Germany must simplify regulation on pharmaceutical research if the country is to increase R&D spend to 3.5 per cent of GDP, an association for the chemical industry has said.
In a statement on 23 August, the VCI said that there was a need for greater financial incentives for firms to carry out R&D, and that regulation affecting the chemical industry should be more streamlined.
More than 70 per cent of chemical and pharmaceutical companies continuously carry out R&D, compared with only 30 per cent of companies in Germany overall, according to VCI figures. R&D budgets of chemical and pharmaceutical companies hit a record high of €10.8 billion in 2016. But because of the disproportionately high level of R&D investment by chemical companies, that figure would need to increase by 20 per cent—to €13bn—for Germany to achieve the 3.5 per cent goal, VCI said.
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