Discuss the determinants of IP Strategy.
One of determinants of IP strategy is characteristics of product and technology market, in which a firm is operating. The strength of patent as a means of appropriating rents from innovation outputs varies by industry, and it is relatively strong in pharmaceutical industry (Cohen et. al. 2002). In this industry, licensing contract can be enforced effectively, so that a firm uses more actively external technology market, in building up its technology pool, as well as licensing out of its technology (Anand and Khanna, 2002).
Licensing decision depends also on the degree of product market competition. Patent right ensures temporary monopoly rents associated with new technology, but licensing out of such technology to potential competitors will lead to increasing competition in product market. In this sense, licensing out has this ‘rent dissipation effect’ as well as ‘revenue effect’ based on licensing incomes (Arora and
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