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A new report shows that the UK’s pharmaceutical firms are leading the way when it comes to investing in research and development (R&D).
According to the Department for Innovation, Universities and Skills, Britain’s largest firms spent nearly £21bn on R&D last year, which is an increase of 9% on the previous 12 months.
And pharmaceutical firms were found to be among the biggest R&D investors, increasing their spend by 12% over the period, which, according to the department’s annual research and development “scoreboard”, makes them the top investors in the world.
Science and innovation minister Ian Pearson said: “This year’s figures show that more and more British firms are taking innovation seriously.
“Developments in science and technology are opening up many more opportunities for companies to innovate and grow, and I hope that the scoreboard will continue to help inform their plans for the future.”
CBI director general Richard Lambert added: “It is excellent news that UK businesses’ investment in R&D continues to grow at a healthy rate and this year our biggest players have out-performed their international peers in terms of R&D growth.
“For our businesses to remain competitive in an increasingly globalised economy, it is essential they invest in R&D, skills, software, intellectual property and design.”
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