New Delhi, Sep 23 (KNN) The companies can collaborate with professors and researchers for innovation and the patents can be shared between industry and academia, Ravi Shankar Prasad, Minister of Communication and Information Technology has said.

"It is an idea which I have floated today. We have got outstanding teachers and researchers, and we have got companies. There is a need for innovation, so the companies and academia must partner and whatever new products come, it will have a patent. And the fruits of the patent be shared between the both," said Prasad, as quoted in a media report.

He was speaking on the side-lines of the 1st edition of Medical Electronics Innovation Summit, organized by Ministry of Electronics & Information Technology, at IIT Bombay.

"The companies can collaborate with professors and researchers for innovation, and the IP created can be shared by those who have partnered in the project."

"What is important is to encourage innovation in India and innovative India is a big component of Narendra Modi's government," he added.

Raising concerns over the multinationals using the country as a base to do research but filing patents overseas, the Union Minister pressed upon the need to increase local innovation.

"Why (do) you become the innovator for someone...Become an innovator for yourself. Become an innovator for your country's cause," he added

Prasad added that we have a "right to patent", saying the country has outstanding teachers, researchers, computer experts and thinkers.

Prasad on Wednesday inaugurated the 1st Medical Electronics Innovation Summit in Mumbai.

In a tweet, he said, “First of its kind, to give a push to the Healthcare Electronics in India.”

“It's only a beginning... but glad to see the innovative products developed by my Ministry ... SAMEER, C-DAC, STPI, NIC in the Exhibition,” he added.

The Minister also exhorted the industry to take advantage of schemes like MSIPS, Electronics Manufacturing Clusters, Electronics Development Fund,100 % FDI.