R & D Bodies Have To Create Patent Fund

New Delhi

All Indian technical, scientfic, or academic establishments where research is carried out through funding by the centre or state governments will have to save 25% of their earnings arising from commercialisation of their patents, into a Patent facilating Fund.

The fund will be utilised by the institution for updating innovation, filling new patent applications, protecting their rights against infringements; creating awareness and building competency on intellectual property rights and related issues.

According to these instructions, issued by the Department of Science and Technology, while an institution should take necessary institution should take necessary steps to commercially exloit its patent it is also permitted to retain these benefits and earnings.

The institution is also permitted to share earnings out of an intellectual property right with its inventor. However, such share is limited to a third of actual earnings.