Life Sciences

At any one time, many potential candidate compounds are under development. However, only a tiny proportion will become successful retail drugs, with huge R&D costs for those that are not successful. How can the company build the best portfolio of prospect compounds, and ensure that investment is afforded only to the best prospects?

Oxford Risk:

• Explained to R&D managers the risk attitudes and culture of the company.
• Ran seminars to educate and train managers to recognise and eliminate potential biases in decisions.
• Encouraged managers to exercise judgement and recognise that the quantitative analysis may be incomplete or presented from a systematically biased perspective.
• Showed how these techniques could be applied to ensure that appropriate decisions were made to approve or terminate R&D.

The benefit was a more informed approach to R&D investment decisions. Managers were empowered to exercise judgement to complement the quantitative analysis, which previously might have been the only consideration.