Constructing Release Targets for Drug Products: A Bayesian Decision Theory Approach

Jun Shao and Shein‐Chung Chow

Journal of the Royal Statistical Society Series C, 1991, vol. 40, issue 3, 381-390

Abstract: Constructing release targets for drug products in the pharmaceutical industry is considered. to account for the cost and profit of the drug company, a Bayesian decision theory approach is proposed. The release targets are constructed by minimizing the company's expected loss (or maximizing the expected gain). An example from a pharmaceutical company concerning the decision of releasing a batch of drug product is presented.

Date: 1991
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