© 2010 evalueserve, ltd. all rights reserved - privileged and confidential ip valuation april 2010...

© 2010 Evalueserve, Ltd. All Rights Reserved - Privileged and Confidential

IP Valuation

April 2010

Dr. Rahul Verma, Assistant Vice President,

Intellectual Property and Legal Support [email protected]

© 2010 Evalueserve, Ltd. All Rights Reserved - Privileged and ConfidentialSlide 2

Presentation Plan

Case StudyCase Study

AppendixAppendix

IP Valuation OverviewIP Valuation Overview

IP Valuation ApproachesIP Valuation Approaches


Presentation Plan


AppendixAppendix




• The Indian biotechnology industry is estimated to be more than USD 2.6 billion. This accounts for about 3% of the global biotechnology sector.

• The revenues for the industry have grown from Rs. 2,345 crores in 2002 – 03 to Rs. 12,137 crores in 2008 – 09.

• It can be divided into the following five segments: BioPharma, BioServices, BioAgriculture, BioIndustrial and BioInformatics.

• The Indian biotechnology industry is estimated to be more than USD 2.6 billion. This accounts for about 3% of the global biotechnology sector.

• The revenues for the industry have grown from Rs. 2,345 crores in 2002 – 03 to Rs. 12,137 crores in 2008 – 09.

• It can be divided into the following five segments: BioPharma, BioServices, BioAgriculture, BioIndustrial and BioInformatics.

Sources: Link1, Link2, Link3

Biotechnology Industry in India (1/2)

BioPharmaBioPharma

• Includes medicines prepared by recombinant DNA technology

• Revenue – Rs. 7,883 crores in 2008 – 09

• Includes medicines prepared by recombinant DNA technology


BioServicesBioServices

• Includes clinical research, contract research organizations and custom manufacturing


• Includes clinical research, contract research organizations and custom manufacturing


BioAgricultureBioAgriculture

• Includes manufacturing commodities for human and livestock consumption


• Includes manufacturing commodities for human and livestock consumption


BioIndustrialBioIndustrial

• Includes enzyme manufacturing

• Revenue – Rs. 478 crores in 2008 – 09

• Includes enzyme manufacturing


BioInformaticsBioInformatics

• Includes computer software tools for data management, database creation, data mining and data warehousing


• Includes computer software tools for data management, database creation, data mining and data warehousing



• Apart from the above mentioned five sectors of the Indian biotechnology industry, there are other emerging sectors like Biosimilars, Nanotechnology and Stem Cell Research.

• Biosimilars – This includes biotechnology-based drugs similar to biologic drugs that enter the market after the innovator drug goes off patent. The biosimilars market in India is expected to reach USD 2 billion in 2014.

• Stem Cell Research – This market is expected reach USD 540 million in 2010.

• Apart from the above mentioned five sectors of the Indian biotechnology industry, there are other emerging sectors like Biosimilars, Nanotechnology and Stem Cell Research.

• Biosimilars – This includes biotechnology-based drugs similar to biologic drugs that enter the market after the innovator drug goes off patent. The biosimilars market in India is expected to reach USD 2 billion in 2014.

• Stem Cell Research – This market is expected reach USD 540 million in 2010.

Biotechnology Industry in India (2/2)


The On-Off Evolution Matrix

Business Outsourcing OpportunityBusiness Outsourcing Opportunity

Tec

hnol

ogy

Out

sour

cing

O

ppor

tuni

ty

Tec

hnol

ogy

Out

sour

cing

O

ppor

tuni

ty

NoNo YesYes

NoNo

YesYes

In-houseOn Shore R&D Centers

On-Shore Markets

In-houseOn Shore R&D Centers

On-Shore Markets

CaptivesOff-Shore R&D CentersOn/Off-Shore Markets

CaptivesOff-Shore R&D CentersOn/Off-Shore Markets

Licensing/Marketing Partnerships

On-Shore R&D CentersOff-Shore Markets

Licensing/Marketing Partnerships

On-Shore R&D CentersOff-Shore Markets

Technology ScoutingOff-Shore Technology

PartnersOn/Off-Shore Markets

Technology ScoutingOff-Shore Technology

PartnersOn/Off-Shore Markets

Borderless Innovation


The Chindia Story

• In 2009 – Despite global economic downturn, the Chinese Patent Office (SIPO) received a total of 976,686 patent applications, with a growth rate of 18% over the previous year.

