Indo-China Case Study on Regulatory Challenges

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Technological innovation is essential to the future well being of every nation. The ability of a nation to sustain economic growth, increase its standard of living, and improve human health and surrounding environment, directly depends upon the successful development and commercialization of new products, processes and services.

Generally, the terms invention, innovation and commercialization are applied in a number of overlapping ways to the process of developing new technology and incorporating it into new products, processes and services. However, confusion often results from the close ties between these three terms, and hence a clear definition of these terms becomes necessary to understand their dynamics and their intersection with each other.

Invention refers to the act of devising or fabricating a novel process, product, or service, including initial conception, but not the act of putting it to use. Inventions are protected by patents, which may be licensed or assigned, and may further be commercialized.

On the other hand, innovation refers to the application and development of the novel process, product, or service, and includes, technical, scientific and market research; and marketing and manufacturing to the extent that it supports the application of the novel process, product, or service, whereas commercialization refers to the efforts to make profits from the sale or use of the novel process, product, or service.

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Tech Corp Legal LLP on:

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