Euromeeting Abstracts: Best Practices in the Management of Global Drug Development
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Drug Information Journal, Val. 35, pp. 903-919, 2001 Printed in the USA. All rights reserved.
Copyright 0 2001 Drug Information Association Inc.
EUROMEETING ABSTRACTS: BEST PRACTICES IN THE MANAGEMENT OF GLOBALDRUGDEVELOPMENT ABSTRACTS The following abstracts are from Track 7, Best Practices in the Management of Global Drug Development, of the EuroMeeting, held in Barcelona, Spain, March 6-9, 2001.
An Introduction to Portfolio Management: A Valid Instrument for Corporate Strategy Development. Rolf F. Tiggemann, PhD, Vice President Product Development Europe, AAI International, Neu Ulm, Germany.
International pharmaceutical market dynamics increasingly require that pharmaceutical companies add value to their organizations at all levels. In this respect, strategic research and development (R&D) portfolio management constitutes an extremely important tool to increase overall R&D project value. Unfortunately, the implications of this tool are very often seriously underestimated. Overall perspectives and methodologies of portfolio management have been changing. Qualitative ranking systems have been replaced by quantitative methods, and the discussion about the dimensions of value is largely over. We are still in the beginning of an era in which rapid changes are seen as an allpervasive characteristic of pharmaceutical markets. Companies that develop strategies and practices that thrive within this evolving, complex, and dynamic environment will be rewarded. Keys to success include effective and efficient business practices and the use of sound competitive intelligence. Awareness of these trends and potential discontinuities and how they can affect one’s business have
a direct impact on R&D project selection and organizational focus. This particularly holds true for the lengthy and complex drug R&D process. All organizations have finite resources, budgets, and capacity. Likewise, every organization always has more projects to conduct than can be done within those limitations. Therefore, an efficient and effective process to determine which projects should be fully resourced and funded internally, which should be outsourced, and which should be stopped can be a true competitive advantage. On the other hand, R&D by definition is not an absolute nor is it a guarantee of success. R&D is a process designed to minimize uncertainty and gain clarity. Only a limited number of compounds achieve success, that is, market launch. Based on these real-life issues, there is growing internal pressure to increase R& D productivity while controlling costs. An effective R&D project portfolio management process certainly can help achieve this objective. Regardless of company size, R&D portfolio management should be an integral part of corporate culture and business processes. Arguments can be made that R&D portfolio management is more important to certain size companies than others. The premise of this session, however, is that an effective R& D portfolio management process is essential to all companies regardless of size. Large
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