Pharmaceutical R&D pipeline planning

Matthew Colvin, Christos T. Maravelias

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Scopus citations

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.

Original languageEnglish (US)
Title of host publicationHandbook on Project Management and Scheduling Vol. 2
PublisherSpringer International Publishing
Pages1267-1287
Number of pages21
ISBN (Electronic)9783319059150
ISBN (Print)9783319059143
DOIs
StatePublished - Jan 1 2015
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)

Keywords

  • Endogenous uncertainty
  • Mixed-integer programming
  • Nonanticipativity
  • Project scheduling
  • Risk management
  • Stochastic programming

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