Boston Scientific, U of M Sign Master Research Agreement
Pictured: Schiestl (left) and Mulcahy sign the agreement at the Campus Club.
An agreement with Boston Scientific Corp. streamlines the process by which the medical device manufacturer awards research grants to the University of Minnesota. This is the first master research agreement to benefit from the provisions of Minnesota Innovation Partnerships, or MN-IP, the university’s new approach to the way it handles intellectual property arising from research projects funded by business and industry partners.
By setting standards for such items as intellectual property rights, publication process, liability, term and termination for all research contracts, the new master research agreement removes the need to renegotiate terms for every new research project. MN-IP eliminates the uncertainty and financial concerns that often surround industry-funded research projects, and offers an option for an exclusive worldwide license on any resulting IP — with royalties taking effect only in cases of significant commercial success.
“With this master research agreement, Boston Scientific and university researchers will be able to spend more time planning and performing research and less time on red tape,” says Tim Mulcahy, university vice president for research. “This is an important milestone in the university’s efforts to work more effectively with the business community, and we look forward to expanding what is already a very productive relationship with Boston Scientific.”
Specific projects will be identified on an ongoing basis and university researchers from a broad range of fields will carry out the work. In 2011, Boston Scientific invested a total of $895 million in research and development across its worldwide facilities.
“We are pleased to partner with the university in areas ranging from talent recruitment and training needs to research projects,” says Randy Schiestl, vice president, research and development in the Cardiac Rhythm Management group at Boston Scientific. “The MN-IP approach is a much more efficient and innovative way to approach a university partnership, and we look forward to future projects that may result.”
Post by John Merritt; Photos by Andria Waclawski
Originally published on Business @ the U of M