Pharmaceutical R&D: the road to positive returns.
摘要：
The pharmaceutical industry is grappling with diminishing R&D productivity. Our estimates suggest that the internal rate of return (IRR) on small-molecule R&D is now ~7.5% (FIG. 1; see Supplementary information S1 (box)), which is less than the industry's cost of capital. The trend has been to view diminishing returns on R&D investment purely as a 'science problem, spurring much discussion of 'new paradigms' that would radically change pharmaceutical R&D. Although scientific innovation is certainly part of the solution, in this article, we present analyses indicating that stronger management attention to well-known value-creation levers - cost, speed and decision making -could increase the IRR of an average small molecule to 13% or more.
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年份：
2009
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