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This open access book explores the field of life science business from a multidisciplinary perspective. Applying statistical, mathematical, game-theoretic, and data science tools to pharmaceutical and biotechnology business endeavors, the book describes value creation, value maintenance, and value realization in the life sciences as a sequence of processes using the quantitative language of applied mathematics. Written by experts from a variety of fields, the contributions illustrate the shift from a deterministic to a stochastic view of the processes involved, offering a new perspective on life sciences economics. The book covers topics such as valuing and managing intellectual property in life science, licensing in the pharmaceutical business, outsourcing pharmaceutical R&D, and stochastic modelling of a pharmaceutical supply chain. The book will appeal to scholars of economics and the life sciences, as well as to professionals in chemical and pharmaceutical industries. .

Medical economics. --- Pharmaceutical chemistry. --- Technological innovations. --- Medicine—Research. --- Biology—Research. --- Biotechnology. --- Econometrics. --- Health Economics. --- Pharmaceutics. --- Economics of Innovation. --- Biomedical Research. --- Quantitative Economics. --- Economics, Mathematical --- Statistics --- Chemical engineering --- Genetic engineering --- Breakthroughs, Technological --- Innovations, Industrial --- Innovations, Technological --- Technical innovations --- Technological breakthroughs --- Technological change --- Creative ability in technology --- Inventions --- Domestication of technology --- Innovation relay centers --- Research, Industrial --- Technology transfer --- Chemistry, Medical and pharmaceutical --- Chemistry, Pharmaceutical --- Drug chemistry --- Drugs --- Medical chemistry --- Medicinal chemistry --- Pharmacochemistry --- Chemistry --- Economics, Medical --- Health --- Health economics --- Hygiene --- Medical care --- Medicine --- Economic aspects --- Pharmacoeconomics --- Life science economics --- Stochastic valuation of life science patents --- Game theory --- Compulsory licensing in the life sciences --- Outsourcing of pharmaceutical R&D --- Stochastic modelling --- Pharmaceutical supply chain --- Business process management --- Biology --- Research. --- Biological research --- Biomedical research --- Health Workforce