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Some statistical issues in project prioritization in the pharmaceutical industry

S Senn1

  • 1Department of Statistical Science, University College London, U.K.

Statistics in Medicine
|December 30, 1996
PubMed
Summary

Pharmaceutical companies can better prioritize projects by considering cost and probability. The Pearson index offers a simple tool for ranking projects, aiding in portfolio management and value assessment.

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Area of Science:

  • Pharmaceutical industry
  • Drug development
  • Portfolio management

Background:

  • Effective portfolio management is critical for pharmaceutical companies.
  • Project prioritization decisions significantly impact R&D success and resource allocation.
  • Existing methods may not fully capture project value considering cost and probability.

Purpose of the Study:

  • To examine portfolio management and project prioritization in the pharmaceutical sector.
  • To identify key factors influencing project value.
  • To introduce a practical tool for project ranking.

Main Methods:

  • Analysis of project cost and probability structures.
  • Application of the Pearson index for project ranking.
  • Consideration of practical challenges in project evaluation.

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Main Results:

  • Project cost and probability architecture are fundamental to determining project value.
  • The Pearson index provides a straightforward method for ranking pharmaceutical projects.
  • Several practical difficulties in project assessment were identified and discussed.

Conclusions:

  • Strategic project prioritization is essential for pharmaceutical R&D success.
  • Integrating cost and probability analysis using tools like the Pearson index enhances portfolio value.
  • Addressing implementation challenges is key to optimizing pharmaceutical project selection.