STRATEGIC SUCCESS FORMULA: A Scientific Approach to Driving Better Strategic Decisions

In a recent series of one-on-one interviews, Blue Matter asked 14 biopharma executives and R&D leaders to identify the key success factors (KSFs) for a “Best Practice” R&D organization. Two of the KSFs they identified are closely intertwined: the need for “smart risk-taking and decision-making” and a highly strategic approach to portfolio prioritization. This presentation highlights the need for a more scientific approach to decision making, particularly within the context of portfolio strategy development. It outlines key principles of decision science, contrasts the characteristics of bad portfolio strategy vs. good portfolio strategy, and provides insights to help biopharma companies apply decision science to portfolio strategy development to enhance their likelihood of success.