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Determine Optimal Timing for Out-Licensing of New Drugs in the Aspect of Biotech

신약의 기술이전 최적시기 결정 문제 - 바이오텍의 측면에서

  • Na, Byungsoo (Korea University) ;
  • Kim, Jaeyoung (Korea University)
  • 나병수 (고려대학교 융합경영학부) ;
  • 김재영 (고려대학교 융합경영학부)
  • Received : 2020.08.06
  • Accepted : 2020.08.28
  • Published : 2020.09.30

Abstract

With regard to the development of new drugs, what is most important for a Korean Biotech, where no global sales network has been established, is decision-making related to out-licensing of new drugs. The probability of success for each clinical phase is different, and the licensing amount and its royalty vary depending on which clinical phase the licensing contract is made. Due to the nature of such a licensing contract and Biotech's weak financial status, it is a very important decision-making issue for a Biotech to determine when to license out to a Big Pharma. This study defined a model called 'optimal timing for out-licensing of new drugs' and the results were derived from the decision tree analysis. As a case study, we applied to a Biotech in Korea, which is conducting FDA global clinical trials for a first-in-class new drug. Assuming that the market size and expected market penetration rate of the target disease are known, it has been shown that out-licensing after phase 1 or phase 2 of clinical trials is a best alternative that maximizes Biotech's profits. This study can provide a conceptual framework for the use of management science methodologies in pharmaceutical fields, thus laying the foundation for knowledge and research on out-licensing of new drugs.

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