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| Tekijä: | Rzakhanov, Z. |
| Otsikko: | Innovation, product development and market value: evidence from the biotechnology industry |
| Lehti: | Economics of innovation and new technology
2004 : DEC, VOL. 13:8, p. 747-760 |
| Asiasana: | Innovation Product development Bio-technology Markets Financial markets Valuation |
| Kieli: | eng |
| Tiivistelmä: | The subject of the paper is financial valuation of firm's knowledge assets and returns to innovation (hereafter as: inn.) in the biotechnology industry (here as: bio-indy., for 'biotechnology' as: bio-ty.), where such assets appear to be important for the commercial success of a product. The bio-indy. is extremely research-intensive, and successful R&D drives profitability. Further, the pharmaceutical product development (here as: prod-dev.) advances in a number of well-defined stages that allow relatively precise measurement of prod-dev. outcomes. The study reports recent bio-ty. R&D statistics, and provides estimates of private returns to inn. and prod-dev. activity in the bio-indy. The conclusions indicate that the financial market recognizes the value of drugs in prod-dev. stage, as it expects the innovative knowledge embodied in drug development projects to become marketable products in the future. |
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