Pharmaceuticals accounted for over 17% of the total R&D expenditure by UK businesses
UK businesses invested £50 billion in research and development (R&D) in 2023, according to the annual survey report released by the Office for National Statistics (ONS).
This marks a £1.4 billion increase (2.9%) compared to the previous year’s £48.5 billion.
Pharmaceuticals remained the largest contributor to business R&D spending, with £8.7 billion allocated to the sector, accounting for 17.4% of the total R&D expenditure by UK businesses. However, this is slightly down from £8.8 billion in 2022.
Other major contributors among product groups included software development with R&D spending at £7.6 billion, and miscellaneous business activities such as technical testing and analysis at £6.9 billion.
When measuring the value of R&D performed by industry, the scientific research and development industry emerged as the top performer, with £12.7 billion spent, representing 25.3% of total business R&D.
Expenditure on the manufacture of basic pharmaceutical products and pharmaceutical preparations was £457 million in 2023, making up just 0.9% of the total R&D spend. This was a decrease from £540 million in 2022 Read More…..
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