Market Entry Strategies For Emerging Economies – OpEd

Pakistan’s incredible development in the quality and volume of research over the last 20 years using Scopus, the most extensive, interdisciplinary library of academic literature, information and analytics worldwide. In 2000 Pakistan was in 48th place worldwide in terms of agriculture. It is a fantastic accomplishment as in 2023 it has moved to the 15th place worldwide. In physics, Pakistan has progressed from 59th place in 2000 to 23rd in global ranking. On biochemistry, microbiology, we have progressed from 61st to 21st on the global scale. In chemical engineering, we now rank 63rd out of all the countries. 

Although the higher education system has struggled over the last ten years with declining public funding, no nation in the world has achieved such a notable improvement in the quality and production of research in a short twenty years. This is now feasible because to the quality improvements we implemented in the higher education sector between 2000 and 2008. HEC initiatives concentrated mostly on turning out outstanding faculty members for high-quality instruction. We have sent hundreds of bright individuals for PhD and post-doctoral study to top American and European institutions in order to reach this aim.

Launched to help our students get instruction at prestigious American colleges, the biggest Fulbright program in the world Research grants of up to $100,000 were provided to returning students, for which they may apply a year before returning to Pakistan; job placements were guaranteed upon their return. We also gave them free access via a digital library to foreign literature. A special program also gives free access to cutting-edge technology all over the nation. Initiatives aiming at establishing quality included coursework, peer assessment of PhD theses by foreign professors, cooperation with academics from prestigious overseas institutions, etc. Universities established a network of Quality Assurance Cells in order to maintain standards.

How else may we move research into commercial goods? We now have certain specific actions to perform in order to maximize our outstanding advancement in industrial and agricultural growth. First, robust intellectual property rules and an efficient court system for quick settlement of conflicts are very vital so that Protecting the rights of inventors, promoting innovation, and thus enabling researchers to profit from their discoveries.

Second, another crucial need is building a technically competent workforce. The educational system need to be built up to support industry development and assist create new technologies. For this, one absolutely needs professional training, high quality education, and ongoing professional development. Third, establishing innovation clusters will help to greatly improve corporate procedures. To cooperate on technological development, these clusters include research organizations, startups, and existing businesses. Silicon Valley in the US, which has high-tech businesses like Google and Apple together with many start-ups and research institutions like Stanford University, therefore nurturing a dynamic ecosystem of innovation, is an excellent example. Fourth are industrial technology parks. Essential is integration with the university system with significant collaborations, suitable structures and financing based on One excellent illustration of this is the technological park established in Haripur Hazara at the Pak-Austria Faculty of Arts.

Fifth, government funds to commercialize university research might be rather significant in helping research and development initiatives from early-stage research to industrial creation. These funding enable prototype plant scaling-up. For instance, the Graphene Flagship, which seeks to move graphene from labs to commercial uses, has been sponsored by the European Union’s Horizon 2020 initiative. While private businesses may provide knowledge and market access, governments can offer infrastructure and funds. Turning research into a profitable enterprise depends on supporting new companies and new researchers. This covers helping startup businesses via micro-investments, incubators, accelerators, mentorship initiatives, and capital availability. Giving researchers and emerging businesses financial help to expand their inventions depends on a robust financial system being established. Seventh, technology transfer agencies are crucial for enabling academics to start businesses grounded on their findings. These offices provide licenses and patenting among other services.

Eighth, good regulatory systems have to be based on unambiguous rules. For medical equipment and medicines, for instance, Singapore’s Health Sciences Authority provides clear regulatory routes, which has helped businesses get innovative products to market faster. Ninth, taxes related to activities in research and development. Using incentives helps businesses to make innovative investments. Among these incentives might be tax deductions for study costs. One such an excellent example is the 15-year tax breaks we offered to the IT sector in 2001. These kind of incentives should be implemented to encourage the production and export of advanced technologies. Through the manufacturing and export of high-tech products, Pakistan may efficiently turn research into industry and move fast towards economic growth by using all the above-mentioned elements in a methodical and complete way.