10-2 Executive Summary - QSO 680

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1 Executive Summary William Thomas Southern New Hampshire University QSO-680-X5400: Seminar in Project Management 23TW5 Steven Coleman September 10, 2023

2 Executive Summary Main Points The program report notes that efforts to develop and produce new drugs are often costly and time-consuming. As such, Lifecycle Pharmaceuticals seeks to engage its Research and Development (R&D) department to explore the implementation of project management techniques in the pharmaceutical industry, emphasizing a value-driven approach to portfolio management. The portfolio management project is strategic in enhancing efficiency by establishing a system for the selection, development, and production of new drugs that align with the mission and values of the company ( Bode-Greuel & Nickisch, 2008). Besides, it is sought to enhance cost-effectiveness and earned value, highlight the significance of ethical considerations, and counter risk factors of the new drugs. The goal of the portfolio management project is to implement the novel portfolio management methodology across all R&D initiatives. This will bolster effective resource allocation based on company objectives, offer avenues to lower costs, and optimize efficiency in new medication development, production, and supply to the clients. Key Findings Ideally, the report contextualizes the conceptions of Lifecycle Pharmaceuticals, identifying that numerous pharmaceutical companies incur high healthcare and service delivery costs. It emphasizes the need for R&D departments to embark on the development and production of more efficient and affordable drugs ( Bode-Greuel & Nickisch, 2008). Concerns about the ethical practices of pharmaceutical companies raise questions about their prioritization of ethics over financial success. Noteworthy, prioritizing projects, selecting new initiatives, and assessing medical studies through value-driven portfolio management enhances the

3 pharmaceutical industry's efficiency and success. Implementing a PMO can expedite project completion and reduce costs or delays, leading to successful endeavors (Larson & Gray, 2021). Further, understanding projects, programs, and portfolio diversities is crucial for effective management. The report idealizes that adopting a divisional structure for portfolio and program management streamlines operations and reduces project delays. Here, common metrics include revenue growth, customer satisfaction, and cost reduction (Van & Shafagatova, 2016). Also, the Benefits Realization Plan (BRP) is essential for tracking and reporting progress, ensuring anticipated benefits are realized, and corrective actions are taken if needed. Recommendations Ultimately, the successful implementation of portfolio management in the pharmaceutical industry is strategic in improving the efficiency, cost-saving, ethical standards, and success of Lifecycle Pharmaceutical in the development and production of new drugs. Embracing value- driven portfolio management helps prioritize projects, align them with strategic objectives, foster sustainable resource allocation, and reduce risks to facilitate a more balanced development of innovative products or services ( San et al., 2016). For instance, it will ascertain adept definition and determination of diseases that trigger immense interest among target consumers. In addition, it is recommended to establish a PMO to expedite project completion and reduce costs. Striving for ethical practices and financial success helps build trust and credibility. Similarly, adopting an agile methodology for pharmaceutical development projects enhances adaptability and innovation ( Stettina & Hörz, 2018). The report also recommends the implementation of a divisional structure for portfolio and program management to streamline operations and reduce project delays. Hence, continuously monitoring progress using metrics and implementing a BRP will ensure that anticipated benefits are achieved.

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4 References Bode-Greuel, K. M., & Nickisch, K. J. (2008). Value-driven project and portfolio management in the pharmaceutical industry: Drug discovery versus drug development–Commonalities and differences in portfolio management practice. Journal of Commercial Biotechnology , 14 , 307-325. DOI:10.1057/jcb.2008.6 2. Larson, E. & Gray, C. (2021). Project management: The managerial process (8th Ed.). McGraw- Hill, New York, NY. ISBN: 9781260242379 San, C. J. R., Carral, L., Diaz, E., Fraguela, J. A., & Iglesias, G. (2018). Complexity and project management: A general overview. Complexity , 2018 . Stettina, C. J., & Hörz, J. (2018). Agile portfolio management: An empirical perspective on the practice in use. International Journal of Project Management , 33 (1), 140-152. Van, A., & Shafagatova, A. (2016). Business process performance measurement: a structured literature review of indicators, measures, and metrics. SpringerPlus , 5 (1), 1-24.

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