In the 2016-17 fiscal year, the top 20 Japanese pharma companies invested a total of over 12 billion USD in R&D efforts, averaging around 16% of sales income. The graph below presents this data, with the blue bars representing R&D expenditure and the gray line indicating R&D expenditure as a percentage of sales revenue.
Top 20 R&D Spending (M USD)
It is noteworthy that the combined R&D budget of the top 10 companies (~11 billion USD) is almost an order of magnitude greater than the rest (~1.2 billion USD). The top companies also tend to spend a greater percentage of their sales income on R&D. Nevertheless, smaller companies still spend significant amounts on research, and experience shows that they can be excellent customers.