The selection of a project is a critical undertaking which can impact the overall success of an organization. This is especially true with new product development within the pharmaceutical industry. Development of a new medication involves years of investment of time, finances, and study. An organization must acquire a systematic process to validate the viability of a project in order to select projects that have the greatest potential in succeeding. A project management office (PMO) must be able to assess the risks and benefits of a potential endeavor to ensure that the most suitable projects are selected.
Background
As a result of the pharmaceutical industry being highly competitive, it is essential for a business to optimize the process of selecting development projects for new medications. An organization must determine therapeutic capacities, evaluate the potential compounds, ascertain the resources needed to synthesize or obtain the compounds, and …show more content…
A company must consider all stakeholders and the full potential of service strategies to effectively assess the ROI for the new product (Wenzel, Henne, & Zöllner, 2014). Traditionally, ROI measurements can be complicated by establishing service effects, multiple uses for the product, mistrust of consumers, and price negotiations with payers. ROI measurements should be assessed periodically to converge and alter the values as more information becomes available on the compound that will be developed. The PMO must clearly define project objectives to align with the corporate strategy, develop communication and quality plans, and monitor the performance to properly manage the project (Vaidyanathan, 2013). By implementing all of the above elements, the PMO can achieve optimal performance for the project to secure the best return of the financial investment of the
Background
As a result of the pharmaceutical industry being highly competitive, it is essential for a business to optimize the process of selecting development projects for new medications. An organization must determine therapeutic capacities, evaluate the potential compounds, ascertain the resources needed to synthesize or obtain the compounds, and …show more content…
A company must consider all stakeholders and the full potential of service strategies to effectively assess the ROI for the new product (Wenzel, Henne, & Zöllner, 2014). Traditionally, ROI measurements can be complicated by establishing service effects, multiple uses for the product, mistrust of consumers, and price negotiations with payers. ROI measurements should be assessed periodically to converge and alter the values as more information becomes available on the compound that will be developed. The PMO must clearly define project objectives to align with the corporate strategy, develop communication and quality plans, and monitor the performance to properly manage the project (Vaidyanathan, 2013). By implementing all of the above elements, the PMO can achieve optimal performance for the project to secure the best return of the financial investment of the