UK Publishes Research & Development Scoreboard
The top one thousand UK companies invested more than £26bn on developing new products, services and improving productivity in 2008 according to the latest R&D scoreboard published today.
The R&D Scoreboard is an annual investigation of the top 1,000 UK and top 1,000 global corporate investors in Research and Development (R&D).
Spend by the UK companies listed increased by 9.2 per cent in 2008 compared with 2007.
The increase was largely due to firms in the pharmaceuticals and biotechnology, aerospace and defence, software and computer services and banking sectors, the report found.
Key facts from the latest R&D scoreboard include:
- 81% of UK R&D, carried out by the 1,000 top R&D investing companies, was conducted by just one hundred of these companies, and is dominated by the pharmaceuticals and biotechnology sector.
- Globally, the 1,000 companies most active in R&D invested £396 billion in 2008, an increase of 7% on the previous year. The 46 UK companies in this group increased their R&D spend at a faster rate (11.1%).
- 80% of investment in R&D by the global 1,000 companies occurs in five countries: the US, Japan, Germany, France and the UK.
- Global R&D intensity (R&D expenditure as a proportion of sales) stood at 3.4%. Among the UK’s 1,000 leading companies, R&D intensity stood at only 1.6% and at 1.5% for the 46 UK companies listed in the Global 1000.
- Ranked by their value-added contribution, the top 50 UK R&D companies contributed some £385 billion to the broader economies in which they operate. Three fifths of this amount derived from just ten companies. With the exception of the banks, all increased their value-added contributions compared with the previous year.
The Scoreboard is a highly regarded business tool. Even though the current data highlights spending on R&D in 2008 – before the worst of the global economic downturn – it remains an important data source for tracking commercial investment over time.
Science and Innovation Minister Lord Drayson said:
“Since 2000, we’ve provided almost £3.9 billion to innovative companies through R&D tax credits. The UK Innovation Investment fund is about to invest £325 million in promising technology firms. From 2013, we’re reducing corporation tax on income from patents to 10 per cent. The Government’s commitment to support companies with high-growth potential is clear.”
About the UK Department for Business, Innovation & Skills
The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. BIS – Investing in our future.
Topics: 2010, Aerospace, banking sector, biotechnology, Britain, business, computer services, Defence, economic development, economic growth, economic recovery, Economy, France, Germany, global corporate investors, Governance, government, Great Britain, investment, Japan, Lord Drayson, monitor, new products, new services, news, pharmaceuticals, productivity, R&D, research and development, sales, software, technology, U.K., UK, United Kingdom, US
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