A Certificate of Need encapsulates a document issued by a health or local planning agency which grants  the owner formal permission to construct and modify health facilities, major equipment, or provide new healthcare services. A Certificate of Need qualifies as an intangible asset because in addition to creating value to the owner, it is identifiable and the associated potential economic benefits can be accurately measured. To value the fair market value of chemical formulations, business valuators apply techniques under the market, asset and income valuation methods.