Vol. 6, Issue 1 (2021)
Both in academic institutions as well as public funded research institutions, Intellectual Property is of utmost importance. The educational institutions are the source house of an organized sector that builds up human resources needed for creating such mind storming innovations which add on to the existing market value of the institution. This creates a dynamic relationship between industries and educational institutions ‘the existing market players.’ The existing interface of industry and the research institutions work via various modes like contract research, sponsored researches. This relationship finally leads to commercialization of Intellectual Property which is required to obtain tangible and intangible output from academic research. Effective and efficient commercialization, institutions may require technology transfer unit, and eventually, the Intellectual Property Policy is required to be framed by the research and development part of the PRIs and industry relationship. The main aim of the Intellectual Property Policy is to harmonize between the conflicting interests of the stakeholders at different levels and the commercialization of Intellectual Property. The economic justification behind IP law include incentive and reward theory. The same can be achieved with basis of IP policy.
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