As a percentage of gross domestic product, US R&D spending lies behind that of Japan, Korea, Finland and Iceland. Corporate R&D has been in a tailspin since 2001, but in the United States other sources have taken up the slack. On the whole, for biotech companies this has meant fewer research deals from their pharma partners. Double-digit growth in R&D budgets (typically about one-quarter of revenue) is common at large biotechs; small firms are building smaller R&D budgets at an even brisker pace.
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Lawrence, S. Biotech R&D still reeling. Nat Biotechnol 22, 1068 (2004). https://doi.org/10.1038/nbt0904-1068
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DOI: https://doi.org/10.1038/nbt0904-1068