Research and development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures. Consumer goods companies across all sectors and industries utilize R&D to improve on product lines, and corporations experience growth through these improvements and through the development of new goods and services. In general, pharmaceuticals, semiconductor and software/technology companies tend to spend the most on R&D.
We have devised an R&D strategy that aims to align and engage our talent, prioritize our investments, and seize scientific opportunities. Technological innovation never stops, and the technologies in every field are becoming more sophisticated and specialized, leading to even fiercer technological competition. Developing superior technologies and products is meaningless if they are not provided when needed by customers. Technological competition is also a competition to provide what the customer wants as soon as possible.