Since the introduction of Integrated Product development in 1985, industry has widely been using this model to understand and articulate their design, business and production activities. Recently, however, the picture has started to alter, as the nature of industry’s business has had to adapt to a much more complex world and in many cases, Integrated Product Development is no longer a sufficient way of describing industry’s product development activity. This paper uses the model of Integrated Product Development as a start-point to exploring the changes that industry has been undergoing over the fifteen years since it was introduced and attempts to make pointers in the direction of a new framework for product development, which should guide industry in the future. The key research challenges that this paper identifies include: developing a framework that identifies and supports a multi-aspect approach to product development; understanding the strategic conditions that affect product development; developing a coherent approach to product quality based on product-life thinking; addressing environmental needs in a proactive manner through innovation techniques; and understanding both organisational and technical knowledge-management for improved product development