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Bentley University Receives $73,731 Grant from National Science Foundation to Explore How Pharmaceutical Industry Can Lower Consumer Cost
The National Science Foundation (NSF) awarded a $73,731 grant to Bentley University for research by principle investigator Dominique Haughton, professor of mathematical sciences, to explore how the pharmaceutical industry can more efficiently allocate marketing expenditures to reduce costs to consumers. The award is from the NSF Statistics Program, which participates in a cross-directorate initiative known as a Grant Opportunities for Academic Liaison with Industry (GOALI).
For the study, entitled “Optimization of the Marketing Mix in the Health Care Industry, with a View to Reducing Consumer Costs,” Haughton will partner with Epsilon to employ data mining techniques to model the return on investment from various types of promotional spending to market a drug, and use the model to draw conclusions and develop actionable recommendations to the pharmaceutical industry on how to achieve savings from a better optimized marketing mix to help lower costs to the consumer.
The study also has broader impacts, Haughton says. “If convincing recommendations can be conveyed to the pharmaceutical industry regarding an optimal marketing mix, the savings that result can be expected to contribute to lowering the cost of drugs to individual consumers, an issue that is key to lowering the cost of healthcare. Such recommendations would be pertinent to other industries as well.”
BENTLEY UNIVERSITY is one of the nation’s leading business schools, dedicated to preparing a new kind of business leader – one with the deep technical skills, broad global perspective, and high ethical standards required to make a difference in an ever-changing world. Our rich, diverse arts and sciences program, combined with an advanced business curriculum, prepares informed professionals who make an impact in their chosen fields. Located on a classic New England campus minutes from Boston, Bentley is a dynamic community of leaders, scholars and creative thinkers. The Graduate School emphasizes the impact of technology on business practice, in offerings that include MBA and Master of Science programs, PhD programs in accountancy and in business, and customized executive education programs. The university enrolls approximately 4,100 full-time undergraduate, 140 adult part-time undergraduate, 1,430 graduate, and 43 doctoral students. Bentley is accredited by the New England Association of Schools and Colleges; AACSB International – The Association to Advance Collegiate Schools of Business; and the European Quality Improvement System, which benchmarks quality in management and business education. For more information, please visit www.bentley.edu.
Bentley University’s Co-Provost and Dean of Arts and Sciences Daniel Everett talked with us recently about a wide range of topics, including being featured in a new book by Tom Wolfe, two of his own upcoming books, the importance of studying the origins of language, and the value of a fusion approach to business education.