A definite common strategy should be formulated for expanding the domain of research and development in biotechnology on a global scale.
A huge expenditure is required for entering into new areas of research. This has led to the integration of many private sectors for investing jointly for a common cause. Cooperation between the private sector and the public sector is also necessary for sustained growth of biotechnology.
Public sector funding is essential for conducting basic research. This would provide a base for applied research promotion by the private sector. The benefits would then pass on to the industry for manufacturing beneficial products and formulate processes.
Basic research is aimed at acquiring fundamental knowledge, which later would be used in applied research for the manufacture of beneficial products. Adequately trained human resource is necessary to make the research and development successful. Universities and industries are tied up for passing on the new research findings to the industry that will help manufacture the products.
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University is the seat of education and research and development, while the industries apply the research findings for profit. More profit is made through competition. A strict adherence to health and environmental safety regulations is essential while making profit.
Research in biotechnology ends in new inventions a huge sum of money is invested in the research that leads to an invention. Therefore, the invention must be protected under law for preventing others from using the research finding for commercial benefits.
An invention is a process based on which a product is manufactured. In legal term, both the process and the product are considered as intellectual property. Intellectual property is protected by a regulation known as intellectual property right.
This property is classified as trademark, trade secret, copyright and patent (see chapter 3 of this unit for a more detailed treatment on patent). Intellectual property protection encourages investment and research in new areas of biotechnology.