Why Is Technology Transfer Important? [Complete Information]

Why Is Technology Transfer Important

Transfer of technology is the flow of information, data, designs, statistics from one person or organization to another. It often occurred between universities, business, government, across geographical borders, both openly and secretly. But, why is technology transfer important? Let’s see in detail.

Why Is Technology Transfer Important?

Every country in today’s world would like to progress and ensure the financial stability and welfare of its citizens. But, to stand shoulder to shoulder with the developed countries of the world, every country needs to advance forward, by leveraging tech transfer to their benefit.

Importance Of Technology Transfer For Developing Countries

Many backward countries rely primarily on technologies of other countries as sources of new product knowledge. Due to the lack of resources, the need to acquire technologies from foreign markets arises. To stimulate international tech transfer, developing countries have been seeking both national policies and international agreements.

Also, a lack of technology can alienate a country from the advancement of the global world. The most significant benefit that a country can get from technology transfer is boosting its national income. One example of technology transfer of developing countries is the transfer of Panasonic’s microwave manufacturing base from the United States to China, which boosted employment, in the country and in turn gave mass-manufacturing benefits to the United States.

Thus, tech transfer is of great importance to developing countries, which leads to economic growth and brings goodwill to the country.

Importance Of Technology Transfer For Pharmaceutical Industry

There’s a danger of a lot of diseases in the whole world, but not everyone has the cure for all of them. A proper transfer of tech is both essential and vital to drug discovery and development for new medical products.

It’s also required to upgrade drug quality planned during research development and to the final product during manufacturing. The development and transfer of knowledge have been and will continue to be critical to success in the pharmaceutical industry.

The one who developed the technology must make it available for others to use innovative technology in different fields of applications and make it usable with other companies. The technology transfer in the pharmaceutical industry facilitates the health and well being of humanity.

Importance Of Technology Transfer In Agriculture

From the viewpoint of the people involved in primary production, the term technology transfer means delivering or disseminating the latest tech on best management practices, or perhaps a presentation on the newest technological tools.

All the agricultural-related people, including those from the rural areas, must be aware of the new technologies in the market. Technology transfer helps them in various aspects. It helps them increase productivity, grow as many types of crops as possible, cut production costs, and lower consumer prices.

For example- ‘tractor’ initially the people from backward regions didn’t know about using this piece of equipment. But as this technology was transferred to them, it helped them to save their time and energy.

Importance Of Technology Transfer For International Business

It has been assumed that all nations have equal access to tech and, therefore, no need to transfer tech from one country to another. But as per the recent research findings have invalidated this assumption. To reduce the inequalities, backward nations need to become technologically advanced.

The quickest way to do so is to adapt to this concept. Every business needs a continuous inflow of cash to survive in today’s global world. Transferring technology on an international level to make money benefits the company and boosts the national income.

As the country purchases advanced technology from international business helps the buyer to develop new, innovative approaches, one can perform more tasks in less time, and if it goes well, it will also affect the advancement of the country. In this way; both parties involved will gain many benefits due to tech transfer and ultimately help in the country’s growth.

Conclusion

According to all the above information; it’s concluded that tech transfer is essential in various aspects as it benefits both the transferor and transferee. The main reason is that transfer technology is critical so that people can get to use new tech irrespective of the place they live in’ and it will also help the country develop.

What are the advantages of technology transfer?

The transfer of technology develops a platform to share your ideas and promotes economic development.

What is technology transfer?

The transfer of technical knowledge, designs, data, and prototypes is termed as technology transfer.

Which countries are advanced in technology?

The countries which are advanced in technology are Japan, China, South Korea, United States, Germany, and Russia.

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