NUST signs first Intellectual Property Licensing Agreement

Setting a new precedent of technology transfer to industry, National University of Sciences & Technology (NUST) has licensed two Intellectual Property Rights (IPRs), relating to fleshing and shaving blades used in Pakistani tanneries sector.

The licensing agreements were signed between NUST and M/s Shafi Reso Chemical (SRC), Lahore, in a special ceremony held at Pearl Continental Lahore, a press release said here on Monday.

The inventor of the IPs belong to NUST College of Electrical & Mechanical Engineering, Rawalpindi.

Besides Rector NUST Lt Gen Naweed Zaman, HI (M), (Retd) and President Lahore Chamber of Commerce & Industry (LCCI), over 50 industrialists from the region attended the ceremony.

Dr Nassar Ikram, Pro-Rector Research, Innovation & Commercialization (RIC) NUST, and Abrar Ahmed, CEO M/s SRC, signed the agreement.

There are about 150 leather processing firms in the country that spend nearly Rs 5 million per firm per year on the import of fleshing and shaving blades, making an annual market of Rs 750 million.

In the absence of locally available quality blades, the leather manufacturers have no choice but to opt for imported ones. M/s SRC is a chemical company dedicated to the development and innovation of industrial chemicals that will ultimately contribute to improving the quality of life of the masses.

Under the licensed agreement, M/s SRC Lahore will now manufacture these blades locally, thus offering quality indigenous blades at significantly reduced cost, leading to substantial savings in foreign exchange.

Speaking at the occasion, Rector NUST highlighted the importance of university-industry linkages in advancing innovation and industrial research.

He appreciated the support of industry and growing realization of making these relations strong and fruitful for the society. In his remarks, CEO M/s SRC lauded the professionalism of NUST team in the entire process from innovation to technology transfer.

It merits mention here that the licensing agreement is the first-ever for any Pakistani university to transfer its intellectual property rights to the industry.

NUST is also currently in talks with a few other companies to license out its other IPs having societal impact and are in a market-ready state.

Posted on: 2018-04-30T19:08:00+05:00