Solid Year for Corporate R&D Spending - Research Infosource
TORONTO, Nov. 18, 2019 /CNW/ - Canada's Top 100 Corporate R&D Spenders recorded a strong 10.6% gain in their combined research spending in Fiscal 2018, compared with an increase of 4.3% in Fiscal 2017. The leading research companies posted a total of $13.0 billion of R&D. "Fiscal 2018 was a solid year for corporate R&D spending" said Ron Freedman, CEO of Research Infosource Inc. "A buoyant economy seems to have lifted many firms," he said.
The country's top R&D performer was Bombardier Inc., which devoted $1.47 billion to research. Magna International Inc., in second place, raised its R&D by 12.4%, while Suncor Energy Inc. climbed to third position on the strength of $635.0 million, a gain of 81.4%. R&D growth was also substantial at Shopify Inc. (up 156.8%), Stars Group Inc. (up 81.4%), Titan Medical Inc. (up 154.1%), Medicago Inc. (96.3%), Clementia Pharmaceuticals Inc. (up 59.8%), and Aptose Biosciences Inc. (up 197.9%).
R&D spending expanded at 71 Top 100 firms, versus 26 where R&D declined and 3 where spending was flat. Combined revenue for 90 firms which reported was $391.4 billion, a gain of 11.5% on the year, which produced a slight decline in research intensity (R&D as a percent of revenue). Strong R&D gains were recorded in the Pharmaceuticals/Biotechnology (up 13.3%), Energy/Oil & Gas (up 21.2%), ICT Services (up 18.0%) and ICT Manufacturing (up 12.8%) sectors this year. Top 100 R&D jumped by a substantial 16.0% in Ontario, 14.3% in Western Canada and 3.1% in Quebec.
"Top 100 Fiscal 2018 R&D spending growth exceeded expectations", said Mr. Freedman. "Future performance will be linked both to economic growth and to government innovation policies and programs. These are due for a major re-vamp, and it will be interesting to see what Canada's new federal government does in this regard."
For complete information: https://researchinfosource.com/top-100-corporate-rd-spenders/2019
SOURCE Research Infosource Inc.
or for an interview, please contact: Ron Freedman, CEO, Research Infosource Inc., Telephone: 647-345-3434 ext. 22, Cell: 416-879-9000, Email: [email protected]
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