29 October, 2019
Technology transfers are important for the commercial application of research. Academia contributes significantly towards innovation and industry taps the commercial potential of these developments, which will eventually benefit the society at large. However, due to various concerns in mutual arrangements and procedural hurdles only about 10-15% of the technologies developed in academia are transferred to the industry for commercialization.
Despite striking cultural differences in work style and goals, academia is now focusing on technology transfers and promoting startup culture. Technology transfers provide opportunities to smaller companies to develop commercially viable products, which eventually helps in the refinement and further development of related technologies. It is right to say that collaboration in research and development is a more productive option for sustainable growth of both industry and academia. Academic research needs to be more focused on the industrial and commercial viability of the projects and requires a thorough consultation with related industries.
Understanding the timelines for product development and marketing is important. In the pharmaceutical sector, for example, the drug would require different stages of development such as identification of a problem, development of the solution (molecule, compound, formulation, composition, etc.), characterization and analysis of the product, laboratory testing, assessment for commercial viability, regulatory approvals and clinical trials. The development of a product, including commercialization, requires professionals with different domain expertise that may work simultaneously or sequentially in different time frames to get the final product that yields economic benefits.
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For further information, please contact:
Pradeep Kumar Kamal, Partner, LexOrbis
Pradeep.kumar@lexorbis.com