• During 1999 – 2009: About five million patent applications were filed

• If the current growth rates remain the same, China will surpass the US in 2012 with respect to the invention patent application filings

• In 2009 – Despite global economic downturn, the Chinese Patent Office (SIPO) received a total of 976,686 patent applications, with a growth rate of 18% over the previous year.

• During 1999 – 2009: About five million patent applications were filed

• If the current growth rates remain the same, China will surpass the US in 2012 with respect to the invention patent application filings

ChinaChina

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

99 '00 '01 '02 '03 '04 '05 '06 '07 '08 09

Invention Utility Model Design

• 20-21% annual increase in patent filing

• IP awareness is spreading among Indian companies

• IPR reforms reflect seriousness of the government

• 20-21% annual increase in patent filing

• IP awareness is spreading among Indian companies

• IPR reforms reflect seriousness of the government

IndiaIndia

0

5000

10000

15000

20000

25000

30000

35000

40000

No

. of

Pat

ent

Ap

pls

Year


The patent filing in India has been on the rise in the last few years. The Figure below illustrates the increase in the filing activity in various technical fields of the life science domain over the last five years.

Patenting trends in India


India ranks 30th out of 134 countries on Prevalence of Foreign Technology Licensing

Two Perspectives of Technology Licensing in Indian ContextTwo Perspectives of Technology Licensing in Indian Context

MNCs partnering with Indian companies

with innovations

MNCs partnering with Indian companies

with innovations

MNCs entering the Indian market

MNCs entering the Indian market


MNCs partnering with Indian companies with innovations

MNCs partnering with Indian companies with innovations

• Imtech licensed a new drug molecule to Nostrum Pharmaceutical for USD 3 million in 2009.

• Imtech, a CSIR laboratory licensed a clot-busting therapeutic protein to US-based Nostrum Pharmaceutical for USD 20 million in 2006

• Shasun, Indian drug manufacturing firm, sign non-exclusive license with Merck.

• Indoco Remedies Ltd., a Mumbai-based generic company, announced a technology licensing agreement to produce generics with Watson Pharmaceuticals, Inc. Watson will file an ANDA for US FDA approval.

• Pfizer entered into licensing agreements with India’s Strides Arcolab, Aurobindo and Claris LifeSciences for supply of generic products and injectibles

• Imtech licensed a new drug molecule to Nostrum Pharmaceutical for USD 3 million in 2009.

• Imtech, a CSIR laboratory licensed a clot-busting therapeutic protein to US-based Nostrum Pharmaceutical for USD 20 million in 2006

• Shasun, Indian drug manufacturing firm, sign non-exclusive license with Merck.

• Indoco Remedies Ltd., a Mumbai-based generic company, announced a technology licensing agreement to produce generics with Watson Pharmaceuticals, Inc. Watson will file an ANDA for US FDA approval.

• Pfizer entered into licensing agreements with India’s Strides Arcolab, Aurobindo and Claris LifeSciences for supply of generic products and injectibles

MNCs entering the Indian marketMNCs entering the Indian market

• Evolving Indian market and customer feel the need for advanced and world-class products and services

• Automatic permission for foreign technology agreements in a few industries

• CSIR has signed a MOU with San people of South Africa for commercialization of Hoodia, as a blockbuster anti-obesity drug.

• Eisai, a Japanese pharma major to set up manufacturing and research base in India.

• Evolving Indian market and customer feel the need for advanced and world-class products and services

• Automatic permission for foreign technology agreements in a few industries

• CSIR has signed a MOU with San people of South Africa for commercialization of Hoodia, as a blockbuster anti-obesity drug.

