Model of statistical economic profile of innovative biomedical product value formation and update

Irina Maslova (), Boris Maslov, Irina Korostelkina and Liudmila Popova
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Irina Maslova: Orel State University, Russian Federation
Boris Maslov: Orel State University, Russian Federation
Irina Korostelkina: Orel State University, Russian Federation
Liudmila Popova: Orel State University, Russian Federation

Entrepreneurship and Sustainability Issues, 2019, vol. 7, issue 1, 471-483

Abstract: Modern global science develops various concepts, theories, and models that have a certain value in different sectors of national economy. While there is a significant scientific foundation in the field of basic and applied research in biomedicine and biotechnology nowadays, this line has not gained proper momentum in economic terms. This concerns both formation of value, including value added, of innovative biomedical products and its accounting at the micro level, as well as innovation value formation and update at the government level. For these purposes, it is proposed to use statistical accounting as the basis for studying the quantitative side of innovative product value creation stages in the medical field. The purpose of statistical accounting is both to accumulate the most complete meaningful information and data characterizing essential conditions of these processes and their results and to create an information base for regulating the phenomena of added value formation and update in the field of biomedicine and analyzing their trends and patterns based on a system of interrelated quantitative and qualitative indicators. The article forms a macro- and mesostructure of a statistical economic profile of innovative biomedical product value formation and update and shows the level of cost blocks in groups of cost indicators of the profile. An equation for value formation in major elementary subprocesses was derived: full or partial employment of resources, formation of added value of a staple product, resources, and by-products. The proposed mathematical model is decomposed into three equation components: full and partial employment of resources as well as generation of all the elements of value added. Introduction of the authors’ development would allow to ensure a systematic quantitative assessment of key aspects of the added value formation and update processes in the field of biomedicine.

Keywords: value added; innovation; costs; biomedicine; statistics (search for similar items in EconPapers)
JEL-codes: C15 C18 G17 O31 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:7:y:2019:i:1:p:471-483

DOI: 10.9770/jesi.2019.7.1(33)

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