PECULIARITIES OF USING THE REVENUE APPROACH FOR EVALUATING INTELLECTUAL PROPERTY OBJECTS IN THE BIOMEDICAL FIELD
- 1R.E. Kavetsky Institute of Experimental Pathology, Oncology and Radiobiology, NAS of Ukraine
- 2«Kanzas Real Estate», LTD, Kyiv, Ukraine
Effective management of intellectual property (IP) in the form of patents as an intangible assets of a biomedical scientific institution (SI) is one of the main conditions for innovative development. The objective basis and the most important component of management decisions regarding the strategy of commercialization of IP objects is the establishment of their reasonable assessment and determination of the market value. Evaluation of IP market value is particularly relevant, given the lack of a universal, standard method of calculation under terms of purchase and sale through licensing. Purpose: development of a theoretical model for the assessment of IP market value using the income approach in the biomedical industry on the case of the antitumor autovaccine (AAV) manufacturing technology, developed at IEPOR; determination of the price of the license for the transfer of IPR to the technology. Aim: to develop a theoretical model for the assessment of property rights to IP using the income approach in the biomedical industry using the example of AAV technology, determination the price of a license for the transfer of technology rights. Objects and methods: Methodological approaches were used to estimate the value of property rights to IP according to the provisions of Ukrainian National Standards No. 1 and No. 4. Of the three approaches to the assessment of property rights, the income one was chosen, which takes into account the potential income under the conditions of use of IP. The basis of the method is the transfer of the value of IP, determined today, to the future periods of its use. The income approach is the main in conditions of the poorly developed IPO market that exists in the realities of Ukraine. Results: valuation of IP property rights using the income approach in the biomedical industry on the example of AAV technology was carried out using the theoretical calculation model based on the income approach using the cash flow discounting method. The determination of the possible income from the application of the invention, the calculation of the discount rate and the total value of cash flows, as well as the net additional profit from a unit of production (one dose of AAV) were carried out, taking into account the high degree of innovativeness of the AAV manufacturing technology. To construct a discount rate of 18.05%, a model of cumulative construction was used, which involves the assessment of certain factors that generate the risk of not receiving the planned income. The price of the license for the transfer of IP for AAV technology has been determined, taking into account the licensor’s share in the licensee’s profit of 50%, which is UAH 13,038,350. Conclusion: using the example of concrete objects of IP (inventions and utility models), which are the basis of the technology for the production of an AAV developed by IEPOR, a theoretical model for evaluating property rights to IP is presented and the relevance of the application of the income approach in the biomedical industry is demonstrated, which made it possible to reveal the significant commercial potential of the development.