Opening the Black Box of Pharmaceutical Patent Value: An Empirical Analysis
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Yroniio Hr, MS PhD Candidate. Graduate Assistant. Medical Administration Program, Institute of Chinese Medical Sciences. University of Macau. Macao, China ring Bion, PLD, MPH Assistant Professor. Coordinator. Medical Administration Program, Institute of Chinese Medical Sciences. University of Macau, Macao, China Yitoo Wong, MS Professor. Director. Institute of Chinese Medical Sciences. University of Macau. Macao, China; Director. International Research Center of Medicinal Administration, Peking University,Beijing, China; and Chief Researcher and PhD Supervisor. China Academy of Traditional Chinese Medicine. Beijing. China
Key Words Empirical analysis; Orange Book; Patent; Pharmaceutical; Valuation Correspondence Address Yitao Wang, Professor. Institute of Chinese Medical Sciences. University of Macau, Av. Padre Tom& Pereira S.].. Taipa. Macao, China 999078 (email: ya47404 @umac.mo). The research reported here is based on Yuanjia Hu’s doctoral dissertation. which was submitted to the University of Macau.
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Opening the Black Box of Pharmaceutical Patent Value: An Empirical Analysis Patents and patent valuation have raised tremendous concerns from the research-based pharmaceutical industry for a long time. Questions about the valuation of drug patent portfolios, the assessment of research and development (R&D)performanceor innovation output, and the competitiveposition of diflerentfirms in the industry all tend to revhe around the basic question of pharmaceutical patent valuation. This article aims to validate the impact of pharmaceutical techndogy characteristics on patent value and to optimize classic patent valuation methods in the drug field. We selected 9l3 patents in the “Omnge Book” of the US Food and h g Administmtion as the sample, employed established patent value indicators (EPVI) and pharmaceutical techndogy details
IN T R O D UCTI 0 N Patents play an outstanding role in the pharmaceutical industry, which strongly depends on innovation and its protection through patents. Wars on pharmaceutical patents and their value have raised tremendous concerns within this industry, as is demonstrated by the increasing number of pharmaceutical patent challenges and tightening relationships between generics companies and branded pharmaceutical companies (1). How to valuate a pharmaceutical patent naturally becomes an essential question. Other questions about the valuation of drug patent portfolios, the assessment of R&D performance or innovation output, and the competitive position of different firms in the industry also tend to revolve around the basic question of pharmaceutical patent valuation. In this article, we focus on the private value of patent rights, which is defined as the difference in discounted future profits the patent holder makes during the remaining lifetime of the patent versus if the strongest competitor in the field held the patent (2,3).A considerable num-
indicators (PTDI) as key predictm for pharmaceutical patent value (the value of pharmaceutical patents), and further conducted multiple-
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