The Department of Pharmaceuticals has recommended the allocation of a fixed percentage of not less than 1 percent of the annual budget of institutes to fund and promote innovation and startup-related activities in the sector.
In its common guidelines on pharmaceutical innovation and entrepreneurship for academic institutions, the Department of Pharmaceuticals (DoP) also said that institutes may take a fixed percentage of (2 percent to 9.5 percent) equity in startup/spin-off companies in return for the services and facilities they provide.
In order to encourage innovation and research and to facilitate entrepreneurship in NIPERs (National Institutes of Pharmaceutical Education and Research), the DoP has prepared the 'common guidelines on pharmaceutical innovation and entrepreneurship' for academic institutions under its control, an official statement said.
The guidelines have been prepared after considering the National Innovation & Startup Policy 2019, National IPR Policy 2016, and similar policies of other institutes, and departments, it added
"The policy aims to transform the academic research into innovative and commercially applicable technologies/products; build a strong ecosystem for nurturing creativity and entrepreneurial activities and contribute to the self-reliant India mission (Atmanirbhar Bharat)," the statement said.
It aims to encourage faculty/staff members and students to pursue entrepreneurship while formulating policies and fostering an ecosystem to generate ideas across disciplines that can be into successful technologies, products, and services, it added.
For institutes, as per the guidelines, the availability of resources needs to be ensured for pre-incubation and providing common facilities as part of the institute's financial strategy for prospective inventors and entrepreneurs. read more
In its common guidelines on pharmaceutical innovation and entrepreneurship for academic institutions, the Department of Pharmaceuticals (DoP) also said that institutes may take a fixed percentage of (2 percent to 9.5 percent) equity in startup/spin-off companies in return for the services and facilities they provide.
In order to encourage innovation and research and to facilitate entrepreneurship in NIPERs (National Institutes of Pharmaceutical Education and Research), the DoP has prepared the 'common guidelines on pharmaceutical innovation and entrepreneurship' for academic institutions under its control, an official statement said.
The guidelines have been prepared after considering the National Innovation & Startup Policy 2019, National IPR Policy 2016, and similar policies of other institutes, and departments, it added
"The policy aims to transform the academic research into innovative and commercially applicable technologies/products; build a strong ecosystem for nurturing creativity and entrepreneurial activities and contribute to the self-reliant India mission (Atmanirbhar Bharat)," the statement said.
It aims to encourage faculty/staff members and students to pursue entrepreneurship while formulating policies and fostering an ecosystem to generate ideas across disciplines that can be into successful technologies, products, and services, it added.
For institutes, as per the guidelines, the availability of resources needs to be ensured for pre-incubation and providing common facilities as part of the institute's financial strategy for prospective inventors and entrepreneurs. read more
Source: economictimes.indiatimes.com