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[iito] Business Intelligence. (May 2019). "Special Feature: What Does [iito] Stand For? A Powerful Business Database System, based on Property Rights Theory and Institutional Economics = [i]nstitutions [i]nformation [t]echnologies [o]rganisation!". Breme

	Organisation	[iito] Business Intelligence
	Product	Life-Sciences-Europe.com – [LSE] The European Life Sciences Web Portal
	Product 2	Life-Sciences-USA.com – [LSUS] The Transatlantic Life Sciences Web Portal

What does [iito] stand for?

The answer is:

[i]nstitutions
[i]nformation
[t]echnologies
[o]rganisation!

All [iito] life science business portals run on a database system that has been designed to capture the development of markets and economies. The database has been developed by an economist and its structure is based on property rights theory and new and old institutional economics.

The life sciences industry is “just” the main application of the [iito] system today, while the system has been developed in a totally different context.

What are property rights?

To put it simple: property rights are rights to action at a specific time, in a particular place and social context. They may be formalised like a patent, legal ownership, or a voting right; they may be informal like culture or habits. They never exist as such, but always describe relations among human beings with regard to accepted and possible actions in a society.

What are institutions?

In a (very) short way: these are established patterns of actions, that can be expected with some kind of probability in a certain context. These insitutions (ideally) should support and facilitate the efficient exchange of property rights.

How can property rights be transferred in the life sciences industry within the institutional setting of capitalist global markets with national legal systems?

A simple example:

Four possible ways to acquire the right to sell a drug in the market.

1. Acquisition of company:

You can buy the company, that has the rights to the drug.

2. Acquisition of assets

You can acquire all assets related to the drug from another company.

3. Licensing

You can license the rights to sell the drug.

4. Own development

You can develop the drug yourself and sell it.

The [iito] database system is designed to capture all those kinds of transfers of property rights named above and more. Certainly you need more, as your drug has to be, e.g., approved and (hopefully) reimbursed, to be sold in a particular market.

More on [iito]’s move in the life science business portal markets in another “Special Feature”, soon to come.

This special feature has been sponsored by [iito] Business Intelligence, Bremen, Germany.

Record changed: 2023-06-05