The objective of this article is twofold: a) to present a seven-steps procedure to build conceptual models and b) to propose a platform conceptual model for developing generic drugs. The procedure for building conceptual models was drawn based on the lessons learned from our eighteen-year long Action Research Program on QFD implementation and the platform conceptual model for generic drugs was obtained from three applications in a government-owned pharmaceutical company. The seven-steps procedure facilitates the process of reasoning, shortens the time spent on conceptual model building and enables the QFD practitioners to use the method to its full extent; whereas, the platform conceptual model makes subsequent new developments easier and faster. Conceptual models as well as platform conceptual models need further testing. We believe this article will help QFD practitioners to go beyond the Quality Matrix, the House of Quality and to make use of the full potential the method offers; in addition, the platform conceptual model derived from this study can serve as a basis for those working with a similar process/product. The article brings QFD applications to the generic drug pharmaceutical industry, which has an extremely important social impact helping to lower the cost and facilitating the access of the population to health treatment. It also contributes to introduce the concept of platform into QFD conceptual model building.