• Eisai, a Japanese pharma major to set up manufacturing and research base in India.

Foreign Technology Licensing in India


Presentation Plan


AppendixAppendix




Increased focus of industry and markets on knowledge-based market

Source – Ned Davis Research

Components of S&P 500 Market Value

83%68%

32%20%

17%32%

68%80%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1975 1985 1995 2005

Years

Tangible Assets Intangible Assets

Growing Importance of IP Valuation

• There is an increasing need for shifting research focus from valuing tangible assets to valuing intangible assets.

• There is an increasing need for shifting research focus from valuing tangible assets to valuing intangible assets.


Monetizing IP – Patents

Patent Monetizing IdeasPatent Monetizing Ideas

Aggressive Marketing of Products

Aggressive Marketing of Products

Patents as a Business Concept

Patents as a Business Concept

Portfolio of Stocks with Strong Patent

Portfolio

Portfolio of Stocks with Strong Patent

Portfolio

Adobe markets its key

product, Adobe Reader

7.0, with 51 utility US

patents, 4 US design

patents, and patent

pending legal notices

A 2002 study by the

Equipment Leasing and

Finance Foundation

listed the market value of

patent-based licenses at

USD 1 trillion in the US

Ocean Tomo 300™

Patent Index, the first

equity index based on

the value of corporate IP

of 300 diversified

companies, was

launched in 2006; it is

published by Amex


Licensing DealsLicensing Deals

Small and Medium Enterprises in Hi-Tech Domains

• Pharmaceutical Companies

• Electronics and Computer Hardware Firms

Small and Medium Enterprises in Hi-Tech Domains

• Pharmaceutical Companies

• Electronics and Computer Hardware Firms

Sale of IPSale of IP • IP Brokerage Firms and Medium-Sized Enterprises• IP Brokerage Firms and Medium-Sized Enterprises

M&A DealsM&A Deals• Consulting Firms

• Investment Banks

• Private Equity Funds

• Consulting Firms

• Investment Banks


Infringement Lawsuits

Infringement Lawsuits

• Infringement Support Law Firms

• Plaintiff/Defendant

• Infringement Support Law Firms

• Plaintiff/Defendant

Financing/Securitization

Financing/Securitization

• Banks


• VCs

• Banks


• VCs

Context for IP Valuations

Tax/Financial Reporting

Tax/Financial Reporting • Any• Any


• Patent and product valuation go hand in hand. To estimate the value of a patent or product, knowledge about the related product or patent and the associated market/legal boundaries is helpful.

• Patent and product valuation go hand in hand. To estimate the value of a patent or product, knowledge about the related product or patent and the associated market/legal boundaries is helpful.

Patent Valuation and Product Valuation

Patent ValuationPatent Valuation

• Valuation methods, particularly early in the life of a patentable idea

• Lifecycle of a patent

• Future and uncertainties of the technology, e.g., new and ongoing research, lifecycle/term of a patent, and income attributable to a patent

• Legal issues on jurisdictions

• Valuation methods, particularly early in the life of a patentable idea

• Lifecycle of a patent

• Future and uncertainties of the technology, e.g., new and ongoing research, lifecycle/term of a patent, and income attributable to a patent

• Legal issues on jurisdictions

Product ValuationProduct Valuation

• Valuation methods, before launching a product in the market

• Cost of OEMs

• Future and uncertainties of the product market, e.g., growth trends, lifecycle of a product and competing products available in the market

• The whole world is a potential market

• Valuation methods, before launching a product in the market

• Cost of OEMs

• Future and uncertainties of the product market, e.g., growth trends, lifecycle of a product and competing products available in the market

• The whole world is a potential market


Factors for IP Valuations of Biotechnology Invention

Novelty of the technology

Competitive technologies/products in the domain

Benefits of the technology over the competing technologies

IP Landscape in the domain

Regulatory requirements

Efficacy of the product

Target Market

Market acceptance

Cost of the product

Marketing Strategy


Process Flow in a Typical IP Valuation

• How powerful is the IP in terms of the existing IP

• Will it sustain an invalidation attempt by competitors

• How does the IP fare in comparison with competing technologies, in terms of major advancement or minor adjustment

