Public Policy and the Efficiency of Capital Markets
- New Horizons in Intellectual Property series
Chapter 4: IPR management and company valuation in the pharmaceutical industry: an exploratory study
This chapter examines pharmaceutical firms’ IPR management by means of exploratory interviews. A qualitative empirical approach was chosen in order to further specify the IPR management term and its dimensions. Moreover, research shows that industries differ according to whether they are dominated by discrete or complex technologies, and this is reflected in companies’ patenting behaviour (see, for example, Levin et al., 1987; Arundel and Kabla, 1998; Cohen et al., 2000). While firms in discrete technology fields patent to protect their products from imitation, companies in complex technology fields rely more on strategic patenting (see, for example, Cohen et al., 2000; Hussinger, 2006). However, recent research reveals that strategic patenting has extended across technology fields (see, for example, Blind et al., 2006). Notably, a recent inquiry by the European Commission (2009) has shown that pharmaceutical firms develop more complex IPR strategies to enhance their financial performance. Unfortunately, however, the inquiry did not provide any holistic conceptualisation of how they do so. The objective of the present exploratory study was therefore to develop a conceptual framework for how pharmaceutical firms conduct their IPR management to serve as the basic foundation for the operationalisation of IPR management indicators in the quantitative empirical study that follows (see Chapter 5).
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