During the April 2020 – March 2021 fiscal year, the top 20 Japanese pharma companies invested a total of over 16 billion USD into R&D efforts, averaging around 16% of sales revenue. The graph below presents this data on an individual company basis. Expenditure figures include spending on clinical trials and in-house R&D as well as outsourcing to third parties.
Top 20 R&D Spenders 2020-21
It is noteworthy that the combined R&D budget of the top 10 companies (~14.9 billion USD) is over 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 revenue on R&D. Nevertheless, smaller companies still spend significant amounts on research, and experience shows they can be excellent customers.