LONDON, March 13 (Xinhua) -- Improvements are needed to the way university research work in Britain is commercialized, a committee of parliamentary politicians said Monday.
The House of Commons Science and Technology committee said increased investment in Research and Development (R&D) by the business world is crucial if university research is to be transformed into successful commercial products.
Their findings form part of a "managing intellectual property and technology transfer" inquiry, which is exploring the role of British universities in commercializing their research.
The committee found that while there is not a "one-size-fits-all" approach to successful technology transfer, universities and their "technology transfer offices" need to share best practice.
The cross-party committee of MPs want the soon-to-be-established UK Research and Innovation (UKRI) to take a pivotal role in developing and sharing good practice in commercializing university research.
MP Stephen Metcalfe, who chairs the committee, said: "It is very encouraging to see that our work already appears to have helped refocus the government's attention on this important matter. I welcome the emphasis on commercialising our first-class research in the government's Industrial Strategy green paper and the funding it has announced to incentivise universities to engage in technology transfer."
The committee expressed concerns that previous attempts to increase research commercialization disproportionately focused on the supply of research by universities, rather than on the level of demand from businesses.
"Without a healthy commercial demand for R&D, the scope for universities to engage more in technology transfer is limited. Progress on this front is disappointing," Metcalfe said.
"The overall R&D intensity of the UK business sector is still too low compared to other OECD countries," he added.