Production Planning for Pharmaceutical Companies Under Non-Compliance Risk

Marco Laumanns (), Eleni Pratsini (), Steven Prestwich () and Catalin-Stefan Tiseanu ()
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Marco Laumanns: IBM Research – Zurich
Eleni Pratsini: IBM Research – Zurich
Steven Prestwich: University College
Catalin-Stefan Tiseanu: University of Bucharest

A chapter in Operations Research Proceedings 2010, 2011, pp 545-550 from Springer

Abstract: Abstract This paper addresses a production planning setting for pharmaceutical companies under the risk of failing quality inspections that are undertaken by the regulatory authorities to ensure good manufacturing practices. A staged decision model is proposed where the regulatory authority is considered an adversary with limited inspection budget, and the chosen inspections themselves have uncertain outcomes. Compact formulations for the expected revenue and the worst-case revenue as risk measures are given as well as a proof that the simplest version of the production planning problem under uncertainty is NP-complete. Some computational results are given to demonstrate the performance of the different formulations.

Keywords: Pharmaceutical Company; Risk Measure; Total Revenue; Good Manufacturing Practice; Uncertain Outcome (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:oprchp:978-3-642-20009-0_86

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DOI: 10.1007/978-3-642-20009-0_86

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