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Constructing Release Targets for Drug Products: A Bayesian Decision Theory Approach
Author(s) -
Shao Jun,
Chow SheinChung
Publication year - 1991
Publication title -
journal of the royal statistical society: series c (applied statistics)
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.205
H-Index - 72
eISSN - 1467-9876
pISSN - 0035-9254
DOI - 10.2307/2347518
Subject(s) - bayesian probability , decision theory , drug , computer science , mathematical economics , econometrics , management science , mathematics , operations research , artificial intelligence , statistics , economics , pharmacology , medicine
SUMMARY Constructing release targets for drug products in the pharmaceutical industry is considered. to account for the cost and profit of the drug company, a Bayesian decision theory approach is proposed. The release targets are constructed by minimizing the company's expected loss (or maximizing the expected gain). An example from a pharmaceutical company concerning the decision of releasing a batch of drug product is presented.