CHAPTER THIRTY-FIVE
R&D: The Best Is Business-Driven
ONLY A FEW YEARS AGO, security analysts routinely ranked stocks by the percentage of sales a company spent on research and development. But R&D spending no longer correlates with business results.
Hoffmann-La Roche, the Swiss pharmaceutical giant, has a research budget second to none in the industry. It hasn’t had a significant new product since the ’60s. Siemens, the German electrical giant, though renowned for both its research quality and its research budget, has not come up with new products for years. America’s best-known research center, AT&T’s Bell Laboratories, continues to give birth ...
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