The chemical industry encompasses a broad range of products and applications across multiple sectors, utilised by consumers in every business segment. This includes raw material production in manufacturing and in the pharmaceutical industry. With increasing competition worldwide, innovation remains crucial in finding new ways for the industry to satisfy its increasingly sophisticated, demanding and environmentally conscious consumers.
The pharmaceutical industry uses a range of disciplines to deliver a final product to market using expertise in chemistry, biology and engineering technology. All disciplines work at a highly specialised and technical level which results in high eligibility activities. R&D in this sector is generally driven by new products due to relatively short patent protection periods and a high profit margin on successful products. Successful companies rely on a constant pipeline of new products.
Examples of areas where qualifying R&D activities could exist:
- Improvement of products and processes, in addition to the launch of new or customised products and formulations; and
- Development of new or improved chemicals, compounds, and formulations to create sustainable solutions to alleviate environmental concerns, including the utilisation of renewable materials and ingredients.