一直以來生技及製藥產業公司大多是知識強度高且擁有大量無形的資產，因此有許多不實的能力宣言及誇大的無形技術經常發生在許多生物技術新創公司。其中一項難以評估生技產業的主要原因是難以言喻及量化的知識程度，尤其是對投資者而言。這篇論文主要應用了核心能力及價值獲得之概念，目標在為投資者提供經評估過的新藥開發公司及一般製藥公司之市場價值。以台灣的新藥開發公司及一般製藥公司為例，本篇論文顯示出台灣的新藥開發公司及一般製藥公司的核心價值在2015年後一直處於減損之狀態。此外，本篇論文也納入加拿大及澳洲的生技及製藥公司的結果，進而希望能找出造成生技及製藥產業在這三國發展出不同軌跡之主要因素。本篇論文也顯示出包含財物、營運及投資者觀點的價值獲得觀念可與其他的評估指標如專利活動並用，以利更精準的評估公司及產業之表現。

The performance of biotechnology and pharmaceutical companies used to be knowledge-intensive and intangible, thereby ‘massive fraud’ through false or exaggerated claims thus become commonly exercised by many biotechnology startups such as Theranos (was once a famous unicorn company in Silicon Valley). One of the critical reasons is resulted from the difficulty to evaluate the actual value for tacit knowledge, especially for investors. This study applied the notion of core competence (CC) and value gain (VG), aiming at providing a referenced market value of new drug development and manufacturing companies for investors. Taking Taiwan’s new drug development and manufacturing companies as examples, this study demonstrated that the value of core competence has declined in both Taiwan’s new drug development and manufacturing sectors and involved companies since 2015. Drug companies in Canada and Australia were also enrolled to investigate possible features contributing to differential development of pharmaceutical industries in these countries. This study further suggests that value gains can be utilized in association with other evaluation indicators such as patenting activities, in which core competence of the firm involving finance, operational management and perception of investors counts.

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