Biotechnology a boon in National economic development

Scientific research has played a major role in advancing technology and addressing pressing needs of the society. However, no technology is successful unless and until it reaches the target customers. This demand of scientific developments to reach a wider audience necessitates commercialization of technology and Technology Transfer aids in the same. It helps in transferring scientific skills, principles, knowledge across the globe so that the available resources of information can be best exploited to develop innovative solutions in the form of products and services. Apart from facilitating an exchange of knowledge between individuals and organizations, technology transfer enables commercial benefits by further attracting venture capital investments to promising projects.

Technology transfer frameworks give opportunities to various research and academic institutes to sell and commercialize their technology or research in the form of Intellectual Property (IP). IP in turn helps institutes generate revenues in the form of royalties and other technology accessibility fees. Exploitation of the commercial values further encourages the development of industries in and around these major innovation centres. Many academic institutions also have policies to reinvest the funds generated by technology commercialization in further research thereby building a R&D pipeline. Increasing number of companies and government organizations also have Technology Transfer Offices, which are in pursuit of research technologies which can be of great values to the society if developed and marketed well.

US has been a world leader in promoting technology commercialization. The landmark Bayh-Dole Act of 1980 allows academic and research centres to not only market but also acquire IP without any scope for patent infringement and the associated legal suits. The Act has further increased the patenting activity of universities in the United States and has encouraged many institutes and start-ups to apply for patent and licenses to get full credits for their innovations. Many countries like Japan and Germany have passed resolutions to set up their own technology transfer policies and the trend is now catching up in the developing countries too.