Project Portfolio Management: A Powerful Strategic Weapon in Pharmaceutical Drug Development
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Project Portfolio Management: A Powerful Strategic Weapon in Pharmaceutical Drug Development Rolf F. Tiggemann, David A. Dworaczyk and Hermann Sabel Drug Information Journal 1998 32: 813 DOI: 10.1177/009286159803200321 The online version of this article can be found at: http://dij.sagepub.com/content/32/3/813
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Drug Information J o u m l . Vol. 32. pp. 8134724, 1998 Printed in the USA. All rights reserved.
0092-8615/98
Copyright 0 1998 Drug Information Association Inc.
PROJECT PORTFOLIO MANAGEMENT A POWERFUL STRATEGIC WEAPON IN PHARMACEUTICAL DRUG DEVELOPMENT ROLFF. TIGGEMANN, PHD C+C Pharma Consulting Ltd. (ArlesheimlBasel), Freiburg Office, Freiburg, Gemany
DAVIDA. DWORACZYK, PHD Director, Worldwide CARS, Solvay Pharmaceuticals Inc., Marietta, Georgia
HERMANNSABEL,DSc Professor for Economic Sciences, Director, Institute of Business Administration, University of Bonn, Bonn, Germany
International pharma 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 porrfolio management have been changing. Qualitative ranking systems have been replaced by quantitative methods, and the discussion about the dimensions of value is largely over: Today, time, cost, technical uncertainty, and commercial prospects form the basis of most methodologies. There is more value yet to be gained through the use of these tools, however, over and above the simple application of standardized quantitative methodologies. This paper describes ways of adding considerable value to R&D organizations through state-of-the-art project portfolio management by using additional parameters. Through the use of the tools and methods described, it is proposed that more valuable information can be made available to allow organizations to make better decisions regarding project expansion, redirection, or termination. Through this approach, there is a greater likelihood that overall business strategies can be fulfilled, budgets controlled, and personnel resources focused. Periodic R&D portfolio reviews provide a routine process for assessment of progress, priority adjustment, and “reality checks, ” that is, application of competitive intelligence, reassess
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