In order to acquire new important technologies which is either of the national or global level BIRAC plans to launch a Technology Acquisition Fund. These would be for public good to research on novel and affordable products. The universities and companies which are interested in technology transfer can approach BIRAC with research leads which have potential commercial interest. The companies which are interested in acquiring technology can also approach BIRAC for almost the same.
BIRAC would be able to evaluate the technology, understand the technology trends, market potential, and most of the competitive environment. It would also facilitate series of discussions on possibilities of Technology Transfer and Acquisition. The BIRAC Legal Cell has specialized skills to handle the legal issues related to the technology transfer and also provides assistance in drafting technology transfer agreements and necessary contracts. BIRAC has been mostly facilitating discussions on technology transfer of cardiovascular drugs, Infant care systems and formalized Technology acquisition from Queensland University Australia for bio-fortification of banana, etc. BIRAC will work very much closely with those research organizations which are involved in innovative research and help to create technology transfer capacity.
The Vision:To stimulate, foster and enhance the strategic research and innovation capabilities of most of the Indian biotech industry particularly SME's, to make India globally competitive in biotech innovation and entrepreneurship, for creation of affordable products addressing the needs of the largest section of society.
The Mission:Facilitate and mentor the future generations and translation of innovative ideas into biotech products and services by the industry, promote academic and also the industry collaboration, international linkages and encourage techno entrepreneurship and enable creation and sustainability of viable bio-enterprises.
Fostering innovation in most of the biotech enterprise here requires special emphasis on empowerment of researchers, start ups and SME's, for which the strategies are:
- Foster innovation and entrepreneurship mostly in all places of research.
- Promote affordable innovation in key social sectors.
- Higher focus on start ups and small and medium enterprises.
- Contribute through partners for capability enhancement.
- Encourage diffusion of innovation through partners.
- Enable commercialization of discovery.
- Ensure global competitiveness of Indian enterprises.