生醫產業智慧財產評價及資本市場募資之研究

Abstract

技術、資金是推動生技醫療產業發展的雙引擎，智慧財產發展及管理則為生醫企業生存及發展命脈。生醫企業須以策略性思維進行專利佈局與技術活化。技術活化手法包含技術作價、技術授權、技術移轉/轉讓、技術商品化及專利訴訟等。 生技醫療產業之智慧資產包含商標權、著作權、專利權、營業秘密及其他特許權等，其中專利權及營業秘密與技術研發較為相關。生醫企業通常基於會計、稅務、併購、合資入股，專利授權、智財權交易或智財權訴訟爭議損害賠償計算等目的進行無形資產評價。評價方法包含成本法、市場法及收益法等，對於專利權較多採用收益現值法。 生技醫藥產業投資金額高、研發期長、研發成果未定特性，各開發階段均需要適足資金以支應研發及業務推展等需要。天使投資人、創投公司、策略性投資人及財務投資人，在生醫企業各營運階段扮演不同的重要角色，生醫企業須在資本充實原則下，尋找適合自身條件的募資管道，型塑其資本形成模式與股權結構。 生醫企業為擴展規模、提升營運效率，並因應企業轉型、擴增產品組合以及加速全球產品布局等業務需求，選擇透過策略性併購提升市場競爭力及維持持續成長動能。併購前應妥善訂定目標，並善用嵌入策略、合併策略、轉型策略、附加策略進行併購，以增加併購成功機率。 股票上市櫃是生醫企業資本形成最重要的一個階段。我國多層次證券市場架構，包括上市、上櫃、興櫃市場、創新板、戰略板、創櫃板輔導募資平台。上市、櫃市場針對生醫等科技事業訂定特別審查條件及程序；興櫃及甫推出之創新板、戰略板掛牌亦鎖定生醫等新創企業，生醫企業可依自身條件選擇適合之籌資板塊。 對於生醫產業而言，無形資產評價與專利商品化與價值實現等息息相關。2017年「產業創新條列」修訂完成後，為無形資產評價做出詳細規範，包含授權辦理評價機構、人員之登錄與管理，頒佈「評價準則」作為評價業務遵循依歸等，我國無形資產評價制度已概約成形。未來仍須各界共同努力，形成無形資產評價產業生態系，協助企業展現無形資產價值，並促進我國無形評價業務之健全發展。

The development and management of intellectual property are the lifeblood of the survival and development of biomedical enterprises. Biomedical companies must use strategic thinking to carry out patent portfolio and technology activation. Technology activation methods include technology pricing, technology license, technology transfer, technology commercialization etc. The intellectual assets of the biomedical industry include trademark, copyrights, patents etc, of which patents are the most important. Biomedical companies usually evaluate intangible assets based on purposes of M&A, joint ventures, patent license, or damages calculation for litigation etc. there are cost, market income and other method for evaluation. The present value of income method is ususally used for patented products. Adequate funds are required at each development stage for biomedical enterprises. Angel investors, venture capital, strategic investors and financial investors play different important roles in each operation stage of biomedical enterprises. shape its capital formation model and shareholding structure. Biomedical enterprises through strategic M&A in response to corporate needs such as corporate transformation, expanding product portfolios, and accelerating global deployment. Before M&A transaction, enterprises should properly set strategic goals, and make good use of Tuck-ins, Consolidations, Transformations, Bolt-ons strategies for M&A to increase the success rate of mergers and acquisitions. IPO is the most important stage of capital formation for biomedical companies. Taiwan’s multi-level capital market structure, including TWSE-listed, TPEx-listed, emerging market, TIB, PSB, GISA, the capital market has set special critirias for biomedical businesses, and biomedical companies can choose suitable boards according to their own conditions. After the revision of the 'Industrial Innovation Regulations' in 2017, Taiwan’s intangible assets evaluation system has been formed implicitly. In the future, it is still necessary to work together to form an ecosystem of intangible asset evaluation industry, assist enterprises to realize the value of intangible assets.