European industry cuts research spend by 2.6%

INDUSTRY in Europe cut its spend on research and development by 2.6% last year despite much greater drops in sales and profits.

Ireland was one of seven countries where spending by the 16 companies surveyed increased, but so did the number of industries included in the results.

And despite having factories owned by some of the world’s biggest producers of high-tech, pharmaceuticals and medical devices, very few spent money on R&D here.