Figure 1
The conceptual diagram is arranged with a central circular node labeled “GOVERNANCE” containing an icon of three human figures with one larger figure in the center and two smaller figures on each side. Above the center, a rectangular box labeled “SCIENTIFIC MERIT” contains a microscope icon. Below the center, a rectangular box labeled “COMPETITIVE POSITIONING” contains a chess knight icon. On the left, a rectangular box labeled “REGULATORY FEASIBILITY” contains a clipboard icon with check marks. On the right, a rectangular box labeled “COMMERCIAL VIABILITY” contains a briefcase icon with a currency dollar symbol. Between “GOVERNANCE” and each surrounding box, double-headed arrows connect as follows: a vertical double-headed arrow runs from “GOVERNANCE” to “SCIENTIFIC MERIT”, a vertical double-headed arrow runs from “GOVERNANCE” to “COMPETITIVE POSITIONING”, a horizontal double-headed arrow runs from “GOVERNANCE” to “REGULATORY FEASIBILITY”, and a horizontal double-headed arrow runs from “GOVERNANCE” to “COMMERCIAL VIABILITY”. An outer loop of double-headed arrows connects the four surrounding boxes. The arrow runs from “SCIENTIFIC MERIT” to “REGULATORY FEASIBILITY”, then from “REGULATORY FEASIBILITY” to “COMPETITIVE POSITIONING”, then from “COMPETITIVE POSITIONING” to “COMMERCIAL VIABILITY”, and then from “COMMERCIAL VIABILITY” back to “SCIENTIFIC MERIT”.Systemic approach to investment decision-making in pharma and biotech organizations