Value Creation of Thai Herbs in Natural and Herb Products Industry Leading to Patent Protection

Abstract

The main obstacle affecting the natural and herbal products industry is the infringement of trade patents. This resulted in losing the opportunity to compete with others in this business. Creating additional value to this business is, therefore, a way of leading to patenting for trade protection for entrepreneurs. This study was conducted to develop the structural equation modeling of guidelines for creating additional value for Thai herbs to support trade patent. The study comprises a mixed method with three parts. In the first part, data comes from interviews with selected 9 specialists. The second part was supported by interviews to create the questionnaire and distributed it to 500 entrepreneurs, the next step was the data analysis using structural equation modeling (SEM). The third part used data from the SEM model to discussion focused on developing the conceptual model by 7 experts. The analysis of the developed model passed the criteria for evaluating consistency and empirical data. All hypotheses proposed in this study were supported, the findings revealed that all factors had a direct effect at a statistically significant level of 0.001. Furthermore, this investigation allows knowing the Brand Identity factor were practically important for creating value of Thai herbs leading to patent protection.