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Business community mind set:

To change from driving to managed exports

The business community in the country should change its mind set from driving commodity exports to value added patent generated and Intellectual Property (IP) managed exports, CEO Sri Lanka Institute of Nano Technology (SLINTEC) Ravi Fernando said.


Ravi Fernando

He was addressing a knowledge seminar on “Intellectual Property” organized by SLINTEC to improve awareness amongst the business and scientific community of the need for IP management held at the Industrial Technology Institute (ITI), Colombo last week. The event coincided with the World Intellectual Property Day (WIP) that fell on April 26 under the 2009 theme ‘Green Innovation’.

Fernando said that the Sri Lankan economy continues to be driven by the export of commodities with little value addition as brands and patents, but there are many talented scientists who have been granted with patents, but not exploited and managed these patents and developed IP to generate revenue through royalties.

As such SLINTEC has taken the lead to focus on this subject as an institute committed to ‘Sustainable Nano Technology’. Today nearly 30 percent of the US revenue is generated through royalties from their patents and IP and it is high time that Sri Lanka also started a journey towards better patent creation and IP management, Fernando said.

However, Dilmah tea and Solideal rubber are exceptions who have established the brands globally. The scientific community should realize its full potential to generate royalties by protecting its innovations proactively and the legal profession also should develop a cadre of world class IP lawyers to support the business and scientific communities of Sri Lanka, Fernando added.

President’s Counsel Dr. Harsha Cabral said that Intellectual Property belongs to the category of intangible asset which are considered as very precious to any individual, corporate or otherwise today and in an era where tangible assets are dropping in value and intangible assets are becoming more valuable.

“Intellectual property includes copyright, design, patent and trademarks and Sri Lanka being a signatory to the Trade Related Intellectual Property Rights (TRIPS) agreement, was obliged to amend its laws relating to intellectual property on the guidelines set out by the agreement”, Dr. Cabral said.

Reported and unreported judgments in Sri Lanka on intellectual property cases speak volumes of its development.

Dr. Cabral said that Sri Lanka has an up-to-date law for this but patent registrations are very minimal because awareness is not there. As such a monthly program is a must. Chairman, ITIA Professor Vijaya Kumar, Director Intellectual Property Office, Dr D.M.Karunaratne and Team leader SLINTEC Professor Veranja Karunaratne also spoke and the panel discussion was facilitated by the Science Team leader, SLINTEC Prof. Ajith De Alwis.

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