The government has decided to enact a legislation relating to the protection and utilization of Intellectual Property in the Public Funded Research and Development.

The bill titled ‘Protection and Utilisation of Public Funded Intellectual Property Bill 2008’, intends to allow public sector R&D organizations to commercialize their inventions and share their profits with the inventor.

The draft Bill, similar to the United States’ Bayh-Dole Act in the US, will encourage research in state-funded laboratories.

Once passed by the Parliament, the bill will help the scientists and professors of universities to establish the Centres on intellectual property rights obtained by them, which in-turn will promote innovation culture in the private sector.

The bill is expected to be introduced in the Parliament soon.