A recent study, "Measuring Up: Research & Development Counts in the Chemical Industry", conducted by the Council for Chemical Research (CCR) and funded by twenty-seven corporations, highlights the role of research and development (R&D) in the success of the United States' chemical industry and, by extension, its corporate economy. According to the study, the return on investment from chemical R&D roughly doubles itself every six years. The study maintains that for every dollar invested in chemical R&D, an average of $2 is produced in corporate operating income, amounting to an average return of 17% after taxes.

Berkeley chemical engineering professor, and CCR Chair, Alexis T. Bell credits much of the United States growth in the 20th century with the increasing "knowledge capital" of its many varied industries. According to Bell, "Research and development is the engine for economic growth in the chemical industry. A staggering number of groundbreaking innovations have emerged from chemical laboratories, establishing the foundation for advances in agriculture, transportation, housing, electronics, communications, biochemistry and other fields."

Through their study, the CCR seeks to demonstrate that research and development has given the chemical industry its role as a pillar of the United States' economy, allowing it to remain a scientific world leader in spite of an increasingly competitive global market. Some members have also pointed out that cooperation between industry, government and academia is directly linked to the continued progress of chemical R&D. As CCR Vice Chair Richard M. Gross, explains "None of these sectors alone can sustain the research and development necessary to achieve the scientific advances for the economic and social well being of the nation."

Source: New Study Demonstrates the Value of Chemical R&D
U.S. Newswire, June 13, 2001
http://www.usnewswire.com/topnews/Current_Releases/0613-158.html