AssessingIP-Centric Factors

AssessingIP-Centric Factors

• How broadly does the IP claim

• In which jurisdiction is the IP applicable

• What is the remaining life of the IP

• Are there any risks associated with government rules with the IP

IdentifyingMarket for IPIdentifying

Market for IP

• What is the market for the technical domain in the specific jurisdiction

• What is the growth trend of the market

• What is the lifecycle of the IP

Building Valuation Model

Building Valuation Model

• What is the discount rate for the DCF modeling

• How sensitive is the value on the estimations used in the model

Assessing IP Strength

Assessing IP Strength

• Understand how is the IP different from other existing IP in the market

• What are the competing companies and technologies

• What does the IP uniquely add to the market

• What factors of market demand does it satisfy

Understanding IP

Understanding IP


Approaches for IP Valuation

ComparableApproach

ComparableApproach

Cost Approach

Cost Approach

Income ApproachIncome

Approach

Valuation ApproachesValuation Approaches

Value Estimate

Multiples or prices of

market transactions

involving the sale of

comparable IP

Value Estimate

Reproduction/ replacement

cost adjusted for

depreciation and

obsolescence

Value Estimate

Present value of earnings

attributable to the IP or

costs avoided as a result

of owning the IP


Comparables Approach

Approach usage rationaleApproach usage rationale

• Comparing the IP to comparable assets recently exchanged under similar circumstances

• Comparing the IP to comparable assets recently exchanged under similar circumstances

Disadvantage Disadvantage

• Finding a comparable asset in same technology domain as the IP to be valued can be difficult

• Comparing two different IPs, even the ones in the same domain can be difficult

• Finding a comparable asset in same technology domain as the IP to be valued can be difficult

• Comparing two different IPs, even the ones in the same domain can be difficult

Advantage Advantage

• Comparatively simpler method of valuation• Comparatively simpler method of valuation

ProcessProcess

• Establish IP comparability: type of asset, industry relevance, geographical constraints, timeframe, financial characteristics of underlying operations

• Locating similar licensing deals

• Establish IP comparability: type of asset, industry relevance, geographical constraints, timeframe, financial characteristics of underlying operations

• Locating similar licensing deals

This method is very easy to use and estimates the value of IP based on past occurrences


Cost Approach


• Determine the value of patent by aggregating the costs involved in its development

• Determine ‘Reproduction Cost’ to reproduce the same asset

• Determine the value of patent by aggregating the costs involved in its development

• Determine ‘Reproduction Cost’ to reproduce the same asset


• Cost based approach provides a benchmark for management to control cost of development and not a fair value of the IP

• The data is not publicly available

• Cost based approach provides a benchmark for management to control cost of development and not a fair value of the IP

• The data is not publicly available

Advantage Advantage

• It is a simple method

• It is easy to use

• It is a simple method

• It is easy to use

ProcessProcess

• Collect and analyze IP R&D cost client data

• Review comparable cost data of similar IPs

• Identify direct cost and multiples for allocation of indirect cost

• Prepare a cost sheet for the IP R&D project

• Collect and analyze IP R&D cost client data

• Review comparable cost data of similar IPs

• Identify direct cost and multiples for allocation of indirect cost

• Prepare a cost sheet for the IP R&D project

This method is useful in identifying the floor value of IP


Income Approach


• Establish ability of patent to generate economic benefits over the property’s useful life

• When discount rate for the IP can be known with certainty but not cash flows

• Establish ability of patent to generate economic benefits over the property’s useful life

• When discount rate for the IP can be known with certainty but not cash flows


• Discounted Cash Flow (DCF) is a static model

• It only captures the expected cash flows and does not account for uncertainty

• Discounted Cash Flow (DCF) is a static model

• It only captures the expected cash flows and does not account for uncertainty

Advantage Advantage

• Gives a very objective value of the IP in relation to the market

• Gives a very objective value of the IP in relation to the market

ProcessProcess

• Proportion of the revenue attributable to the subject IP

• Estimating size and growth rate of relevant industry

• Estimate revenue, risk and growth associated with the IP proportion of the revenue attributable to the subject IP

