Evaluation Of Drug Patent Value Based On Real Option Method

China's pharmaceutical industry has developed rapidly since the beginning of the 21st century,and pharmaceutical patent technology has played an increasingly important role in the construction of the pharmaceutical industry.Although some companies have their own personnel and teams to develop new drug technologies,they can,t basically meet the future development of the company by relying on the strength of their own companies.Pharmaceutical patents are also frequently traded,and they are expanding their fields and scale.The core issue in the patent transaction process is the evaluation of the value of the patent right.However,the traditional evaluation method can not accurately estimate the value of patents.In order to reasonably and accurately evaluate the patent value of drugs,the author uses the real option method to evaluate the value of patents and promote the smooth progress of patent transactions.First of all,the article introduces in detail the research status of domestic and foreign scholars on the real option method and the utility value theory and supply and demand theory based on the research of patent value.Secondly,the author analyzes the drawbacks of the traditional method to evaluate the value of drug patent rights,and details This paper introduces the real options contained in the patent right of drugs;then,it analyzes the advantages of the real option method in evaluating the patent value of drugs,and introduces that the patent investment of drugs is a long-term investment,and its income is continuous,so the choice of B-S option pricing The model evaluates the patent value of the drug;finally,the selected case is the drug patent of TSL Pharmaceutical,which evaluates the patent using two evaluation methods and analyzes the result in detail.According to the above ideas,the main contribution of the article is to analyze the value of the option contained in the drug patent and the continuity of its ftuture revenue stream,and use the B-S option pricing model to evaluate the value of the drug patent,avoiding the drawbacks of the traditional method.In the determination of the parameter volatility used in the model,the stock price estimation method is selected according to some cases of the drug patent itself.Through the comparatjve analysis of the two evaluation results,it is to illustrate that the value of the drug option evaluation by the real option method is better than the value of the income method evaluation,in order to explore a more reasonable evaluation method of the drug patent.