The New Revenue sharing policy of Intellectual Property Rights proposed by Board of Finance (BOF) of the Punjab University on 1st August. This policy raising the ratio of share between the inventors and university from 60:40 to 70:30 and the inventor’s share will continue to be paid irrespective of whether the individual continues as an employee or student or research scholar of the university.
The policy defines that if there are two inventors, the main investigator or supervisor or team leader will get up to 60% and the co-inventor will get at least 40% of inventor’s share by mutual agreement.
If there are more than two inventors, the main investigator or supervisor or team leader will get up to 60% of the inventor’s share and the rest will be distributed among the co-inventors in the proportions on the mutually agreed terms and conditions at the time of filing for IP protection.
If any inventor is unable to be contacted for one year because of lack of information, his share will be credited to the IP fund.
The author is a Patent specialist from MR Technollect Solutions (www.MRTechnollect.com)