Bringing innovative products from concept to commercialization can be a daunting challenge. Ascential’s Chief Technology Officer, Vinod Mirchandani, was interviewed at ADLM Chicago to discuss the key elements that drive successful product innovation and commercialization.
Vinod leads Ascential’s technology strategy and is an expert at commercializing cutting-edge medical devices and life sciences products. With decades of experience in the medical technology sector, Vinod has a strong track record of leading R&D initiatives, advancing innovation, and building high-performing engineering teams.
Vinod shared his perspective on overcoming common obstacles, emphasizing the importance of rapid prototyping, staying focused on user needs, and much more.
Building the Right Team
Don’t underestimate the value of assembling an experienced team. Many early-stage innovators, particularly in startups, are often challenged with building a well-rounded team that has the necessary expertise. “You really need to try to get a hold of an experienced team,” he advised. Surrounding yourself with people who understand the product lifecycle, from development to commercialization, is essential for avoiding costly mistakes and accelerating growth. Even larger companies may struggle with balancing the dynamics of senior leaders and utilizing amassed knowledge in a way that it transitions down effectively throughout the team. Knowledge sharing is an essential building block to success.
Fail Fast and Iterate
When asked about the most effective strategies for early-stage development, Vinod offered a straightforward but powerful piece of advice: “Fail fast.” Innovators should focus on rapidly developing prototypes, testing them, and moving forward based on the results. This iterative approach allows teams to learn quickly from failures, pivot where needed, and reduce the likelihood of surprises down the road.
User Needs and Competitive Differentiation
Vinod was adamant that innovators should never lose sight of the ultimate goal: fulfilling a clear user need. Understanding what problem your product is solving and how it differentiates from competitive offerings is crucial. “Make sure you are coming up with something very competitive,” he said, underscoring that neglecting this step can lead to wasted effort. Innovators must continually refine their products with the end user in mind to stay ahead in an increasingly competitive market.
Embracing Automation
Automation, according to Vinod, can be the key to scaling effectively. This is particularly important when producing high volume products, like lateral flow strips used in diagnostics. Vinod noted, “We can automate the capability of putting reagents in cartridges or other products that the customers desire.” By leveraging automation, companies can achieve the high levels of scalability required to meet growing demand without sacrificing quality or reliability.
Looking Ahead: What’s Next in Medical and Life Sciences
Vinod observed a significant shift in the life sciences landscape. While genomics has been at the forefront of biological innovation over the last 20 to 25 years, the industry is now turning its focus toward proteomics—the study of proteins and their functions. “There’s a lot more to learn and a lot more innovation to happen in proteomics,” Vinod said. This transition will play a pivotal role in advancing the field of life sciences, opening up new avenues for discovery and development.
Vinod’s insights are valuable for innovators aiming to commercialize their products quickly. And as the industry shifts towards proteomics, the potential for growth and innovation continues to expand.
For more detailed insights from Vinod Mirchandani, check out the full interview here. For media inquiries for Vinod, visit our Speakers Bureau page.