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Innovation, product development and market value: evidence from the biotechnology industryinnovation in biotechnology industry

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  • Zaur Rzakhanov
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    Abstract

    The subject of the paper is financial valuation of firm's knowledge assets and returns to innovation in the biotechnology industry, where such assets appear to play key role in the commercial success of a product. The biotechnology industry is extremely research-intensive, and successful R&D drives profitability. Further, the pharmaceutical product development advances in a number of well-defined stages that allow relatively precise measurement of product development outcomes. The study reports recent biotechnology R&D statistics, and provides estimates of private returns to innovation and product development activity in the biotechnology industry. The conclusions indicate that the financial market recognizes the value of drugs in product development stage, as it expects the innovative knowledge embodied in drug development projects to become marketable products in the future.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/1043859042000226211
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economics of Innovation and New Technology.

    Volume (Year): 13 (2004)
    Issue (Month): 8 ()
    Pages: 747-760

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    Handle: RePEc:taf:ecinnt:v:13:y:2004:i:8:p:747-760

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    Web page: http://www.tandfonline.com/GEIN20

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    Web: http://www.tandfonline.com/pricing/journal/GEIN20

    Related research

    Keywords: Innovation; Product development; Biotechnology; Financial market valuation;

    References

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    1. Bronwyn H. Hall & Adam B. Jaffe & Manuel Trajtenberg, 2000. "Market Value and Patent Citations: A First Look," NBER Working Papers 7741, National Bureau of Economic Research, Inc.
    2. Bronwyn H. Hall, 1999. "Innovation and Market Value," NBER Working Papers 6984, National Bureau of Economic Research, Inc.
    3. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, vol. 50(3), pages 765-68, May.
    4. Megna, Pamela & Klock, Mark, 1993. "The Impact on Intangible Capital on Tobin's q in the Semiconductor Industry," American Economic Review, American Economic Association, vol. 83(2), pages 265-69, May.
    5. Jacques Mairesse & Mohamed Sassenou, 1991. "R&D Productivity: A Survey of Econometric Studies at the Firm Level," NBER Working Papers 3666, National Bureau of Economic Research, Inc.
    6. Zvi Griliches & Ariel Pakes & Bronwyn H. Hall, 1988. "The Value of Patents as Indicators of Inventive Activity," NBER Working Papers 2083, National Bureau of Economic Research, Inc.
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