As typical high-tech products, drugs possess considerable economic value. The economic revenue of drugs is the core driving factor for new drug innovation which maintains the sustainable development of drug industry. Meanwhile, pharmaceutical economic valuation plays a key role in technology transfer and acquisition. Objectives: (1) to analyze the impact factors of pharmaceutical economic value; (2) To build a comprehensive drug economic evaluation model. Methods: (1) Identify the impact factors of drug economic value (including traditional Chinese medicine) by literature analysis from technological, commercial and legal perspectives. (2) Select drugs from IMS Health as sample and collect quantitative indicators. Run Pearson correlation analysis, T-test, one-way anova, factor analysis, OLS regression by SPSS 17.0 to build the model. Results: (1) The impact factors of drug economic value include technological quality of drug, R&D capability of pharms, market features, and business operation capacity of pharms, policy environment and intellectual properties. (2) The factors from TECH-COM-LEG impose significant impacts on drug economic value (PLEG>TECH. Due to complex impact factors, SALES can’t be fully explained by TECH-COM-LEG factors. We created drug economic value index (DEVI) by integrating TECH-COM-LEG factors. The index is written as: DEVI MT TARGETS DP KMC RDI PROFITABILITY PF CIPV  0.11 +0.63 +0.98 +0.5 +0.64 +0.89 +0.55 +0.54 Conclusion：Technological value is the core component of economic value which generates derived value. Intellectual property protects and supports the economic value from the legal part. Commercialized activities facilitate the transition from technological value to economic value. Featured with early-stage, easy-access and high predictive ability, Drug economic value index shows great potential for pharmas in cross licensing, technology transfer, venture investment and M&A.

药品作为典型的高技术产品，拥有可观的经济价值。药品的经济收入维持着 制药产业的可持续发展，也是新药创制的核心驱动因素。药品经济价值评估是药 品技术转让、并购等商业化活动中的关键问题。 研究目的：（1）分析药品经济价值的影响因素；（2）建立客观的符合药品特 点的经济价值评估模型。 研究方法：（1）以理论调研的方式从技术、商业、法律三个方面识别化学药 和中成药的经济价值的影响因素；（2）以 IMS 数据库中收录的药品为样本，搜 集相关定量指标，用 SPSS17.0 软件对指标进行 Pearson 相关、T 检验、方差分析、 因子分析、回归分析，建立药品经济价值评估模型。 研究结果：（1）药品经济价值的影响因素主要包括技术方面的药物自身技术 特点和企业研发能力，商业方面的市场特性和经营能力，法律方面的政策环境和 知识产权。（2）技术、商业和法律方面的因素都对经济价值构成显著影响 （P法律因素>技术因素。销售额影响因素复杂， 模型无法全面解释，因此提取技术、商业、法律因子建立药品经济价值指数取代 原有模型。药品经济价值指数=0.11*上市时间+0.63*靶点数目+0.98*疾病流行度 +0.5*营销公司数量+0.64*研发密度+0.89*利润率+0.55*专利组合规模+0.54*综合 专利价值指数。 研究总结：技术价值是经济价值的内核，是生成经济价值的母体；知识产权 作为法律因素保护核心技术，支撑起经济价值；商业开发促进技术价值到经济价 值的转化。基于早期指标，数据的易获得性以及高效性，药品经济价值指数在制 药企业技术转让、交叉许可、风险投资、并购等领域有应用的潜力。 关键词: 药品经济价值；技术；商业；法律；价值评估