Pharmaceutical R&D Pipeline Planning

Matthew Colvin () and Christos T. Maravelias ()
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Matthew Colvin: ASPEN Tech
Christos T. Maravelias: University of Wisconsin

Chapter Chapter 57 in Handbook on Project Management and Scheduling Vol. 2, 2015, pp 1267-1287 from Springer

Abstract: Abstract The development of new drugs is a long and expensive process with multiple sources of uncertainty and complex trade-offs. In this chapter, we discuss how multi-stage stochastic programming (SP) methods can be used to develop tools for decision-making in this sector. First, we present a basic model for the stochastic resource constraint project scheduling problem we consider in this chapter, we discuss extensions for features such as outlicensing and outsourcing, and present modeling methods for risk management. Second, we review theoretical results that allow us to formulate tractable SP models that account for endogenous observation of uncertainty. Finally, we discuss solution methods that allow us to address realistic instances and present two examples.

Keywords: Endogenous uncertainty; Mixed-integer programming; Nonanticipativity; Project scheduling; Risk management; Stochastic programming (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:ihichp:978-3-319-05915-0_27

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DOI: 10.1007/978-3-319-05915-0_27

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