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IMPORTANCE OF ORIC

Innovation can be defined as the path of visualizing, developing and executing ideas into manufacturing of goods or providing services that add value. Commercialization is the process of introducing a new product or production method into the market. Commercialization of research provides new products and services fruitful in providing solutions to some of life's most pressing problems, as well as making incremental improvements to the quality of life across a wide variety of domains including health sciences. Innovation and commercialization can be flourished if an organization is willing to encourage its team to present their ideas in the development of innovative environment. These encouragements may be in the form of incentives, motivations, resources, assistance, trainings and rewards.
The development in the number of research institutes operating in the country play the important role. As experience of developed countries shows, they are able to provide the innovations market in full volume with new ideas, technologies and knowledge. The most important is the effectively established mechanism of technology transfer into the business environment through appropriate channels such as leasing, franchising, licensing, patents, technical training and industrial cooperation. It is important to understand that all participants in the innovations commercialization process are closely linked and should cooperate at every stage of this process.
The Office of Research, Innovation & Commercialization (ORIC) provides strategic and operational support to all research activities/programs and has a central role in facilitating the University-Industry linkages for commercialization of research. Research at higher educational institutes, such as universities and research and policy making institutes drives the economy of any nation by building strong ties between academia and industry. ORIC’s role is to strengthen the research culture in all disciplines of the university in order to bring it at par with other institutions of higher learning within the country and abroad by maintaining the highest standards of research of both students and faculty. The ORIC positively sets the pace to match up to the challenges in the field of research and commercialization.