Research On Evaluation Method Of Innovative Drug R&D Project Based On Compound Option Pricing Model

The pharmaceutical industry is an important part of my country’s national economy.The development of the pharmaceutical industry has had a very significant impact on all aspects of our country,including: promoting economic development,enhancing people’s health,improving people’s quality of life,ensuring military readiness,and family planning,Disaster relief and epidemic prevention,and promotion of social progress.In recent years,my country has attached great importance to the innovation of the pharmaceutical industry,set up special projects to promote the research and development of new drugs,and issued a series of planning guidelines,all of which put forward the goals for the development of innovative drugs,such as the "13th Five-Year" National Science and Technology Innovation Plan,"Pharmaceutical Industry Development Planning Guide","National Innovation-driven Development Strategy Outline",the State Drug Administration will encourage innovation as a key reform direction.The work report of the 14 th Five-Year Plan in 2021 clearly stated that we must comprehensively promote the construction of a healthy China,build a strong public health system,extensively carry out national fitness,and promote the 14 th Five-Year Plan for medical innovation has become everyone’s common goal.Driven by a series of policies,the vitality of China’s innovative drug research and development continues to be released.With the steady development of the global pharmaceutical market and the continuous increase in the scale of the innovative drug market,the number of international innovative drug transactions is increasing,and large companies,large amounts,and hot fields are gradually developing As a mainstream trend,the process of introducing mergers and acquisitions will involve the evaluation of the value of innovative drug research and development projects,and the long-term,high investment,and high-risk characteristics of innovative drug research and development projects make the value evaluation and evaluation of innovative drugs The choice of method is very important.This article first analyzes the relevant theories of innovative drug research and development projects,and the main content includes the concept of innovative drugs,the development path of innovative drug companies,the characteristics of innovative drug research and development projects,and the influencing factors of the value of innovative drug research and development projects;secondly,the innovative drug research and development projects Value evaluation methods are studied.First,traditional evaluation methods are used to analyze the applicability of innovative drug R&D projects.Then,the analysis is carried out from the concept of real option method,the types of real options,and various evaluation models of real option method.On the basis of the real option model,the Geske compound option pricing model is derived,and it is concluded that the model is more suitable for evaluating the value evaluation of innovative drug R&D projects;then the innovative drug B R&D project is selected,and these methods are used to evaluate its value.The evaluation results are compared and analyzed;finally,the Gesk compound option pricing model is summarized and elaborated,and the content of the paper is prospected for further research and some problems existing in the evaluation process of this paper.Our country’s innovative drug research and development projects are in a development period,and domestic and foreign scholars still have gaps in the research on the value evaluation of innovative drug research and development projects,and further discussion is needed.In terms of research perspectives,the existing literature is generally based on traditional methods,or treats innovative drug R&D projects as a call option rather than a compound option.This article is based on a compound real option perspective that combines conversion options and abandon options.A certain degree of innovation;in terms of research methods,according to the characteristics of long-term,high-risk,and high-input of innovative drug R&D projects,this article introduces the Gesk compound option pricing model on the basis of the original BS real option model for innovative drug B The value of R&D projects is evaluated,the calculation results of various evaluation methods are compared,and the accuracy and flexibility of the Geske compound option pricing model are obtained,which has practical significance for the research on the evaluation method of innovative drug R&D projects..