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Kerstin Bode-Greuel, MD, PhD
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Value-Driven Project & Portfolio Management
portfolio valuation methodology
portfolio management process & organization
educational in-house workshops
Financial Evaluation
individual projects (Augmented NPV)
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pipeline model
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qualitative/quantitative & primary/desk market research
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R&D & Market Risk Assessment
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Bioscience Valuation in detail
www.bioscience-valuation.com
How can pharmaceutical and biotechnology companies maintain a high profitability?
Klaus J. Nickisch, Joachim M. Greuel, Kerstin M. Bode-Greuel

Abstract
Biotechnology investors are increasingly concerned about taking the risk of investing in the development of innovative drugs, and pharmaceutical companies are worried about maintaining their high profitability in the future. The question is how to build a portfolio of research and development (R&D) projects that fulfils the financial expectations of investors and shareholders.

State-of-the-art net present value algorithms are applied to different types of projects at entry into development in order to evaluate their financial attractiveness and their ability to generate adequate returns. Based on the currently applied cost of capital for pharmaceutical and biotechnology companies the attractiveness of the so-called blockbuster model is clearly supported.

The increasingly favoured specialty model, however, will only provide sufficient returns to biotechnology investors if significant sales volumes are reached. Complementing a company's development portfolio with risk-reduced projects could be an attractive way to ensure sustained growth for both biotechnology and pharmaceutical companies.

Journal of Commercial Biotechnology (2009) 15, 309-323.doi:10.1057/jcb.2009.3; published online 11 August 2009


Value-driven project and portfolio management in the pharmaceutical industry: Drug discovery versus drug development - Commonalities and differences in portfolio management practice
Kerstin M. Bode-Greuel and Klaus J. Nickisch

Abstract
The concept of portfolio management has been widely used in the pharmaceutical industry. It is used to evaluate the commercial value and the risk structure of development projects. The final goal is to select a portfolio of projects that addresses the strategic objectives of the organisation optimally and that leads to the highest overall portfolio value. Companies now start to apply the portfolio management concept on their research portfolios.

Although the basic principle remains the same, the methodology applied has to be adapted to the greater uncertainty that early research projects carry. Commonalities and differences of the portfolio management process in research and development are described and recommendations are given how to harmonise the two different approaches.

Journal of Commerical Biotechnology (2008) 14, 307-325.doi:10.1057/jcb.2008.6; published online 4 March 2008