A majority of Indian business leaders across sectors say policy makers are not doing enough to create a conducive intellectual property (IP) environment, which is key to attracting FDI and fostering economic growth by encouraging R&D in the country, says a report.

According to an opinion poll carried out by research and advocacy firm Strategic Partners Group, among 150 senior representatives in leadership roles across six sectors, 67 per cent said India lacked a sound IP policy.

"Majority believe that policy makers and government have a critical role to play in creating a conducive IP environment with 65 per cent saying policy makers are not doing enough," said the report – ‘Benefit Sharing In A Globalised India’.

While only 29 per cent of the respondents said policy makers are doing their bit, 75 per cent of them pointed out that there is scope for improvement, it added.

Over 50 per cent of the respondents pointed out that the implementation is ineffective.

Commenting on the significance of IP protection, Biocon Chairperson and Managing Director Kiran Mazumdar Shaw said: "IP is a key value driver for any organisation that clearly comes out in the report findings."

Stating that the pharma sector in particular has raised the IP platform to a new level of global debate, she said IP contributed significantly for research and commercialisation strategies that enable protection of the inventions or innovations from competitive forces.

"It also provides a first mover advantage in many cases.

IP also enables product positioning, lifecycle management as well as asset monetisation and valuation," Shaw added.

Adobe Country Leader, License Management Systems Varun Mowar said: "India is a very important economy in the global context. Sadly, India is also home to approximately 60 per cent users of unlicensed software that leads to a massive loss of revenue and high value jobs."

Change in people mindset towards piracy,?differential pricing and stronger regulatory systems would be instrumental bringing down piracy and help in?incentivising innovation and garnering respect for IP rights in the industry, Mowar said.

Commenting on findings, SPAG Asia Managing Partner Aman Gupta said: "This opinion poll successfully surfaces the expectations of Indian business leadership from the IP framework which can ensure the right boost the economy deserves."

Countries that earn a reputation for promoting and protecting creative capital reap important domestic benefits.

They incentivise substantial R&D investments necessary for job creation and fostering a legal and financial infrastructure in the economy that enables the successful commercialisation of new products, he added.