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Patent citations indicating present value of the biotechnology business

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  • Nikulainen, Tuomo
  • Hermans, Raine
  • Kulvik, Martti

Abstract

Patents form a central pathway for capturing the value of intangible assets in a knowledge-intensive business. Patents can potentially generate and support earnings in two ways : they can be traded or licensed out, and they can provide critical protection for core production technologies or products that are to be traded. Recent patent valuation literature relates backward citations to the basicness of an innovation, and forward citation counts to the economic value of an innovation. In our data covering all Finnish biotechnology patents, we found indications of only the first relation. This might reflect either an excess of a technology-orientated attitude of the companies, or a well-argued value creation mechanism that remains hidden from our research methods. The results imply that a usage of patent citation measures might provide important measures for innovation policies, technology management, and valuation of knowledge-intensive industries.

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Bibliographic Info

Paper provided by The Research Institute of the Finnish Economy in its series Discussion Papers with number 1048.

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Length: 21 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:rif:dpaper:1048

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Keywords: patents; patent citations; biotechnology;

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References

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  1. Nikulainen, Tuomo & Hermans, Raine & Kulvik, Martti, 2006. "Patent citations indicating present value of the biotechnology business," Discussion Papers 1048, The Research Institute of the Finnish Economy.
  2. Wesley M. Cohen & Richard R. Nelson & John P. Walsh, 2000. "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not)," NBER Working Papers 7552, National Bureau of Economic Research, Inc.
  3. Albert, M. B. & Avery, D. & Narin, F. & McAllister, P., 1991. "Direct validation of citation counts as indicators of industrially important patents," Research Policy, Elsevier, vol. 20(3), pages 251-259, June.
  4. Ernst, Holger, 2003. "Patent information for strategic technology management," World Patent Information, Elsevier, vol. 25(3), pages 233-242, September.
  5. Harhoff, Dietmar & Scherer, Frederic M. & Vopel, Katrin, 2003. "Citations, family size, opposition and the value of patent rights," Research Policy, Elsevier, vol. 32(8), pages 1343-1363, September.
  6. Maria Luisa Mancusi, 2003. "Geographical concentration and the dynamics of countries' specialization in technologies," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 12(3), pages 269-291.
  7. Nikulainen, Tuomo & Pajarinen, Mika & Palmberg, Christopher, 2005. "Patents and Technological Change - A Review with Focus on the FEPOCI Database," Discussion Papers 984, The Research Institute of the Finnish Economy.
  8. Dietmar Harhoff & Francis Narin & Frederic M. Scherer & Katrin Vopel, 1997. "Citation Frequency and the Value of Patented Innovation," CIG Working Papers FS IV 97-26, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  9. Jean O. Lanjouw & Mark Schankerman, 1999. "The Quality of Ideas: Measuring Innovation with Multiple Indicators," NBER Working Papers 7345, National Bureau of Economic Research, Inc.
  10. Lanjouw, Jean O & Schankerman, Mark, 2001. "Characteristics of Patent Litigation: A Window on Competition," RAND Journal of Economics, The RAND Corporation, vol. 32(1), pages 129-51, Spring.
  11. Reitzig, Markus, 2004. "Improving patent valuations for management purposes--validating new indicators by analyzing application rationales," Research Policy, Elsevier, vol. 33(6-7), pages 939-957, September.
  12. Narin, Francis & Noma, Elliot & Perry, Ross, 1987. "Patents as indicators of corporate technological strength," Research Policy, Elsevier, vol. 16(2-4), pages 143-155, August.
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Citations

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Cited by:
  1. Tuomo Nikulainen & Raine Hermans & Martti Kulvik, 2008. "Patent Citations Indicating Present Value Of The Biotechnology Business," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 279-301.
  2. Nikulainen, Tuomo & Tahvanainen, Antti-Jussi & Kulvik, Martti, 2012. "Expectations, Reality and Performance in the Finnish Biotechnology Business," Discussion Papers 1286, The Research Institute of the Finnish Economy.

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