Trends, challenges, and success factors in pharmaceutical portfolio management: Cognitive biases in decision-making and their mitigating measures.
R&D pipeline management
bias mitigating measures
cognitive biases
decision process quality
pharmaceutical industry
portfolio management
Journal
Drug discovery today
ISSN: 1878-5832
Titre abrégé: Drug Discov Today
Pays: England
ID NLM: 9604391
Informations de publication
Date de publication:
10 2023
10 2023
Historique:
received:
26
02
2023
revised:
29
07
2023
accepted:
05
08
2023
medline:
23
10
2023
pubmed:
13
8
2023
entrez:
12
8
2023
Statut:
ppublish
Résumé
Effective portfolio management is crucial for innovation and sustaining revenue in pharmaceutical companies. This article holistically reviews trends, challenges, and approaches to pharmaceutical portfolio management and focuses, in particular, on cognitive biases in portfolio decision-making. Portfolio managers strongly rely on external innovation and face increasing competitive pressure and portfolio complexity. The ability to address biases and make robust decisions remains a challenge. Portfolio management practitioners most commonly face confirmation bias, champion bias, or misaligned incentives, which they seek to mitigate through expert input, team diversity, and rewarding truth-seeking. Ultimately, highest-quality portfolio management decision-making could be enabled by three factors: high-quality data, structured review processes, and comprehensive mitigating measures against biases in decision-making.
Identifiants
pubmed: 37572999
pii: S1359-6446(23)00250-7
doi: 10.1016/j.drudis.2023.103734
pii:
doi:
Substances chimiques
Pharmaceutical Preparations
0
Types de publication
Journal Article
Review
Langues
eng
Sous-ensembles de citation
IM
Pagination
103734Informations de copyright
Copyright © 2023. Published by Elsevier Ltd.