The first step is to carry out systematic literature review and find all the available evidence for the product and its competitors, it's important to understand the disease background too. Once we have got hold of all the relevant information we read and digest it ! We are looking for what's important, why it's important, where the treatment gaps are and how the new product can make a difference. Is it efficacy?  is it side effects?  is it ease of use? is it price ? is it time in intensive care? is it something else? Many components come together in a product's value and they aren't always obvious. When we understand the product's value then we can start putting a cohesive and strong brand story together and draft the value proposition. I love the moment when it all comes together - it's magic and worth the square eyes from too much reading !