Abstract
It is frequently mentioned that real options are useful to economically evaluate medicine development projects. But, even in either case of Black=Scholes model or Copeland binominal model, the practical and detailed description on it's application, especially to medicine development project, has not been published. Then, the author has published on the applying binominal model to the medicine development project. But the application to evaluate the program, consisting of plural projects, has not yet published, while what is being actually requested is it's application to the program consisting of projects being simultaneously carried out at various development stages. Then, the program of plural projects at different development stages, are studied here based on the published application to a single project.
