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Patents are important knowledge assets that enable firms to compete successfully and earn returns. To control spending on patent renewal fees, firms carefully analyze the value of their patents to determine whether patent rights need to be maintained, thereby rendering renewal decisions an opportunity to examine patent values. This study incorporates social network analysis and traditional patent indicators to empirically investigate the determinants affecting patent valuation by firms and research institutes in the Taiwanese and South Korean biotechnology industries. Results indicate that firms and research institutes value their patents differently. Certain indicators derived from knowledge flow and traditional patent indicators significantly affect patent value. Based on the findings, this study provides suggestions for policy-making. [ABSTRACT FROM AUTHOR]