Doctoral thesis · ETH Zurich · 2026

Sustainability-adjusted portfolio selection of Phase 3 drug development programs

Evidence gap, priorities, and a prespecified simulation framework for ranking under uncertainty. Department of Chemistry and Applied Biosciences. Supervised by Prof. Roger Schibli and Prof. Alessio Figalli, with Prof. Frank Bretz as External Institute advisor.

Five contributions build on one another. One needs no data

Five build on one another. The sixth stands on its own.

REVIEWWhat guidance permits8 operational elements
SURVEYWhat practitioners prioritise447 respondents
FRAMEWORKWhere a criterion entersThree entry points
SIMULATIONTested under uncertainty32 portfolios
ANALYSESThe mechanism behind itSpecified after
STANDS ALONEThe analytical resultEach contribution above rests on the one before it, so a limitation anywhere runs forward through all five. The analytical result depends on none of them: it needs no data, follows from how the rule is written, and holds whatever the calibration.

Each pillar became one measured criterion

Each sustainability pillar was operationalised as a single measured criterion.

Published guidance barely covers what it would need to

Social sustainability6 of 8
Economic sustainability3 of 8
Trial carbonnone

Eight operational elements of published guidance, examined against each sustainability pillar. No sector-specific guidance on trial carbon was found under the carbon-based coding rule. Source: Singh et al., Clinical Pharmacology & Therapeutics, 2023.

More respondents declined to rank than chose any criterion

Four hundred and forty-seven people consented, and in every pillar the largest single group ranked nothing at all. That is a finding about the state of the field, not a defect in the survey: the priorities exist, but they are held by a minority of the people asked.

What 447 respondents ranked first, by pillar

Percentages use a denominator of all 447 participants, so the ranked shares and the not-ranked share describe the whole cohort. In every pillar, more participants declined to rank than chose any single criterion.

Environmental

Greenhouse gas22.4%
IMP disposal14.1%
Device and technology recycling11.0%
Other8.5%
Two or more criteria8.3%

Not ranked: 160 of 447 (35.8%)

Economic

Trial probability of success15.0%
Time to market11.9%
R&D costs9.4%
Regulator’s probability of success8.9%
Two or more criteria9.2%

Not ranked: 189 of 447 (42.3%)

The published table carries no Other column for this pillar, though the article’s own text quotes other at 3.4 per cent. Every economic row is short by exactly that column: 15 responses overall.

Social

Patient convenience23.3%
Diverse population19.5%
Two or more criteria12.5%
Other1.3%

Not ranked: 194 of 447 (43.4%)

The article’s Methods name three social criteria. The published table has a column for two of them, and none for trial participants living far from the site.

Source: Singh, Sverdlov, Beckman and Burden, Clinical and Translational Science 18:e70241, 2025, reproduced in my thesis at Table 3.3. The two notes above are my thesis’s, not the article’s.

Show the data
PillarRanked firstnPer cent of 447
EnvironmentalGreenhouse gas10022.37
EnvironmentalIMP disposal6314.09
EnvironmentalDevice and technology recycling4910.96
EnvironmentalOther388.50
EnvironmentalTwo or more criteria378.28
EnvironmentalNot ranked16035.79
EconomicTrial probability of success6714.99
EconomicTime to market5311.86
EconomicR&D costs429.40
EconomicRegulator’s probability of success408.95
EconomicTwo or more criteria419.17
EconomicNot ranked18942.28
SocialPatient convenience10423.27
SocialDiverse population8719.46
SocialTwo or more criteria5612.53
SocialOther61.34
SocialNot ranked19443.40

What this framework cannot yet do

The framework is a research instrument, not a tool a company could deploy today. Calibration against a real portfolio, an independent implementation, and comparison against realised outcomes all remain outstanding.

Checks on the ranking put the framework short of the precision a real funding decision would need. Under the literature-informed evidence position it returns a hold at five of the thirteen named weighting landmarks.

The holds sit in the middle of the weight range

Under the literature-informed evidence position, the framework returns a hold at five of the thirteen named weighting landmarks. All five place between 0.400 and 0.600 of the weight on the economic criterion.

0.00.20.40.60.81.0

Weight on the economic criterion

5 landmarks return a hold8 landmarks clear the coherence gate

At the other eight landmarks the rank-1 acceptability of the leading portfolio runs from 0.5375 to 0.6096. The evidence position was set from clinical-development experience, and changing it changes the decision status. Individual landmark positions are not plotted; only the band the five holds fall within is. Source: my thesis, Chapter 6.

The analytical result stands without any of that. A company can examine a sustainability limit it has already set, from its own performance, and ask the three questions directly.

Why the limits are on this page. A framework presented without its boundaries invites use it cannot support. Keeping verified results and illustrative ones visibly distinct is not modesty — it is the reason the verified ones are worth anything.

The record turns to decision methodology in 2023

Twenty-three peer-reviewed articles across sixteen years — trial reports first, then estimand and probability-of-success methodology. The last two are first-author papers on sustainability in portfolio and trial decisions, and they are what the doctorate builds on.

Twenty-three peer-reviewed articles, 2009 to 2025

Six in 2015 alone. The last two are the first-author sustainability papers the doctorate builds on.

Peer-reviewed articlesSustainability papers, first author
’092010’11’12’13’142015’16’17’18’192020’21’22’23’242025

Peer-reviewed journal articles only. One book chapter, Bayesian methods in pharmaceutical research (2020), is counted in the totals above but not plotted. Complete record at ORCID 0009-0001-2092-007X.

Show the data
YearArticlesOf which sustainability
200930
201010
201110
201200
201300
201400
201560
201630
201700
201800
201930
202000
202110
202210
202321
202410
202511

Five papers, with DOIs

First author on both sustainability papers. Twenty-three peer-reviewed publications and one book chapter in total — complete record at ORCID 0009-0001-2092-007X.