Investment in R&D by biotechnology companies is growing at an increasingly high rate. In fact, there was an increase of 13% in 2018, according to the Annual Report on Biotechnology 2019 presented in June. The Spanish Association of Biocompanies (Asebio) thus highlighted the growth in R&D investment in the sector.
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The biotech sector among the sectors that invest more in R&D
The results of the Annual Biotechnology Report placed the biotech sector as one of the sectors that invests the most in R&D in Spain. The Spanish Association of Biocompanies (AseBio) presented its latest report, which highlighted that more than 70% of biotechnology investment in R&D corresponds to biotech companies. “This figure represents the sector’s commitment to science and innovation, which now, with the health crisis as a backdrop, is becoming more important than ever,” said Ion Arocena, CEO of AseBio.
This growth has been systematic since 2014, with an increasingly high rate, reaching a 13% increase during 2018. As for the “strictly” biotechnology companies, these registered a strong expansion, above 21%, according to the report. On the other hand, the secondary companies reduced their contribution significantly and those that use biotechnology as a production tool, showed a somewhat more moderate increase, around 8%.
For the first time, biotech is in the first place as the sector that invests most in R&D
Another point highlighted in the document is that, for the first time, biotech companies are in the first place as the sector that invests most in R&D, ahead of services and the education sector. And just ahead of the pharmaceutical sector. Furthermore, in relation to their production, they are the ones that invest the most, with 5.5% in relation to their production.
In this aspect, they are only surpassed by organizations in the service sector of R&D and education. Furthermore, in 2018, biotech companies have overtaken the pharmaceutical sector, which traditionally occupied the first position after services and education.
The biotech sector is among the ten sectors with the highest growth, reaching three times the national average rate
With respect to the sectors that are growing most in R&D investment, biotech is in the top ten. Thus, the biotech sector is among the ten sectors with the highest growth, tripling the national average rate. Of the rest of the sectors, investment in R&D by all the companies increased by just over 6%, although the variability between the different branches of activity has been very high, ranging from more than 50% growth. For example, in sectors such as oil or wood, to fall above 10% in energy and water.
The Asebio report highlighted the high variability in companies that have biotechnology as a secondary activity. According to the report, that can be explained by the fact that some of the companies have changed their classification during 2018. So they have come to consider biotechnology as a tool in their processes.
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First published in iSanidad, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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