Higher education institutions are often required to design and deliver a range of strategic academic programs in order to remain competitive, support growth and ensure operations are financially sustainable. Such programs may include the creation of new research centers and institutes as well as the installation of major new research facilities. These programs offer significant academic benefits but can often carry commercial risk associated with the major levels of financial investment that may be needed. There is also the need to develop a compelling case to secure the necessary funding. Consequently, this paper provides details of a management framework based on a business planning methodology, which can be applied to support the development of strategic academic programs. Adapted from the recognized MSP (Managing Successful Programs) management process, the framework has been explored as part of a case study investigation of a medical research facility. The case study highlights a number of managerial insights across the people, process, technology and knowledge dimensions that are pertinent to the management of strategic academic programs. The management framework can be adapted to the needs of other organisations involved in the business planning for such complex initiatives.