An Empirical Study on the Intellectual Property Strategy and Real Options Analysis of the Biotech Start-ups

生物科技初创企业知识产权战略与实物期权分析实证研究

基本信息

批准号：
17402027
负责人：
FUJIWARA Takao
金额：
$ 5.91万
依托单位：
Toyohashi University of Technology
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (B)
财政年份：
2005
资助国家：
日本
起止时间：
2005 至 2007
项目状态：
已结题

项目摘要

In this project, the potential and limit of Real Options Analysis(ROA)are mainly studied, because ROA is often used by the US and UK pioneering biotech start-ups or large pharmaceutical companies as a decision malting method to make possible irmovative the drug development based on basic research for clinical serious diseases. Another objective of this study on ROA is came from one intention to make recovery of Japanese Management Style by a quantitative approach in order to catch-up on founding activities of Japanese biotech start-up with advanced countries as the US or UK.According to this project, fast of all, them are some promising biotech start-ups that am operating or founding in such Japanese biotech dusters as the Hokkaido, Kanto, Kansai, Kyusyu, and Chubu areas, mainly because of establishing the technological transfer process from the basic research of life science to the bus ness or market Secondly, this study showed that the real optional design could change from a negativ … More e NPW (Net Present Value) into a positive ENPV (Expanded NPV) within a certain extent, while drug discovery biotech start-ups tend to face the death-valley, as long term of negative cash flow period. Additionally by using Monte Carlo simulation, stochastic ROA could show a quantitative model on not only the improvement of the expected return value from a negative to a positive value but also simultaneously the reduction of risk, based on multiple scenarios from simulation instead of a point estimation of one scenario from a binomial lattice model Thirdly, for a rational decision making at strategic partnerships as a method to overcome the death-valley by biotech start-ups, a modeling in an exploratory approach of option-game was tried for the integration between real options and game theory. While the conditions between the quantitative and the pricing competition modes are different, the study made dear a possibility that even non-cooperative game could guide to the optimal strategy for partnerships or open innovation.Some of significances of this study are a teal optional design based on intellectual property and a modeling on the optimal strategy selection from the option-game at strategic partnerships with large pharmaceutical companies, for drug discovery biotech start-ups to overcome the death-valley, because start-ups are more suitable than large companies for the innovative and risky drug development projects.The importance of the study is the building and test of the quantitative management model on long term investment decision for commercialization of basic research results in life science, since biotech industry is becoming important in the context of the future aging and as a next generation of industry after the automotive industry. Less

本项目主要研究实物期权分析（ROA）的潜力和局限性，因为ROA经常被美国和英国的先锋生物技术初创公司或大型制药公司用作决策方法，以促进药物开发成为可能基于临床严重疾病基础研究的ROA研究的另一个目的是通过定量方法恢复日本的管理风格，以赶上日本生物技术初创企业与先进国家的创建活动。如美国或英国。根据该项目，首先是一些有前途的生物技术初创企业，它们在北海道、关东、关西、九州和中部等日本生物技术聚集地运营或成立，主要是因为建立了技术转让从生命科学的基础研究到商业或市场的过程其次，本研究表明，真正的可选设计可以从负的 NPW（净现值）变为正的 ENPV（扩展） NPV）在一定程度上，而药物发现生物技术初创企业往往面临死亡谷，因为长期的负现金流期另外通过使用蒙特卡罗模拟，随机ROA不仅可以显示改善的定量模型。预期回报值从负值变为正值，同时也降低了风险，基于模拟的倍数，而不是二项式点阵模型对一种情况的点估计。一种克服的方法生物技术初创公司的死亡谷尝试了一种探索性的期权博弈模型，以将实物期权与博弈论相结合，虽然定量竞争模式和定价竞争模式之间的条件不同，但该研究提出了一个明确的观点。即使是非合作博弈也有可能指导伙伴关系或开放式创新的最优策略。这项研究的一些意义是基于知识产权的青色可选设计以及战略伙伴关系选项博弈中最优策略选择的建模与大型制药公司合作，进行药物发现生物技术初创企业克服死亡之谷，因为初创企业比大公司更适合创新和有风险的药物开发项目。该研究的重要性在于建立和测试长期投资决策的量化管理模型生命科学基础研究成果的商业化，因为生物技术产业在未来老龄化的背景下变得越来越重要，并且作为继汽车产业之后的下一代产业。