To date only a few companies in India register patents and copyright as compared to their foreign counterparts. The scepticism to invest in IP is driven by Indian companies and individuals who have little inclination or knowledge to commercially utilise IP.
In view of the current scenario, the national IPR Policy has specifically set out objectives for 'Commercialization of IPRs'. Some of the important steps mentioned in the policy for attaining this objective are;
- Cell for IPR Promotion and Management (CIPAM) shall provide a platform for IPR owners and users of IPRs by acting as a facilitator for creators and innovators as well as provide access to databases on Indian IP and global databases of creators/ innovators, market analysts, funding agencies, IP intermediaries.
- Promote licensing and technology transfer for IPRs by devising suitable contractual and licensing guidelines to enable commercialization of IPR.
- Incentivize Indian inventors, MSMEs and start-ups to acquire and commercialize IPRs in other countries also.
- Examine availability of Standard Essential Patents (SEPs) on fair, reasonable and non discriminatory (FRAND) terms.
- Enabling valuation of IP rights as intangible assets by application of appropriate methodologies and guidelines.
- Identify opportunities for marketing Indian IPR-based products, especially GIs, and services to a global audience.
- Streamline regulatory processes to ensure timely approval for manufacturing and marketing of drugs while maintaining safety and efficacy standards.
- Providing financial support to the less empowered groups of IP owners or creators like farmers, weavers, artisans, craftsmen, artists etc. through financial institutions like rural banks or cooperative banks offering IP friendly loans.
- Providing financial support for development and commercialization of IP assets through links with financial institutions including banks, venture capital funds, angel funds, crowd funding mechanisms.
All of the above seems to be a good road map for achieving this objective. However, it will be interesting to see how these action points are implemented and policies laid out to encourage commercialization.