Models and software for improving the profitability of pharmaceutical research

Jiun-Yu Yu and John Gittins

European Journal of Operational Research, 2008, vol. 189, issue 2, 459-475

Abstract: The pharmaceutical industry is highly competitive, and the discovery and development of new drugs is extremely expensive and time consuming. This paper is a contribution to the task of improving the effectiveness of pre-clinical research. Our model investigates for any given project the number of lead series which should if necessary be optimised in the search for a development compound which is sufficiently promising to proceed to clinical trials. The numbers of scientists which should be allocated to each research stage are also investigated. Two widely-applied profitability criteria are considered. Computer software designed to implement the optimisation calculations is described and shown to produce reasonable results, leading to a potentially dramatic improvement in profitability.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:189:y:2008:i:2:p:459-475

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