Multiobjective strategies for New Product Development in the pharmaceutical industry

New Product Development (NPD) constitutes a challenging problem in the pharmaceutical industry, due to the characteristics of the development pipeline. Formally, the NPD problem can be stated as follows: select a set of R&D projects from a pool of candidate projects in order to satisfy several criteria (economic profitability, time to market) while coping with the uncertain nature of the projects. More precisely, the recurrent key issues are to determine the projects to develop once target molecules have been identified, their order and the level of resources to assign. In this context, the proposed approach combines discrete event stochastic simulation (Monte Carlo approach) with multiobjective genetic algorithms (NSGAII type, Non-Sorted Genetic Algorithm II) to optimize the highly combinatorial portfolio management problem. In that context, Genetic Algorithms (GAs) are particularly attractive for treating this kind of problem, due to their ability to directly lead to the so-called Pareto front and to account for the combinatorial aspect. This work is illustrated with a study case involving nine interdependent new product candidates targeting three diseases. An analysis is performed for this test bench on the different pairs of criteria both for the bi- and tricriteria optimization: large portfolios cause resource queues and delays time to launch and are eliminated by the bi- and tricriteria optimization strategy. The optimization strategy is thus interesting to detect the sequence candidates. Time is an important criterion to consider simultaneously with NPV and risk criteria. The order in which drugs are released in the pipeline is of great importance as with scheduling problems

Multiobjective strategies for New Product Development in the pharmaceutical industry

New Product Development (NPD) constitutes a challenging problem in the pharmaceutical industry, due to the characteristics of the development pipeline. Formally, the NPD problem can be stated as follows: select a set of R&D projects from a pool of candidate projects in order to satisfy several criteria (economic profitability, time to market) while coping with the uncertain nature of the projects. More precisely, the recurrent key issues are to determine the projects to develop once target molecules have been identified, their order and the level of resources to assign. In this context, the proposed approach combines discrete event stochastic simulation (Monte Carlo approach) with multiobjective genetic algorithms (NSGAII type, Non-Sorted Genetic Algorithm II) to optimize the highly combinatorial portfolio management problem. In that context, Genetic Algorithms (GAs) are particularly attractive for treating this kind of problem, due to their ability to directly lead to the so-called Pareto front and to account for the combinatorial aspect. This work is illustrated with a study case involving nine interdependent new product candidates targeting three diseases. An analysis is performed for this test bench on the different pairs of criteria both for the bi- and tricriteria optimization: large portfolios cause resource queues and delays time to launch and are eliminated by the bi- and tricriteria optimization strategy. The optimization strategy is thus interesting to detect the sequence candidates. Time is an important criterion to consider simultaneously with NPV and risk criteria. The order in which drugs are released in the pipeline is of great importance as with scheduling problems

Review of Metaheuristics and Generalized Evolutionary Walk Algorithm

Metaheuristic algorithms are often nature-inspired, and they are becoming very powerful in solving global optimization problems. More than a dozen of major metaheuristic algorithms have been developed over the last three decades, and there exist even more variants and hybrid of metaheuristics. This paper intends to provide an overview of nature-inspired metaheuristic algorithms, from a brief history to their applications. We try to analyze the main components of these algorithms and how and why they works. Then, we intend to provide a unified view of metaheuristics by proposing a generalized evolutionary walk algorithm (GEWA). Finally, we discuss some of the important open questions.Comment: 14 page

A survey on financial applications of metaheuristics

Modern heuristics or metaheuristics are optimization algorithms that have been increasingly used during the last decades to support complex decision-making in a number of fields, such as logistics and transportation, telecommunication networks, bioinformatics, finance, and the like. The continuous increase in computing power, together with advancements in metaheuristics frameworks and parallelization strategies, are empowering these types of algorithms as one of the best alternatives to solve rich and real-life combinatorial optimization problems that arise in a number of financial and banking activities. This article reviews some of the works related to the use of metaheuristics in solving both classical and emergent problems in the finance arena. A non-exhaustive list of examples includes rich portfolio optimization, index tracking, enhanced indexation, credit risk, stock investments, financial project scheduling, option pricing, feature selection, bankruptcy and financial distress prediction, and credit risk assessment. This article also discusses some open opportunities for researchers in the field, and forecast the evolution of metaheuristics to include real-life uncertainty conditions into the optimization problems being considered.This work has been partially supported by the Spanish Ministry of Economy and Competitiveness (TRA2013-48180-C3-P, TRA2015-71883-REDT), FEDER, and the Universitat Jaume I mobility program (E-2015-36)

