optimising resource allocation in portfolio management - Isis Project No 3284
A new software package incorporates sophisticated economic modelling to determine optimal resource allocation during preclinical pharmaceutical research.
Marketing Opportunity
Strategic management of pharmaceutical research and development is vital for delivering therapies to market faster and more profitably. In 2006, the average time to market for a new drug was between 10 to 15 years, at an average cost of more than £600m. Accelerating drug development, even by a matter of weeks, not only provides financial gains through increased market share and reduced development costs but also reduces the waiting time of patients for new and possibly life-changing therapies. The challenge faced by all research-based pharmaceutical companies is to identify routes that will provide optimal return on investment across a portfolio of research projects and with finite resources. As companies strive to achieve top-line and bottom-line growth through the refinement of project management procedures, tools that enable quantitative comparison of the economic merits of competing strategies will be of increasing importance. The requirement for tools that improve the profitability of resource allocation in preclinical pharmaceutical research is addressed by the Oxford invention.
The Oxford Invention
The OPRRA software package is one of the major achievements of over thirty years of research and development in Oxford towards stochastic methods and software for compound selection and resource allocation in pharmaceutical research. OPRRA incorporates both decision analysis and economic modelling, thereby providing a more sophisticated tool than is presently available for optimising the profitability of resource allocation in preclinical research. OPRRA has been designed with the end-user in mind and can be accessed via a user-friendly graphical interface. Critically, the mathematical rigour that has been applied in the development of the software, together with sound modelling assumptions based on extensive research of project and resource management in the pharmaceutical industry, ensures the confidence of end-users in the practical relevance of the OPRRA outputs.
Commercial Opportunity
Isis would like to talk to companies interested in evaluating this unique software. Please contact the Isis Project Manager to discuss this further.