Innovation Powers German Economy (Report)

A recent report by the German government into “Research and Innovation” has shown that pursuing the cutting edge of marketing and developing ‘state of the art’ products is providing a major motor to the German economy. Among the key findings of the biennial study were that Germany is one of the world’s leading places for innovation (based on the World Economic Forum Global Competitiveness Index).

Unsurprisingly, the report shows that total spending on research and development (R&D) is higher than it ever has been before and is expected to continuing rising.

In 2014, EUR 83.9 billion was spent on R&D. At the same time, figures showed that more than 600 thousand people are now working in the R&D field in Germany.

The study notes that the German government has made innovation and research a top priority, with public spending in this area on the rise. Currently budgeted funding for R&D, alone, is EUR 15.8 billion. This is an increase of 70 percent in the last decade.

While some of this is targeted at SMEs, this is significant because it is these smaller and medium sized companies which dominate Germany’s medical technology and medical biotechnology sectors.

What is more, health research and healthcare are key recipients of government support. No other sector is set to receive more money, more than EUR 2.2 billion, in 2016.

The focus on innovation and R&D is paying off. Germany leads the world in patent registration, with almost two times as many international patent registrations per capita than the US. Sources within German medical technology industry cite European patent office statistics noting that medical technology generates more new patent registrations than any other field.

Photo credit: “www.colourbox.com”. Material used in the preparation of this article has been drawn from Research in Germany.

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