Prescribing originality: investigating the impact of original knowledge on patent quality in the pharmaceutical sector

K. Briggs
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引用次数: 1

Abstract

Purpose - This paper examines the relationship between the originality of a pharmaceutical innovation and its patent quality. Greater patent quality has been shown in the extant literature to enhance market value, which better enables firms to recoup research and development (R&D) expenditures incurred during the innovation process. Understanding how originality improves patent quality can assist policymakers, when determining the optimal length of pharmaceutical patent protection and/or market exclusivity. Design/methodology/approach - The relationship between originality and patent quality is empirically investigated using a tobit, as well as a zero-inflated negative binomial, estimation approach to account for prevalence of patents receiving zero forward citations. Moderating effects of joint innovation, innovation by a university researcher and innovation by an established innovator on originality are also considered. Findings - There is a robust and positive relationship between patent originality and quality in the pharmaceutical sector. This relationship is positively moderated by joint patent ownership with a university. As such, innovators that target originality in new drug development (especially those collaborating with universities) should, according to extant literature, see greater increases in their market value. Originality/value - Policymakers can use information on the originality of a new drug to discern the optimal length of market exclusivity needed to enable the innovator to recoup expenditures related to R&D. Better predictions of the timing for which firms can recoup R&D expenditures will equip policymakers with knowledge about the appropriate timing to introduce competition into the market, which is critical to reducing the price of pharmaceuticals to consumers.
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处方独创性:调查原创性知识对制药行业专利质量的影响
目的——本文考察了药物创新的独创性与其专利质量之间的关系。现有文献表明,更高的专利质量可以提高市场价值,从而使企业能够更好地收回创新过程中产生的研发支出。了解独创性如何提高专利质量可以帮助决策者确定药品专利保护和/或市场排他性的最佳期限。设计/方法论/方法-使用托比特和零膨胀负二项估计方法对原创性和专利质量之间的关系进行实证研究,以解释获得零正向引用的专利的普遍性。还考虑了联合创新、大学研究人员的创新和老牌创新者的创新对原创性的调节作用。研究结果-制药行业的专利独创性和质量之间存在着强有力的积极关系。与一所大学共同拥有专利权对这种关系起到了积极的调节作用。因此,根据现有文献,在新药开发中以独创性为目标的创新者(尤其是那些与大学合作的创新者)的市场价值应该有更大的增长。独创性/价值-政策制定者可以利用新药独创性的信息来辨别创新者收回研发相关支出所需的最佳市场独占期。更好地预测企业收回研发支出的时间,将使决策者了解向市场引入竞争的适当时机,这对降低消费者的药品价格至关重要。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.70
自引率
15.80%
发文量
22
期刊介绍: Institutions – especially public policies – are a significant determinant of economic outcomes; entrepreneurship and enterprise development are often the channel by which public policies affect economic outcomes, and by which outcomes feed back to the policy process. The Journal of Entrepreneurship & Public Policy (JEPP) was created to encourage and disseminate quality research about these vital relationships. The ultimate aim is to improve the quality of the political discourse about entrepreneurship and development policies. JEPP publishes two issues per year and welcomes: Empirically oriented academic papers and accepts a wide variety of empirical evidence. Generally, the journal considers any analysis based on real-world circumstances and conditions that can change behaviour, legislation, or outcomes, Conceptual or theoretical papers that indicate a direction for future research, or otherwise advance the field of study, A limited number of carefully and accurately executed replication studies, Book reviews. In general, JEPP seeks high-quality articles that say something interesting about the relationships among public policy and entrepreneurship, entrepreneurship and economic development, or all three areas. Scope/Coverage: Entrepreneurship, Public policy, Public policies and behaviour of economic agents, Interjurisdictional differentials and their effects, Law and entrepreneurship, New firms; startups, Microeconomic analyses of economic development, Development planning and policy, Innovation and invention: processes and incentives, Regional economic activity: growth, development, and changes, Regional development policy.
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