NOTE: This blog by IDRI’s Erik Iverson was recently featured online at IP Watchdog.
Recently IPWatchdog.com published an article that cited the work we do at IDRI as an example of how dedicated individuals and corporations can work together to transform science into global health solutions. By integrating capabilities, we strive to create an efficient pathway to bring scientific innovation from the lab to the people who need it most.
I write today to explain more about what IDRI does and why leveraging spin-out companies supports global health initiatives.
One of the most important engines in populating and growing the life sciences sector within the United States is the practice of universities spinning out new technologies into startup biotechnology companies. This, in turn, drives the development of new drugs, vaccines and other much-needed health products.
The U.S. Bayh-Dole Act of 1980 permits universities, small businesses and non-profit institutions to own inventions arising out of federally funded research. The very purpose of the Bayh-Dole Act was to counteract the economic stagnation of the 1970s by allowing inventors to leverage their inventions to generate licensing revenues. It also permitted private industry to obtain the technology license rights and drive development of innovative products to the marketplace. Today, most universities have technology transfer offices to license out new technologies into both established and newly-created biotechnology companies. Many drugs, vaccines and other health products that save lives and improve the health of people around the world are a direct result of these licensing and spin-out activities. (more…)