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Importance Of Physician
Contribution To The Development Of Medical Devices
The policy aims to encourage medical
colleges to create enabling policies and ecosystems for
innovation and entrepreneurship development by its
faculty, students, staff. It also aims to promote
biomedical innovation and entrepreneurship by medical
professionals to foster development of unmet need driven,
socially impactful technologies/ products for societal
benefit.
The scope of the policy covers medical/paramedical
colleges/institutes, biomedical research institutes,
academic institutions as well as medical
professionals/doctors, scientists, paramedical staff,
research/academic staff, technicians.
The policy gave mandate to medical colleges to create
enabling policies and ecosystems for innovation and
entrepreneurship development by its faculty/student/staff.
With the launch of policy, medical institutes will be able
to come out with IP management policy. It will enable
medical professionals to launch their startups. Besides
this, it will also encourage inter-institutional and
industry collaborations through PPP mode. With this,
medical colleges have been asked to set up an office of
licensing of innovation ventureship and enterprise (OLIVEs)
to encourage medical professionals to learn, involve and
take up entrepreneurship. OLIVEs will provide hand holding
to innovators for IP management, startup company
formation/ incubation facility, business development and
techno-legal support. OLIVEs will also provide innovators
led startups with services of chartered accountant/company
secretary, patent attorneys who in turn can avail 2-10 per
cent equity in incubated startups. OLVEs will also help
startups in royalty management. Startup established at
OLIVE permitted for 3 years to enable time bound exit.
It also encourages formation of a legal entity. The policy
also encourages medical colleges to develop and implement
interdisciplinary curriculum.
As per the policy, innovators can take adjunct positions
in a company such as non-executive director or scientific
advisor or consultant. They can undertake
inter-institutional and industry projects/consultancy
projects alone or through companies. They can license
technologies to business entities leading to
commercialization, revenue generation for self-sustenance
and societal benefit. They may act as a licensor. Under
the policy, sabbatical is permitted for translational
company work.
Innovators can outsource sponsored research/ consultancy
agreement.
The policy also entailed entrepreneurial impact assessment
wherein medical colleges can monitor and evaluate IP
filed, technologies licensed, products developed,
commercialized by medical professionals for their
promotion. They can also consider employment generated;
startups created by the innovators for their promotion.
Medical colleges can also be evaluated on support system
provided—training staff, technology incubation, industrial
collaboration, entrepreneurial ecosystem etc as well as
sustainable social, financial and technological impact
through product deployment.
The expected outcomes of the policy are upgradation in
national and international institutional rankings of
medical colleges, satisfactory career path for medical
professionals and active contribution of medical
professionals in startup India, Make in India, Atmanirbhar
Bharat government initiatives.
It will enable medical institutions to actively support
their personnel in contributing towards the innovation and
entrepreneurial ventures with the ultimate goal of
positively impacting human-health & well-being. It
resonates with the motto of our Prime Minister to
“Innovate, Patent, Produce and Prosper”. |
