Strategic Management of Innovation in Life Science
In life science industries development projects for a new chemical entity (NCE) are generally associated with low probabilities of success compared to other industries. At start of development, an innovation project’s rate of success is only 4% to 7%, the time span of a project from start of development to the potential launch of a product being 10 years or even more. Thus, effective management of commercial risk and uncertainty becomes tremendously important.
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