In a series of one-on-one interviews with R&D and commercial decision makers, Blue Matter found widespread agreement that biopharma companies could benefit greatly by leveraging more scientific approaches to decision making. This would result in more objective, data-driven decisions and could pay dividends across clinical development, as well as corporate, portfolio, and product strategy development.
The question is: How should biopharma companies incorporate decision science (DS) into their assessment and decision making processes? This paper provides an overview of DS within the context of the biopharma industry. Specifically, it
- Defines “decision”
- Contrasts good and bad decision-making approaches
- Defines DS and explores how its two main branches (Descriptive and Prescriptive) interrelate
- Outlines some ways in which DS can be applied within the biopharma enterprise
- Describes a framework for using DS to enhance decision making, sharing several illustrative examples
