TORONTO, Nov. 12, 2018 /CNW/ - R&D spending by Canada's Top 100 Corporate R&D Spenders in Fiscal 2017 rose by only 0.7% to $12.47 billion, according to Research Infosource Inc., which today released its annual ranking. However, without heavyweight Bombardier Inc.'s R&D spending included, combined Top 100 R&D spending rose by 4.3%.
"Fiscal 2017 was a modest year for R&D spending among Canada's leading firms," said Ron Freedman, CEO of Research Infosource Inc. "A 4.3% gain in a period of relatively strong economic and business growth won't do much to improve Canada's medium-term innovation or productivity prospects."
Bombardier Inc. has now headed the Top 100 list for 6 consecutive years, reporting $1.6 billion in R&D spending in Fiscal 2017. Magna International Inc. remains in 2nd place with $677.9 million with a 2.3% increase in R&D spending. IBM Canada Ltd. leapt to 3rd position from 8th place last year with a 9.8% increase in R&D spending to $525.0 million. BCE Inc. moved into 4th spot ($514.3 million) with a slight decline of -0.9% from Fiscal 2016. Pratt & Whitney Canada Corp. gained a spot and moved into 5th place, with $513.0 million in R&D spending in Fiscal 2017.
Thirty-one Top 100 firms - up from 26 in Fiscal 2016 - gained a place in Research Infosource's $100 Million Club of companies that each spent $100 million or more on R&D. Joining the Club this year were Shopify Inc. ($176.6 million), Sierra Wireless, Inc. ($109.4 million), Ontario Power Generation Inc. ($106.0 million), Bayer Inc. ($104.9 million) and ProMetic Life Sciences Inc. ($101.9 million). In total, $100 Million Club members spent $9.94 billion on R&D in Fiscal 2017, a gain of 3.6%. Club members also accounted for 80% of total Top 100 R&D spending, compared with 77% in Fiscal 2016.
R&D spending increased at 70 companies and declined at 30 in Fiscal 2017. As measured by R&D spending growth in Fiscal 2017, the leading large firms (R&D spending of $100 million or more) were Shopify Inc. (79.3%), Suncor Energy Inc. (75.0%) and Open Text Corporation (42.3%). Tier 2 leaders (R&D spending between $30 million-$99.9 million) were Novelion Therapeutics Inc. (224.9%), Lockheed Martin Canada (176.8%) and Aurinia Pharmaceuticals Inc. (128.8%). Tier 3 R&D spending growth leaders (R&D spending less than $30 million) were Field Upgrading Limited (99.6%), Theratechnologies Inc. (56.1%), and BSM Technologies Inc. (47.5%).
For complete information: https://researchinfosource.com/top-100-corporate-rd-spenders
About Research Infosource Inc.
Research Infosource Inc. is Canada's source of R&D intelligence. Drawing from proprietary databases, Research Infosource publishes Canada's Innovation Leaders, which includes Canada's Top 100 Corporate R&D Spenders, Canada's Top 50 Research Universities, Canada's Top 40 Research Hospitals and Canada's Top 50 Research Colleges. As well, Research Infosource publishes specialized reports and The Innovation Atlas of Canada™ – a web-based research and innovation mapping and data information product.
SOURCE Research Infosource Inc.
For further information: or for an interview, please contact: Ron Freedman, CEO, Research Infosource Inc., Telephone: 647-345-3434 ext. 22, Cell: 416-879-9000, Email: [email protected]