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  • Comparative analysis of the methods for evaluating the economic efficiency of innovative projects in the pharmaceutical industry

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Natal`ya Samsonova
Comparative analysis of the methods for evaluating the economic efficiency of innovative projects in the pharmaceutical industry
Faculty of Economics
Master’s programme
2014
Currently, issues of innovative development are subject to scrutiny , both at national and enterprise levels. To increase innovation activity requires funding innovation. Naturally it is impossible to commercialize all the innovative projects . In this connection there is a need to develop methods to evaluate effectiveness and selection of innovative projects .Unlike investment , innovative projects are characterized by uncertainty and risk , as it is impossible to predict accurately all the possible factors that may affect the innovative project at all stages of the life cycle. The pharmaceutical industry , which is considered in this paper has high risks. It is impossible to predict whether the drug is effective and whether it will pass the test. Even if the drug will be approved and placed on the market , it does not guarantee a successful sale .

The thesis studied the characteristics of innovative design in the pharmaceutical industry , analyzed the traditional methods of evaluating the economic efficiency of innovative projects , methods of real options and the method of fuzzy sets. A comparative analysis of these methods . Identified the main limitations of the methods applied to the pharmaceutical industry. In this study we evaluated the cost-effectiveness of an innovative pilot project to create a small-scale production of silver- bifunctional drug for the treatment of cancer, bacterial and viral infections by a conventional method and the method of fuzzy sets.Based on these results we can conclude that traditional methods of assessing the economic efficiency does not take into account the value of control and do not fully take into account the risks of the project . Application of these methods leads to the fact that in the course of the project it is difficult to abandon the planned actions and see new opportunities that will bring the company huge profits or losses. Application of fuzzy sets to the valuation of pharmaceutical project provides additional opportunities for investors in decision-making , as it allows to consider the relationship between risk and opportunities offered by the enterprise receiving it.

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