Recently IPEC Bureau was invited by Akademi Sains Malaysia (ASM) for a meeting to discuss on the intellectual property policy and commercialisation challenges in Malaysia with ASM’s Chief Executive Officer Puan Hazami Habib. ASM is a statutory body established under the Academy of Sciences Malaysia Act 1994; is an agency under the ambit of the Ministry of Science, Technology and Innovation (MOSTI), tasked with promoting the development of science, engineering and technology in Malaysia.
Intellectual property policy is indeed a concern that impacts competitiveness. Knowledge and technology advancement are key drivers of economic growth today and into the future. In this regard, IP regimes have a key role to play as IP policies are an essential prerequisite for intellectual assets to emerge in markets.
In 2016, MOSTI launched the Malaysia Commercialisation Year (MCY) to boost innovation and commercialisation activities in all sectors and all walks of life. Reported on May 2017, a total of 150 products from the MCY 2016 initiative have been marketed at the value of RM155 million. In line with the initiative, a memorandum of understanding was signed between MOSTI and Intellectual Property Corporation of Malaysia (MyIPO) to help identify more than 1,000 intellectual properties which have commercialisation and patenting potentials.
During the discussion, IPEC Bureau shared key pointers on national intangible value of futuristic human capital revolution asset in line with the challenges that will be brought by Industry 4.0. This meeting with ASM is vital to provide consultative mechanics to re-draft the new IP policies and to build a comprehensive commercialisation ecosystem. The commercialisation of intellectual property can be a growth engine for Malaysia’s future.