本研究以一般常用之成本法、市場法、收益法等三種基本評價方法，進行相關文獻蒐集探討後再進行歸納分析，根據分析結果得知無形資產評價方法中，成本法及市場法在評估價值標準及實務上應用皆以過去式及現在進行式作為評價資產之依據；唯獨收益法則是屬於未來進行式，是以無形資產未來所能創造之利益流量做為評估價值基礎，實務應用較符合新藥開發產業之專利資產特性。值得探討的是，根據專利技術授權交易案例中，交易內容及範圍除了授權簽約金、里程授權金、未來上市銷售分潤金，授權內容涵蓋各種商業行為，因此若採用單一評價方法，將難以詮釋授權交易完整之價值；再者取得新藥專利授權後，距離上市的時間還很遙遠，一般的評價原則採用較高的折現率，那麼對於專利的價值是否有低估的可能，仍有待進一步的研究。;Biopharmaceuticals constitute a high-tech industry with great impact on society, and are also a major driver of national economic growth. With the rapid emergence of the knowledge economy, intangible assets have become important indicators of a company′s status in the industry. In addition, intellectual property in the form of patent rights constitutes the core technological assets of pharmaceutical R&D companies, and are also major sources of profits and funds from the capital market. Because Taiwan′s new drug industry is dominated by small and medium-size companies, lacks mature key technologies, and has shortages of qualified financial, legal and regulatory, and technological human resources, new drug R&D companies must actively seek out developmental opportunities involving overseas partners if they are to survive. For instance, Taiwan′s companies may rely on licensing of technology, mergers and acquisitions, and joint development models to integrate domestic and foreign new drug development teams, acquire adequate resources and funds, accelerate new drug commercialization, and occupy market niches. Valuation of patent rights can have a significant impact on the development of new drug companies, can help companies negotiate with confidence in transactions involving intangible assets, and can provide an important reference to guide new drug R&D companies′ operating strategies and investment plants. As a consequence, this study investigates the selection of a correct and reasonable valuation method able to concretely and fully express the value inherent in patent rights.
This study gathered literature on three commonly-used basic valuation methods, namely the cost method, market method, and income method, and performed regression analysis. The results of analysis indicated that, among intangible asset valuation methods, in terms of value assessment standards and practical applications, the cost method and market method both employ the past and present progressive tenses as bases for the valuation of assets. In contrast, the income method makes use of the future progressive tense, and takes the income flow generated by intangible assets in the future as the basis for the assessment of value, which makes it a method well suited to the characteristics of the new drug development industry′s patent assets. One aspect worthy of investigation is that, in accordance with patented technology licensing cases, apart from licensing signing fees, mileage licensing fees, and and share of future sales profits after marketing, licensing transaction content may also include various other kinds of commercial behavior. Because of this, if a single valuation method is used, it may be difficult to determine the full value of a licensing transaction. Furthermore, After a new drug patent license has been obtained, the time to market may still be very long; since ordinary valuation principles employ a relatively high discount rate, the possibility that the value of the patent is underestimated may exist, which is an aspect that is deserving of further study.