• Application of DCF, Monte Carlo and option pricing techniques

• Proportion of the revenue attributable to the subject IP

• Estimating size and growth rate of relevant industry

• Estimate revenue, risk and growth associated with the IP proportion of the revenue attributable to the subject IP

• Application of DCF, Monte Carlo and option pricing techniques

This method is useful in identifying the intrinsic value of IP


Presentation Plan


AppendixAppendix




Case Study*: How do we actually value a patent?

What is patented?What is patented?

• A biosimilar drug molecule for treatment of autoimmune diseases.

• A biosimilar drug molecule for treatment of autoimmune diseases.

Objective and NeedObjective and Need

• You need to present the patented idea to a pharmaceutical company to sell the patent.

• They are already convinced that there is a market that can be tapped.

• You need to identify the target market and what value should you go to the negotiation table with.

• You need to present the patented idea to a pharmaceutical company to sell the patent.

• They are already convinced that there is a market that can be tapped.

• You need to identify the target market and what value should you go to the negotiation table with.

What methodology will you follow to identify the price of the patent?

What methodology will you follow to identify the price of the patent?

• Assess the strength of IP and the competing IP in the space

• Identify market targeted by the IP based on IP centric parameters

• Identify licensing amount

• Assess the strength of IP and the competing IP in the space

• Identify market targeted by the IP based on IP centric parameters

• Identify licensing amount

*: Indicative numbers have been used in this case study*: Indicative numbers have been used in this case study


• The market size was calculated to be more than USD 9 bilion in 2013. The calculation is based on the market for the original drug of which biosimilar has been invented.

• The market figures were confirmed by surveys with Subject Matter Experts or secondary sources in the biosimilar market and forecast status of market.

• The market penetration and price discount was calculated on the basis of a report by CAGW on target market penetration and price discount for biosimilar.

• The market size was calculated to be more than USD 9 bilion in 2013. The calculation is based on the market for the original drug of which biosimilar has been invented.

• The market figures were confirmed by surveys with Subject Matter Experts or secondary sources in the biosimilar market and forecast status of market.

• The market penetration and price discount was calculated on the basis of a report by CAGW on target market penetration and price discount for biosimilar.

Market Parameters for Valuation (1/2)


• Based on IP analysis, and competitive intelligence you can determine if your new drug is a high-range, medium-range or low-range drug.

• Assuming it to be a medium-range biosimilar, you can expect a market penetration of 3% in the year of launch and 40% after 6 years.

• Again for a medium-range biosimilar the price of the product will also be reduced based on price discount

• The market share for intermediate years was calculated on the basis of S-curve.

• The cost of conducting clinical trials for FDA approval will require approximately USD 25 million over the next 4 years.

• The average royalty rates on sales in the pharmaceutical sector have been found to be 6%.

• The discount rate has been assumed based on the industry standard for pharmaceutical sector. This has been confirmed by the risk assessment matrix or the SWOT analysis of the technology.

• Based on IP analysis, and competitive intelligence you can determine if your new drug is a high-range, medium-range or low-range drug.

• Assuming it to be a medium-range biosimilar, you can expect a market penetration of 3% in the year of launch and 40% after 6 years.

• Again for a medium-range biosimilar the price of the product will also be reduced based on price discount

• The market share for intermediate years was calculated on the basis of S-curve.

• The cost of conducting clinical trials for FDA approval will require approximately USD 25 million over the next 4 years.

• The average royalty rates on sales in the pharmaceutical sector have been found to be 6%.

• The discount rate has been assumed based on the industry standard for pharmaceutical sector. This has been confirmed by the risk assessment matrix or the SWOT analysis of the technology.

Market Parameters for Valuation (2/2)


• IP Landscape analysis was conducted to identify relevant IP in the domain. Intensive IP analysis, such as broadness of claims, details of office actions can help in identifying the share of the market that can be attributed to current technology.

