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Introduction: Financing through understanding


IP's intangible nature does little to bolster investor confidence in biotechnology. Roya Ghafele, who works as an economist at WIPO, says that biotechnology is insufficiently funded due to a lack of awareness of the value of patents among both borrowers and investors

Intangibles such as patents have historically been treated as if they were invisible, and irrelevant to individual business performance. So capital markets tended to punish research-intensive companies, which are common in biotechnology.

New growth theory explains that economic growth is...


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