Monetary value estimation model for patent and patent application

Abstract

This study aims to contribute to estimating economic value of a patent/patent application for Biotechnology companies. To be able to perform a solid portfolio management of patents and patent applications, it is necessary to obtain an approximate economic value of patent/project in question. In this manner, this study seeks to answer the questions of how the value evolves throughout the filing process, what the value determinants of a patent are and how they affect the value of patent/patent application during filing process. After selecting major value determinants of innovation/patent by observing the interaction between the value determinants and patenting process, a questionnaire was prepared and a survey was carried out with participation of biotechnology companies. Based on the responses to the questionnaire, a proper mathematical model was attempted to be developed in order to use for further estimations on patent value.