• Active companies in the technology domain were identified as they can influence the market captured by the current biosimilar.

• Both these parameters have been factored in the risk assessment matrix while calculating the discount rate that can be offered.

• IP Landscape analysis was conducted to identify relevant IP in the domain. Intensive IP analysis, such as broadness of claims, details of office actions can help in identifying the share of the market that can be attributed to current technology.

• Active companies in the technology domain were identified as they can influence the market captured by the current biosimilar.

• Both these parameters have been factored in the risk assessment matrix while calculating the discount rate that can be offered.

IP Parameters for Valuation


Risk Assessment/SWOT analysis

Parameter Level 1 Level 2 Level 3 Level 4 Level 5

Demand LevelNo existing

demandSpurious demand Low demand Medium demand High demand

Customer Segment

UnidentifiableIdentified and growing slowly

Identified and small size

Identified and moderate size

Identified and huge size

TechnologyNew and not

tested

New and tested but with marginal

results

New but positive results

Existing and growing rapidly

Existing and well established but not

growing rapidly

ProductNew and not tested in the

market

New and tested but with marginal

results

New but positive feeling

ExistingOld product, re-

launch

Substitute Products

Numerous and very good

Number fairly highFew and very

goodFew but with old

technologyNo substitutes

Strength of the patents

Low; Clustered domain of patents

Moderate; Numerous other

patents

Moderate; Few patents in the

domain

High; Few patents in the domain

Very High; Are key patents


Life Cycle Analysis


(Amounts in USD million) ValuesCurrent Forecasted

2010 2011 2012 2013 2014 2015

Overall Market Size 0 0 0 9516 10372 11300

Market Penetration 0% 0% 0% 3% 12% 22%

Price Discount % 0% 0% 0% 20% 29% 34%

Target market 0 0 0 228 883 1668

Market Share of invention 0 0 0 91 353 667

Market Share 10%

Royalty Earnings 0 0 0 5.5 21.2 49.2

Licensing/Milestone payments 2.5 5 7.5 10

Royalty Rate 6%

Discount Rate 25%

Present Value 6.7 8.9 11.2 2.8 9.2 10.7

DCF Valuation Model (1/3)


(Amounts in USD million)Forecasted

2016 2017 2018 2019 Terminal Value

Overall Market Size 11532 11760 12002 12239 24,475

Market Penetration 31% 36% 40% 43%

Price Discount % 37% 39% 40% 41%

Target market 2226 2612 2879 3073 6146

Market Share of invention 890 1045 1152 1229 2458

Market Share

Royalty Earnings 75.0 93.5 107.0 117.0 233.3

Licensing/Milestone payments

Royalty Rate

Discount Rate

Present Value 22.5 23.5 22.3 20.3 33.8



Pre-Tax Net Present Value 117.84

R&D Success Probability (FDA approval Probability) 60%

Post Tax Net Present Value USD 52 million



Presentation Plan


AppendixAppendix




• Valuation of IP requires knowledge of both IP and finance

• Knowledge of IP helps in determining the parameters that affect revenue streams, volatility, and other risk factors

• Important to understand IP factors as they play a crucial role in determining financial parameters that affect valuation

• Knowledge of finance necessary to identify the number associated with the IP factors

• Combination of IP and finance also helps in understanding how real option pricing and Monte Carlo Simulations can be used to assess the impact of estimations on valuation

• Valuation of IP requires knowledge of both IP and finance

• Knowledge of IP helps in determining the parameters that affect revenue streams, volatility, and other risk factors

• Important to understand IP factors as they play a crucial role in determining financial parameters that affect valuation

• Knowledge of finance necessary to identify the number associated with the IP factors

• Combination of IP and finance also helps in understanding how real option pricing and Monte Carlo Simulations can be used to assess the impact of estimations on valuation

Highlights various parameters on which IP valuation can be dependent, such as jurisdiction for legal protection, duration of protection, market attributable to an IP, and risk factors involved

