Research On Intellectual Property Valuation Of Pharmaceutical Enterprises

In recent years,China has introduced a number of favorable policies for traditional Chinese medicine enterprises to promote the inheritance and innovation of traditional Chinese medicine.Many pharmaceutical enterprises based on intellectual property begin to increase investment in R&D of patented technologies or know-how by virtue of policy dividends,so as to maintain or improve the competitiveness of relevant products,with a view to transforming and upgrading the enterprises into high-end R&D,high economic added value and technology-intensive enterprises as soon as possible,among which Pien Tze Huang is one of the typical representatives.However,there are some uncertain factors in the process of secondary development of know-how,so how to evaluate the value of such know-how has become a concern of many scholars.The know-how in the secondary development stage,on the one hand,its dependent products are in good condition and can bring stable profits to the enterprise;For this part,the theory of income method is mature and widely used in the evaluation case,so the value of this part is easier to be accurately identified and measured in the evaluation process.On the other hand,in order to improve the added value of know-how and strengthen its competitiveness in the future,enterprises may carry out secondary development by increasing R&D investment and project construction investment.This series of activities will give the know-how opportunities to generate higher profits in the future,but it will also make enterprises face some uncertain factors.And the value of this part cannot be accurately estimated by the income method.By summarizing the existing relevant studies,the author finds that there are many cases in which the real option method is used in intellectual property rights such as patent right and trademark right,and more reasonable and accurate evaluation conclusions can be obtained.Moreover,the characteristics of high risk and high return of such intangible assets are similar to the characteristics of secondary development projects in proprietary technologies.Therefore,this paper hopes to refer to the real option theory to identify the secondary development project of know-how and regard it as a real option of the enterprise.Finally,the real option model is used to calculate the potential opportunity value of this part of the project,in order to obtain a more reasonable know-how evaluation conclusion.On the basis of a large number of literatures,this paper summarizes the existing research results and their shortcomings,focuses on know-how that are less concerned in the intellectual property valuation.Taking one of Pien Tze Huang’s know-how as an example,the overall value of know-how is divided into two parts for evaluation.Respectively refers to the intrinsic value formed by the sales revenue generated by the related products dependent on know-how and the potential value formed by the future income of the related secondary development projects.The intrinsic value is evaluated by the license fee saving method,and the potential value is evaluated by the BS option pricing method,which achieves the innovation of the evaluation object and research method.This method can improve the accuracy and rationality of the valuation results.