Abstract: Various R&D failed projects in bio-pharmaceutical industry can provide substantial values to improve R&D flexibility for the company. From analysis of typical R&D failures in bio-pharmaceutical industry, some practical thinking about increasing company R&D flexibility are brought forward, including shifting to new indication, applying in individualized treatment, transforming toxicity, improving the ease of use, configuring complementary compounds, correcting low-level errors and so on. Managerial revelation to China situation comprise of shaping right attitude to R&D failure, building saving procedures to failed projects, developing proprietary technology, promoting translational medicine and participating in information networks.

摘要： 许多生物制药研发失败项目对于提高企业研发柔性却具有极高价值。本文从生物制药研发失败的典型情况入手，分析利用研发失败项目提高企业研发柔性的实用思路，包括选择新适应症、个性化治疗、驾驭毒性、改善易用性、配置互补产品、改正低级错误等。进而从建立对待研发失败的正确态度、制定挽救失败项目的工作流程、开发专有技术、发展转化医学、参与信息网络等方面得到对我国企业的管理启示。

关键词: 研发柔性, 生物制药, 失败项目, 价值挖掘, R&D Flexibility, Bio-pharmaceutical, Failed Project, Value Excavation