Scientists to get share in IP value: Sibal

Bangalore, Nov 25 (UNI) In a bid to encourage the scientific community to create more Intellectual Property (IP) in science and technology, the Union Government will bring in a legislation to grant one third of the value generated to the creators of IP, Union Science and Technology Minister Kapil Sibal said today.

Speaking to mediapersons after inaugurating 'Discovery Centre' of pharmaceutical major Jubilant Organosys here, he said the Bill was likely to be tabled in the Budget session of Parliament early next year. Scientific community in all public funded projects, varsities, R and D institutes and private sector enterprises stand to benefit from the legislation. The rest of the income would be shared by the project and the institution taking it up, he explained.

Mr Sibal said the Government would fund incubation projects in a big way in public, private or PPP sectors. While Rs 50 lakh would be granted interest-free during the incubation period, up to Rs ten crore would be made available at an interest rate of one or two per cent at the production stage. In the pharma industry, this would be extended to discovery of molecules or generation of concepts.

On the proposed bio-technology policy, he said, ''the policy as well as the Cabinet note is ready. It may go to the Cabinet any time. This will give a great fillip to the pharma industry.'' MORE UNI RS GD PK BST1857