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In India, just 8-10 corporates invest more than ₹500 crore annually in research and development. This was out of more than 960 companies which are listed to be doing R&D, according to Nirmalya Bagchi, Dean of Research and Management Studies, Administrative Staff College of India, Hyderabad.
He was speaking at a conference on ‘Fostering Innovation and IP for a better tomorrow’ organised by the CII’s AP Technology Development Centre on the occasion of World IP Day on Wednesday.
Inaugurating the event, Katherine B Hadda, US Consul General, Hyderabad, launched an IP tool kit for start-ups and entrepreneurs, which is aimed at providing necessary understanding about various IPRs and their protection in India.
She said that over 130 US companies have their presence in Hyderabad. The US and India are working together in several areas and have created a technology development fund, which has invested in 25 inventions, at various level of commercialisation. Hadda said the US embassy and US Patent and Trademark Office are working with India and several other countries to promote a strong IP ecosystem.
Bagchi said though the country is a large market, many companies are focussed on marketing, and not innovating. The Indian Patent Office also needs to be further strengthened in terms of infra, information dissemination and quality of services, and speedy examination of Intellectual Property applications.
He felt MSEMEs shoul take advantage of expired patents and come up with good business model for their sustainability. .
Anil Kumar Epur, former Chairman, CII Southern Region, urged every industry/business — small or big — to systematically take the steps required for identifying, protecting, and managing its IP assets, to gain the best possible commercial results from its ownership.
Ajit Rangnekar, Director-General, Research and Innovation Circle of Hyderabad, suggested that the industry needs to concentrate on innovation 2.0 — producing more for more people at a cheaper cost.
K Varaprasad, Assistant Controller of Patents and Design, IPO, Chennai, stated that the possibility of innovation, with a focus on IP and getting investments, should be explored. We need to ensure new knowledge is available for tomorrow’s inventors, he added.
The conference was attended by 100 delegates from R&D companies, start-ups, and IP and legal professionals.
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