Higher R&D investment must continue: ETB

The annual R&D Scoreboard, published in collaboration with the Department for Business, Enterprise and Regulatory Reform (BERR), also shows that the UK's 88 biggest R&D investors grew their R&D by 10.3 per cent over the previous year whereas their global peers averaged a 9.5 per cent increase. Science and Innovation Minister Lord Drayson (pictured) said: "The pleasing growth in R&D investment by UK firms for 2007 was achieved in largely benign economic conditions before the impact of the global economic downturn. The future commercial success of UK companies and the wider UK economy requires continued investment in research and development". The pharmaceuticals & biotechnology sector remained the largest investor overall in R&D in the UK, up 7 per cent over the previous year. The Engineering and Technology Board (ETB) welcomed the findings. ETB chief executive Paul Jackson said: “In order to maintain this global competitiveness in the long term, it is vital that government, business and industry work together to encourage future R&D investment. Crucailly, we must also recognise the importance of converting this investment into actual products, goods and services.”