A framework for valuation and prioritization of patents using a combined MADM approach. Case study: Nanotechnology

Abstract

Patent valuation and prioritization is one of the main activities for the management of intellectual property assets in an organization. So far, numerous attempts have been made to determine the value of patents, some of which have not been efficient due to ignoring some effective dimensions or considering the same importance for all aspects. To overcome this challenge, this research aims to provide a framework for valuing and prioritizing patents using a combination of MADM methods. For this purpose, first, the indicators for patent valuation and prioritization were taken from the literature and aggregated and finalized based on opinions of experts of technology management as well as nanotechnology in the form of a Delphi method. Second, the indicators were weighted, and their importance specified based on expert opinions using the questionnaire tool and stepwise weight assessment ratio analysis (SWARA) method. Third, the additive ratio assessment (ARAS) method was used to value and prioritize the patents. For this reason, 12 nanotechnology patents, registered in 2016 at the Iranian Administration of Registration of Documents, were valued and ultimately prioritized. The results from the criteria weights indicate that commercial and market potential and the economic value should be selected as the most critical dimensions. Also, among the indicators, the project investment cost, the costs of production and commercialization and the economic relevance, were selected as the most critical indicators. Among the 12 patents examined, “Gelatin-Chitosan/Carbon Nanotube Composite Scaffolds for Bone Tissue Engineering Applications” was identified as the most valuable patent.