Reactive approach for automating exploration and exploitation in ant colony optimization

Ant colony optimization (ACO) algorithms can be used to solve nondeterministic polynomial hard problems. Exploration and exploitation are the main mechanisms in controlling search within the ACO. Reactive search is an alternative technique to maintain the dynamism of the mechanics. However, ACO-based reactive search technique has three (3) problems. First, the memory model to record previous search regions did not completely transfer the neighborhood structures to the next iteration which leads to arbitrary restart and premature local search. Secondly, the exploration indicator is not robust due to the difference of magnitudes in distance matrices for the current population. Thirdly, the parameter control techniques that utilize exploration indicators in their feedback process do not consider the problem of indicator robustness. A reactive ant colony optimization (RACO) algorithm has been proposed to overcome the limitations of the reactive search. RACO consists of three main components. The first component is a reactive max-min ant system algorithm for recording the neighborhood structures. The second component is a statistical machine learning mechanism named ACOustic to produce a robust exploration indicator. The third component is the ACO-based adaptive parameter selection algorithm to solve the parameterization problem which relies on quality, exploration and unified criteria in assigning rewards to promising parameters. The performance of RACO is evaluated on traveling salesman and quadratic assignment problems and compared with eight metaheuristics techniques in terms of success rate, Wilcoxon signed-rank, Chi-square and relative percentage deviation. Experimental results showed that the performance of RACO is superior than the eight (8) metaheuristics techniques which confirmed that RACO can be used as a new direction for solving optimization problems. RACO can be used in providing a dynamic exploration and exploitation mechanism, setting a parameter value which allows an efficient search, describing the amount of exploration an ACO algorithm performs and detecting stagnation situations

Application of Particle Swarm Optimization to Formative E-Assessment in Project Management

The current paper describes the application of Particle Swarm Optimization algorithm to the formative e-assessment problem in project management. The proposed approach resolves the issue of personalization, by taking into account, when selecting the item tests in an e-assessment, the following elements: the ability level of the user, the targeted difficulty of the test and the learning objectives, represented by project management concepts which have to be checked. The e-assessment tool in which the Particle Swarm Optimization algorithm is integrated is also presented. Experimental results and comparison with other algorithms used in item tests selection prove the suitability of the proposed approach to the formative e-assessment domain. The study is presented in the framework of other evolutionary and genetic algorithms applied in e-education.Particle Swarm Optimization, Genetic Algorithms, Evolutionary Algorithms, Formative E-assessment, E-education

Data-driven based Optimal Feature Selection Algorithm using Ensemble Techniques for Classification

The shift in paradigm with advanced Machine Learning algorithms will help to face the challenges such as computational power, training time, and algorithmic stability. The individual feature selection techniques, hardly give the appropriate feature subsets, that might be vulnerable to the variations induced at the input data and thus led to wrong conclusions. An expedient technique should be designed for approximating the feature relevance to improve the performance for the data. Unlike the prevailing techniques, the novelty of the proposed Data-driven based Optimal Feature Selection (DOFS) algorithm is the optimal k-value ‘kf’ determined by the data for effective feature selection that minimizes the computational complexity and expands the prediction power using the gradient descent method. The experimental analysis of proposed algorithm is demonstarted with ensemble techniques for the non-communicable disease such as diabetes mellitus dataset produces an accuracy of 80.80%, whereas comparative performance analysis for benchmark dataset depicts the improved accuracy of 86.03%