According to the Council of Scientific and Industrial Research (CSIR), 3500+ patents are filed by the Indian Institute of Technology (also known as IIT) alone in the last 10 years. Patent applications by the Indian Institute of Technology contribute to 18-20% out of all the patents filed by universities every year.
Background
According to the Council of Scientific and Industrial Research (CSIR), 3500+ patents are filed by the Indian Institute of Technology (also known as IIT) alone in the last 10 years. Patent applications by the Indian Institute of Technology contribute to 18-20% out of all the patents filed by universities every year.
Intellectual Property Rights in Universities generally include products of faculty staff, research and scholarship work, and student research. Universities need to register their IP rights, especially the research work to stay relevant. Research work is dynamic in nature, It needs periodical up-gradation. Intellectual property rights help universities to improve their ranking. Universities nowadays are filing more patents than ever. Even new mandates and policies are pushing universities to file and embrace more and more IP registration specifically patent filing.
The number of patents filed and granted by universities is determined by the National Institution of Ranking Framework. (NIRF). It’s a premiere ranking institution that determines the universities’ ranking at the national level. According to the NIRF ranking, all the high-ranking technical colleges have the most number of patents under their names.
Need for Strong IP Rights for Universities
Universities and research are interlinked with each other. They both are the source of the knowledge economy. Protecting IP rights adds another way of disseminating the knowledge that university research generates and this can be used in the economic sector. It will also benefit society as a whole by enhancing the knowledge quotient.
It also helps in transferring knowledge through various means but it isn’t limited to publications, research and training. The universities’ intellectual property rights are primarily concerned with copyrights and patents. In a few cases, it is concerned with trade secrets and trademarks.
By registering their Intellectual Property assets such as academic research papers, scholarships, and training, universities can actively engage in commercialising their IP rights and can also reap monetary benefits. One more added benefit of registering IP rights by universities is to stop the rampant mass circulation and exchange of university research knowledge to the public. It will also strike a balance between the commercialization of IP rights and public benefits and industrial alliances
How Patenting Inventions can Prove to be a Strong Point for Universities?
The patent is one of the most commercially profitable Intellectual Property assets, Universities and patents are interlinked with each other. They both benefit each other and are in a symbiotic relationship with each other. It also helps universities in establishing an innovative eco-system by monopolizing an innovative noble intention.
The University Grant Commission is also known as UGC has asked the universities to set up a mandatory Intellectual Property Rights center. The patent filing also helps and further motivates universities to invest more in Research and Development and this eventually increases their funding and helps in their overall development.
Nowadays, many subsidized government patent filing schemes also help universities in filing patents by giving a reduction in filing fees, this is further encouraging students and academic institutions to file and commercialize more and more patents, and this will further develop a dynamic and radiant intellectual property system. It will also foster creativity thereby promoting and enhancing entrepreneurship and social, economic, and cultural development.
Looking for Professional Help?
Octane IQ aka OIQ is a comprehensive integrated patent support system that provides unique and customized IP solutions, especially in patents throughout multiple jurisdictions and across borders. They provide specific IP services for universities such as analyzing patents, by providing research and development support, industrial alliance, etc.
All of these services are provided at effective pricing and minimum turn-around time. They also connect their clients with legal professionals having expertise in that particular domain. Patent filing especially by bigger and elite universities is a cumbersome process and it definitely requires expert help. Octane IQ is a one-on-one solution for you.
