China Tries Out Patent Auction for Biologics
This article was originally published in PharmAsia News
Executive Summary
At a recent patent transfer auction in Shanghai, eight patents were up for grabs, with three of them biomedical intellectual properties. A drug manufacturer under Guangming Group managed to clinch Shanghai Newsummit Biopharma's patented freeze-dry recombinant human growth factor-2 at RMB 18 million. The patented drug received clinical trial approval in July 2005 and is now undergoing a Phase III trial. The product is expected to get a new drug license soon, paving the way for its marketing. Local pharmaceutical companies prefer to invest in a promising drug as higher risks abound during early R&D stages. Experts point out that auctions represent only a means of technology transfer; more critical are market predictions and risk assessments of a product. (Click here for more - Chinese Language)