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Patent citations indicating present value of the biotechnology business

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

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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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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  1. 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.
  2. Wesley M Cohen & Richard R Nelson & John P Walsh, 2003. "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (Or Not)," Levine's Working Paper Archive 618897000000000624, David K. Levine.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Vopel, Katrin & Scherer, Frederic M. & Narin, Francis & Harhoff, Dietmar, 1997. "Citation Frequency and the Value of Patented Innovation," ZEW Discussion Papers 97-27, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. 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.
  9. 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.
  10. Maria Luisa Mancusi, 2000. "Geographical Concentration and the Dynamics of Countries' Specialization in Technologies," KITeS Working Papers 125, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Aug 2001.
  11. Ernst, Holger, 2003. "Patent information for strategic technology management," World Patent Information, Elsevier, vol. 25(3), pages 233-242, September.
  12. 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.
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