It’s cheap to develop something based on existing material (8)

I believe the answer is:

pastiche

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'something based on existing material' is the definition.
I can't judge whether this defines the answer.

'it's cheap to develop' is the wordplay.
'to develop' indicates an anagram.
'its'+'cheap'='itscheap'
'itscheap' anagrammed gives 'PASTICHE'.

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(Other definitions for pastiche that I've seen before include "Jumble" , "Work of art in the style of another" , "Work imitating various sources" , "Smorgasbord" , "Artistic work that imitates another" .)

I've seen this clue in The Times.

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