How Bayer Makes Decisions to Develop New Drugs
Drug development is time consuming, resource intensive, risky, and heavily regulated. To ensure that it makes the best drug-development decisions, Bayer Pharmaceuticals (Pharma) uses a structured process based on the principles of decision analysis to evaluate the technical feasibility and market po...
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| Veröffentlicht in: | Interfaces (Providence) 2002-11, Vol.32 (6), p.77-90 |
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| creator | Stonebraker, Jeffrey S |
| description | Drug development is time consuming, resource intensive, risky, and heavily regulated. To ensure that it makes the best drug-development decisions, Bayer Pharmaceuticals (Pharma) uses a structured process based on the principles of decision analysis to evaluate the technical feasibility and market potential of its new drugs. In July 1999, the biological products leadership committee composed of the senior managers within Bayer Biological Products (BP), a business unit of Pharma, made its newly formed strategic-planning department responsible for the commercial evaluation of a new blood-clot-busting drug. Even though Pharma's use of decision analysis began in the late 1980s, this commercial evaluation was BP's first decision analysis project. Previously, BP had analyzed a few business cases for review by Pharma. Pharma senior managers considered our recommendations relevant to their decision making. The project also institutionalized decision analysis at the business-unit level. |
| doi_str_mv | 10.1287/inte.32.6.77.6475 |
| format | Article |
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To ensure that it makes the best drug-development decisions, Bayer Pharmaceuticals (Pharma) uses a structured process based on the principles of decision analysis to evaluate the technical feasibility and market potential of its new drugs. In July 1999, the biological products leadership committee composed of the senior managers within Bayer Biological Products (BP), a business unit of Pharma, made its newly formed strategic-planning department responsible for the commercial evaluation of a new blood-clot-busting drug. Even though Pharma's use of decision analysis began in the late 1980s, this commercial evaluation was BP's first decision analysis project. Previously, BP had analyzed a few business cases for review by Pharma. Pharma senior managers considered our recommendations relevant to their decision making. 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| source | Jstor Complete Legacy; INFORMS PubsOnLine; EBSCOhost Business Source Complete |
| subjects | Approximation Biological products Blood clots Business studies Capital costs Case studies Cost estimates Decision analysis Decision analysis: applications. Industries: pharmaceutical Decision making Direct labor costs Direct material costs Drug development Drug therapy Drugs Fibrinolytics Industry Laboratory animals Market potential Marketing Net present value Operations research Pharmaceutical industry Pharmaceuticals Probability distribution Product development Production costs Random variables Research and development costs Strategic planning Teams |
| title | How Bayer Makes Decisions to Develop New Drugs |
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