By Yannis Jemiai P.D., Esha Sechaudhuri Ph.D., Nitin Patel Ph.D.
Empowered Selection 1: Identifying Choice Options Using Pareto
Economists have long used the concept of ‘Pareto Efficiency’ to refer to the optimal allocation of resources with respect to a set of preference criteria. This position paper reviews how the idea of Pareto Efficiency, also called Pareto Optimality, can be used for the strategic selection of a clinical trial design, rapidly identifying which designs are most aligned with an organization’s business goals like speed-to-market, savings in development costs and likelihood of success.
This position paper also highlights a method by which the set of Pareto Optimal designs, also referred to as the Pareto Frontier, can help commercial teams better understand nuanced tradeoffs in speed, savings and success, when combined with a Scoring Algorithm. Both of these uses of the Pareto concept are available in Solara, Cytel’s new revolutionary platform for quickly exploring millions of design and scenario options to gain deep statistical insights that support decision-making and inform strategy.