The German chemical and pharmaceutical sector is investing more money than ever before in research and development, having allocated as much as 10.8 billion euros for this purpose last year, the industry association VCI announced on Tuesday.
This year, further growth in investments is expected, which should reach 11 billion euros, VCI forecasts.
The total value of investments in research and development in this sector in 2017 represents an increase of three percent compared to the previous year.
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Approximately 41,000 workers are employed in research and development departments in the chemical and pharmaceutical industry, of which two-thirds work on the development of new drugs or chemical products, VCI states.
In terms of revenue share, the chemical and pharmaceutical industry in Germany invests significantly less in research and development than the electronics and automotive industries, directing only 5.7 percent of revenue to this part of the business, data from the association shows.
