take even decades for a drug to go through research, testing, licensing and finally being released into the market. This basically means that the funds and the time invested in R and D is massive. This therefore calls for prudence and meticulous planning in order to ensure that every second and every dime is put into proper use. It would be a pity for all the investments put into the research and development of a product to go up in smoke.

It is worth noting that R and D departments need foresight as part of their strategy. The world has witnessed expensive ventures fail because of lack of foresight in the part of the planners. The introduction of the concord is a good example of an expensive strategy gone wrong. Any organization worth its salt should minimize losses by engaging only in viable ventures after thorough research. Any discrepancies that come at the R and D stage should be taken care of immediately and nothing should be left to chance. This is important in helping organizations gain as much as possible from their R and D strategy.

Research and Development is an expensive venture and as such due diligence needs to be carried out with the sole aim of maximizing the returns from the end product.