R & D

Research and Development (R&D) is an area of a business which works on solutions to existing problems and where new products and services are created and refined. This often produces intellectual property such as patents and inventions which can fuel a company’s future growth and give it a competitive edge in the marketplace. Many companies only spend a small amount of their budget on R&D although this rises significantly for firms working in the technology and pharmaceuticals sectors.

This definition is for general information purposes only