抄録
How much do we measure invisible value of scientific knowledge? We focus on joint research between company and academia as measurement of absorption of scientific knowledge. We picked up pharmaceutical company. We empirically approach to this topic by data on joint research between company and academia using database on academia-industry collaboration by Ministry of Education, Culture, Sports, Science and Technology. As a result, absorption of science knowledge does not affect patent applications. On the other hand, it affects efficiency of patent application. This implies that if a company is engaged in joint research with academia it need not conduct basic research that is uncertain and requires huge expenditure. Absorption of scientific knowledge does not affect new drug approval. This would indicate that scientific knowledge explicitly affects corporate performance of research indicated by efficiency of patent application but does not affect creation of new drug that requires huge cost for introduction to market (e.g. clinical trial).
