QUALIFYING INTELLECTUAL PROPERTY II: A NEW INNOVATION INDEX FOR PHARMACEUTICAL PATENTS & PRODUCTS

Governments around the world are increasingly engaged with the political mandate of innovation, which is seen as a fundamental gateway to national productivity and prosperity. To date, innovation is measured primarily using quantitative methods, particularly with regard to patents. However, even though these methods are widely considered to be problematic, a model that assesses patent value at numerous stages in the product lifecycle using qualitative methods has not yet emerged. This article describes a qualitative innovation index that may fill some of the gaps in patent valuation. An innovation index is given that provides a measure of patent quality that is specific to pharmaceutical patents and products. The innovation index rewards innovation both in the new drug approval stream and for follow-on approvals in proportion to the degree of innovation evidenced by the resulting products. [PUBLICATION ABSTRACT]