Dr. Md. Shamsul Arefin :
The corona pandemic has shaken the world in an unprecedented way. The resilience of our societies, economies, and healthcare and welfare systems has been experienced as never before. The government has been trying relentlessly to protect the public health and livelihoods whilst preserving the business, trade and commerce in supporting economy and households. In this a typical situation, over the world, research and innovation have proven to be an essential part to prevent economy and livelihoods. The country like China, UK, USA have given highest effort in research and innovation not only in medicine or vaccination but also in regard to sustainable and inclusive recovery of the economy and unstoppable study and education of the students. Now it is the high time to utilize our renewed commitment to modernize our economies and to make them stronger and more digital, more resilient to face the pandemic situation.
Innovation is a new idea, creative thoughts, and new imaginations or method which is often viewed as the application of better solutions that meets new requirements or existing market or people’s need. Executives, planners need to break away from traditional ways of thinking and use investigative mind to overcome crisis. It is not just having an idea – but executing it so that it creates value means it needs an idea of execution and value creation. Innovation drives productivity, growth and living standards. Businesses find ways to generate more value from existing resources. As a result, innovation is, directly or indirectly, the main driver of productivity, growth, and is the principal source of prosperity of national economy. In a crisis time, there is no alternative to think differently to give importance on innovation and research.
Innovation can be manifested in four distinct areas. First, product innovation is the capacity of a firm to introduce new products like vaccine, medicine and services ahead of competitors, to anticipate consumer needs. Second, market innovation is the capacity of a firm to decide to change its market geographically, virtually or creatively. Third, process innovation is the capacity to change how goods and services are produced and delivered to reduce cost, reduce time, reduce visits of service seekers to improve efficiency and increase convenience for customers. Finally, organizational or structural innovation is the capacity to convert creativity and ensure good governance in delivering quality service to its citizens. The governance approach has been pursuing by the Cabinet Division of the government to improve the status and quality of the delivery of services to its citizens. These governance innovations in regard to process simplification may improve the status of public service only but it can impact a very little in the process of recovery of economy of the country. The innovation approach is necessary everywhere such as in agriculture, education, health service, medicine, business, trade, commerce, import export, remittance, custom duties, animal husbandry, fisheries and so on specially in livelihood during Covid 19 pandemic.
USA National Commission on Innovation & Competitiveness Frontiers has taken a plan to redefine 21st century’s productivity, prosperity and security for exploring the future sustainable production and consumption for their survival and further development of national completeness for economy and international trade. Canada has the foundation to be one the top five most innovative nations in the world. The Innovation and Skill Plan of Canada is recognized as one the most innovative commission in the world and this country has a very little economic shock by the Covid 19 pandemic. Innovation Commissions are existed in various forms in many developing nations of the world as well to ensure optimal flow of knowledge in the market for accelerating business, improving status of the governance and transforming competitive international trade for boosting the economic development.
Government needs a group of experts especially health professionals, financial experts, educationists, economists, agricultural experts and other respective professionals, and the bureaucrats to get their contribution under a formal framework. In addition to that government may influence innovation in the private sector also in the form of grants or research and development (R&D) loans dedicated for the business sector or various tax incentives for companies dealing with R&D and innovation.
The government’s recovery package must contain a sizeable policy and funding opportunity to boost research and innovation, as decisive driver of our future business and economy. Digital transformation, production of vaccines, diagnosis, and treatment of patients is most important research aspect now in Covid-19 pandemic. The innovation in competitiveness of industry, business with a focus on small and medium-sized enterprises, start-ups, and self-employment, outsourcing, e-commerce, resilience of industry, education -teaching proving approach, trade commerce and business may be reshaped from the traditional foundation to give lifeblood of our economy in the time of this crisis. The new innovation Commission and its policy will build on these key areas by setting out a clear path for the future and identifying a range of actions in support of industry, trade, commerce and business. These actions will reinforce the completeness, create a global level playing field by trade intervention with the guideline of WTO, health guideline of WHO and enhance the sustainable transition of circular economy, together with the key issues of skills and investment. The Commission will enable us to facilitate changes for the recovery of economy by putting industry and business at the heart of our all actions. It is a new way of working together, which connects key players within specific value chains and allows us to co-create solutions targeted at specific sectoral and competitive challenges.
We never know when the world would be free from this Covid-19 pandemic and which way the world will turn again to proceed for the future. Our prudent preparation with proposed Innovation Commission may save us from the future shock of world market, job retention and creation of new jobs and people’s livelihood leading to the way for a sustainable future.
Establishing an Innovation Commission which can start the transformation from a startup business to a high-income industry, a move that will benefit the economy and enhance the welfare of its citizens might be a good option, not only in a pandemic situation but in normal time too. Innovation Commission can be a suitable institution in our country that may strive determinedly to seize for the benefit of our economy in this fiscal crisis. This is legitimately required in order to overcome predictable global market failures in this Covid 19 pandemic situation and to face the challenges of 21 century.
(Dr. Shamsul Arefin is a former
senior secretary).
