U.S. Life Science R&D Funding Expected To Increase In 2013
The U.S. life science sector is expected to spend $92.7 billion in research and development in 2013, up from $81.5 billion this year according to the 55th annual Funding Forecast created by R&D Magazine (done jointly with Battelle). The 1.4% projected increase comes despite continued reductions in R&D spending by large U.S. life science firms. U.S. growth is lower than the 4.2% forecasted increase in global R&D spending, mainly due to growth in Asia. Battelle President and CEO Jeffrey Wadsworth pointed to “big data” analytics and greater cost efficiency as drivers of the forecasts, especially in healthcare and defense. However, he also noted the trend of more technologists being created in BRIC countries than in the U.S. and emphasized the importance of investing in Science, Technology, Engineering and Mathematics (STEM) education initiatives. Despite the lag in U.S. R&D behind that of global R&D spending, the forecast is promising considering a decrease in spending the past two years.