Although the Australian biotechnology industry is still in its infancy, the use of genetic engineering technologies and the commercialisation of derived products is progressing at a rapid rate. Due to the heavy dependence of biotechnology on research, universities and other research institutions play an increasingly important role in facilitating the generation of economic activity, through knowledge transfer mechanisms including the creation of spin-off companies, and joint ventures, and through licensing arrangements.
Universities and research organisations must be aware that adequate management and protection of intellectual property rights is essential to stimulate research and development and to attract investment capital...