Making the right decisions in pharma is crucial to ensuring the success of projects and portfolio goals. Here are five best practices that can help pharmaceutical companies make informed decisions:
#1 Consolidate Portfolio Data
Managing portfolio data can be time-consuming and complicated when it's scattered across various systems. Storing all data in one central system will simplify the process and make it easier for portfolio managers to find the latest information, maintain consistency, and track portfolio progress.
#2 Account for Operational Risks
Risk management is an essential part of pharma decision-making. Identifying and tracking operational risks can help pharmaceutical companies prepare for unforeseen circumstances and prevent negative impacts on project timelines and costs. By integrating operational risk into portfolio forecasting, teams can better understand their portfolio's overall performance and create strategies to mitigate risk.
#3 Consider Dependencies Between Assets
In reality, many pharmaceutical projects are dependent on other projects in the pharmaceutical portfolio. By identifying these dependencies and accounting for them in the portfolio model, companies can create a more accurate representation of the portfolio's performance and identify potential risks.
#4 Integrate Commercial and R&D Models
Integrating commercial and R&D models will help bridge the gap between these two functions and improve collaboration between teams. This will result in a more holistic and dynamic end-to-end project model, reducing the need for manual updates, and ensuring that everyone is working with the same data.
#5 Use Ranges to Manage Uncertainty
Introducing ranges into the analysis will provide a more realistic representation of pharmaceutical project outcomes, as it acknowledges the uncertainty inherent in the projects. This allows companies to identify potential risks and prepare for them in advance.
By following these best practices, pharmaceutical companies can optimize their pharma decision-making process and increase their success rates. Don't let complexity get in the way of making informed decisions. Simplify your approach and achieve your portfolio goals!