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The Financial Impact of Patents on SMEs in China: Empirical Evidence from Pharmaceutical Sector
Feng, Ye1; Liu, Kunmeng1; Lyu, Liyang1; Sun, Guojun2; Hu, Yuanjia1
2022-03-01
Source PublicationScience, Technology and Society
ABS Journal Level2
ISSN0971-7218
Volume27Issue:1Pages:46-65
Abstract

With the disruptive technology innovation time arrival, small and medium-sized enterprises (SMEs) have been the motor of innovation and played an increasingly major role in national economic development. As the shift towards an ‘open innovation’ paradigm, awareness of intellectual property rights has increased, and patents have been an important tool for Chinese pharmaceutical enterprises. Considering its mass production of low-level generic drugs, there are still many arguments about its lack of innovation. This article aims to identify if and how patents, as essential indicators of innovation, generate financial performance measured by SMEs in the pharmaceutical sectors. Patent data are a vital source of competitive intelligence. A positive association was found between annually added patents and gross sales. Many other patent indicators, such as the number of forward citations and patent transfer, were statistically significant. Moreover, the results suggested that there was a one-year lag between patent publication and financial performance. A series of patent quantity and quality indicators have shown significant effects on the financial performance of Chinese pharmaceutical enterprises. These patents generate a positive financial impact, which builds up a solid basis for keeping sustainable innovation capability in the Chinese drug industry.

KeywordFinancial Performance Intellectual Property Open Innovation Patent Quantity And Quality Small And Medium-sized Enterprises (Smes)
DOI10.1177/09717218211047023
URLView the original
Indexed BySSCI
Language英語English
WOS Research AreaBusiness & Economics
WOS SubjectManagement
WOS IDWOS:000711568900001
Scopus ID2-s2.0-85118220289
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Cited Times [WOS]:0   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionInstitute of Chinese Medical Sciences
Corresponding AuthorHu, Yuanjia
Affiliation1.Institute of Chinese Medical Sciences, State Key Laboratory of Quality Research in Chinese Medicine, University of Macau, Macao
2.College of Pharmaceutical Science, Zhejiang University of Technology, Hangzhou, Zhejiang, China
First Author AffilicationInstitute of Chinese Medical Sciences
Corresponding Author AffilicationInstitute of Chinese Medical Sciences
Recommended Citation
GB/T 7714
Feng, Ye,Liu, Kunmeng,Lyu, Liyang,et al. The Financial Impact of Patents on SMEs in China: Empirical Evidence from Pharmaceutical Sector[J]. Science, Technology and Society,2022,27(1):46-65.
APA Feng, Ye,Liu, Kunmeng,Lyu, Liyang,Sun, Guojun,&Hu, Yuanjia.(2022).The Financial Impact of Patents on SMEs in China: Empirical Evidence from Pharmaceutical Sector.Science, Technology and Society,27(1),46-65.
MLA Feng, Ye,et al."The Financial Impact of Patents on SMEs in China: Empirical Evidence from Pharmaceutical Sector".Science, Technology and Society 27.1(2022):46-65.
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