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Essays in Innovation and Patent Trade /

Fang, Jie,

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Essays in Innovation and Patent Trade /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Innovation and Patent Trade // Jie Fang.
Author:	Fang, Jie,
Description:	1 electronic resource (140 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 86-05, Section: B.
Contained By:	Dissertations Abstracts International86-05B.
Subject:	Intellectual property. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31561358
ISBN:	9798342759526

Essays in Innovation and Patent Trade /
Fang, Jie,

Essays in Innovation and Patent Trade /Jie Fang. - 1 electronic resource (140 pages)

Source: Dissertations Abstracts International, Volume: 86-05, Section: B.

This thesis examines innovation in the pharmaceutical industry, focusing on firms' patenting and patent trade behaviors. In the introductory chapter, I provide a brief overview of the industry background, detailing the processes a drug must undergo to reach the market, the key players in the industry, and the regulatory and market environment. This includes discussing why the patent-based system is crucial in this industry.Chapters 2 and 3 explore the impact of patent trade on firms' behavior from two main perspectives: current innovation outcomes and future innovation incentives. The final chapter delves into other forms of technology transfer and collaboration in the pharmaceutical industry.Chapter 2 investigates how patent trade affects drug development outcomes, emphasizing that the timing of such trades significantly influences the drug success rate. I find that 82% of patents are traded before the associated drug hits the market, and drugs involved in patent trade are more likely to advance to the launch stage compared to those without patent trade. I then develop a dynamic model for the drug development process, taking into account critical factors such as trade dynamics, firms' comparative advantages, transaction costs, and search frictions at various stages. By structurally estimating the model, I identify critical frictions in the patent market. Counterfactual analysis shows that reducing transaction costs at pivotal stages can enhance the likelihood of drug success and increase the drug's market value.Chapter 3 focuses on the impact of patent trade on firms' future R&D and patenting behaviors. Patents acquired by a firm can either substitute its own innovation or complement it by accelerating the development of new ideas. This chapter examines how these two forces influence firms' production and innovation decisions. I find evidence that self-generated knowledge capital plays a complementary role in future innovation, while acquired knowledge capital has a substitution effect. Lowering transaction costs in the patent market encourages trading activities and increases overall innovation output, with the positive effect mainly driven by non-producers.The final chapter moves beyond patent trade to explore other forms of technology transfer and collaboration in the pharmaceutical industry. Besides the significant role of patent trade, firms engage in various collaborative practices such as licensing, outsourcing, R&D collaborations, joint ventures, and acquisitions. This chapter conducts an empirical investigation into the different types of partnerships within the industry and their performance outcomes, which vary depending on the type and stage of collaboration, as well as the nature of the partners involved. The findings suggest that companies often form collaborations during the early stages to share expertise and risks; in the later stages, they may opt to fully acquire a drug when its potential becomes clearer. Moreover, academic institutions such as universities play a significant role in the industry, accounting for 28.7% of deals involving academia in the dataset. Motivated by the empirical evidence, the thesis concludes with a discussion of potential future research directions and policy implications.

English

ISBN: 9798342759526Subjects--Topical Terms:

572975
Intellectual property.
Subjects--Index Terms:

Drug development

Essays in Innovation and Patent Trade /
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500 $a Source: Dissertations Abstracts International, Volume: 86-05, Section: B.
500 $a Advisors: Aguirregabiria, Victor Committee members: Brandt, Loren; Celik, Murat.
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520 $a This thesis examines innovation in the pharmaceutical industry, focusing on firms' patenting and patent trade behaviors. In the introductory chapter, I provide a brief overview of the industry background, detailing the processes a drug must undergo to reach the market, the key players in the industry, and the regulatory and market environment. This includes discussing why the patent-based system is crucial in this industry.Chapters 2 and 3 explore the impact of patent trade on firms' behavior from two main perspectives: current innovation outcomes and future innovation incentives. The final chapter delves into other forms of technology transfer and collaboration in the pharmaceutical industry.Chapter 2 investigates how patent trade affects drug development outcomes, emphasizing that the timing of such trades significantly influences the drug success rate. I find that 82% of patents are traded before the associated drug hits the market, and drugs involved in patent trade are more likely to advance to the launch stage compared to those without patent trade. I then develop a dynamic model for the drug development process, taking into account critical factors such as trade dynamics, firms' comparative advantages, transaction costs, and search frictions at various stages. By structurally estimating the model, I identify critical frictions in the patent market. Counterfactual analysis shows that reducing transaction costs at pivotal stages can enhance the likelihood of drug success and increase the drug's market value.Chapter 3 focuses on the impact of patent trade on firms' future R&D and patenting behaviors. Patents acquired by a firm can either substitute its own innovation or complement it by accelerating the development of new ideas. This chapter examines how these two forces influence firms' production and innovation decisions. I find evidence that self-generated knowledge capital plays a complementary role in future innovation, while acquired knowledge capital has a substitution effect. Lowering transaction costs in the patent market encourages trading activities and increases overall innovation output, with the positive effect mainly driven by non-producers.The final chapter moves beyond patent trade to explore other forms of technology transfer and collaboration in the pharmaceutical industry. Besides the significant role of patent trade, firms engage in various collaborative practices such as licensing, outsourcing, R&D collaborations, joint ventures, and acquisitions. This chapter conducts an empirical investigation into the different types of partnerships within the industry and their performance outcomes, which vary depending on the type and stage of collaboration, as well as the nature of the partners involved. The findings suggest that companies often form collaborations during the early stages to share expertise and risks; in the later stages, they may opt to fully acquire a drug when its potential becomes clearer. Moreover, academic institutions such as universities play a significant role in the industry, accounting for 28.7% of deals involving academia in the dataset. Motivated by the empirical evidence, the thesis concludes with a discussion of potential future research directions and policy implications.
546 $a English
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650 4 $a Intellectual property. $3 572975
650 4 $a Patent law. $3 3168356
650 4 $a Pharmaceutical sciences. $3 3173021
653 $a Drug development
653 $a Innovation outcomes
653 $a Patenting behaviors
653 $a Patent trade
653 $a Pharmaceutical industry
653 $a Technology market
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690 $a 0513
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710 2 $a University of Toronto (Canada). $b Economics. $e degree granting institution. $3 3816483
720 1 $a Aguirregabiria, Victor $e degree supervisor.
773 0 $t Dissertations Abstracts International $g 86-05B.
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791 $a Ph.D.
792 $a 2024
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31561358