Highlights various parameters on which IP valuation can be dependent, such as jurisdiction for legal protection, duration of protection, market attributable to an IP, and risk factors involved

Help in understanding the various parameters for modeling a valuation solution, such as forecasting revenue streams, royalty rate estimations, accounting for risk premiums in discount rate calculations, sensitivity analysis, real-option pricing, and Monte Carlo Simulations

Help in understanding the various parameters for modeling a valuation solution, such as forecasting revenue streams, royalty rate estimations, accounting for risk premiums in discount rate calculations, sensitivity analysis, real-option pricing, and Monte Carlo Simulations

Structure of IP Valuation Curriculum

Intellectual Property Programs

Intellectual Property Programs

Financial Programs

Financial Programs

IP + FinanceIP + Finance

Intersection of Intellectual Property and Finance ProgramsIntersection of Intellectual Property and Finance Programs


The National Law University, Jodhpur, is the first university in India to offer Masters Degree, and Honors and Distance Education Programs in IPR. IPR Honors program has eight papers, one of which is IP Valuation.

The National Law University, Jodhpur, is the first university in India to offer Masters Degree, and Honors and Distance Education Programs in IPR. IPR Honors program has eight papers, one of which is IP Valuation.

The PSB Academy, an institute in Singapore, offers a one-day lecture-cum-enhanced learning through case studies training program–Intellectual Property Management for Enterprise Managers. Their training on IP Valuation comprises purpose of intangible asset valuation, commonly-used IP valuation approaches, and IP asset valuation criteria.

The PSB Academy, an institute in Singapore, offers a one-day lecture-cum-enhanced learning through case studies training program–Intellectual Property Management for Enterprise Managers. Their training on IP Valuation comprises purpose of intangible asset valuation, commonly-used IP valuation approaches, and IP asset valuation criteria.

Bournemouth University, Center for Intellectual Property Policy & Management, specializes in copyright, industrial design, patents, trade marks, law & policy, IP exploitation, and legal education. It offers Customized IPR Short Courses—a half-day, a one-day and a two-day course, including IP licensing and IP valuation.

Bournemouth University, Center for Intellectual Property Policy & Management, specializes in copyright, industrial design, patents, trade marks, law & policy, IP exploitation, and legal education. It offers Customized IPR Short Courses—a half-day, a one-day and a two-day course, including IP licensing and IP valuation.

Telestrat Education is a worldwide leader in continuing education seminars. It provides a half-day course on IP Valuation, which includes valuation basics, valuation methods, discount rate, and cost of capital knowledge.

Telestrat Education is a worldwide leader in continuing education seminars. It provides a half-day course on IP Valuation, which includes valuation basics, valuation methods, discount rate, and cost of capital knowledge.

Existing Curriculums


Research Topics and References

• Estimating growth rate of revenue streams from an IP by using SWOT analysis based on IP-specific risk parameters

• Accounting for IP parameters, such as FDA approvals in the case of a biotech IP, as risk premiums

• Estimation of royalty rates for IP in various technical domains

• Real-options and binomial approach—when treating patents as an asset with an option of creating products based on the patents now or later

• Estimating growth rate of revenue streams from an IP by using SWOT analysis based on IP-specific risk parameters

• Accounting for IP parameters, such as FDA approvals in the case of a biotech IP, as risk premiums

• Estimation of royalty rates for IP in various technical domains

• Real-options and binomial approach—when treating patents as an asset with an option of creating products based on the patents now or later

Research TopicsResearch Topics

• Strategies for Investing in Intellectual Property by David S. Ruder

• Essentials of Licensing Intellectual Property by Alexander I. Poltorak, Paul J. Lerner

• Intellectual Property Assets in Mergers and Acquisitions by Melvin Seminsky

• Strategies for Investing in Intellectual Property by David S. Ruder

• Essentials of Licensing Intellectual Property by Alexander I. Poltorak, Paul J. Lerner

• Intellectual Property Assets in Mergers and Acquisitions by Melvin Seminsky

ReferencesReferences

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