Chemical research & innovation are the two important factors which are widely used in various ways right from the birth to death. Most of the policy-makers and researchers believe that basic research is very essential for society as well as for innovation and economic growth. Nations which are having affluent cultures of research, invention and experimentation are not necessarily the richest nations but have grown in wealth as a result of their investment into research and innovation. Several chemical and petrochemical industries have opted this as their key resources as a first step towards green environment.
In today’s world these key factors are used in every part of the world in form of education, chemical and petrochemical industries, infrastructures and several other segments. For chemical and petrochemical industries innovation has been considered as the cornerstone for growth and profitability, also a prerequisite for long-term performance.
Nowadays, in India most of the chemical and petrochemical industries are now following the prologue of research friendly policies, in particularly in the year 2005 the introduction of the product patenting where a significant rise in investment in research and development across industries has been seen.
In the chemical world, research has considerably increased in the sectors such as pharmaceutical, biotechnology and agriculture. The majority of the chemical industries has adopted the eco-friendly theme and has announced ambitious sustainability plans to diminish their carbon footprint and save environment. Specialty chemicals plays an immense role, with their unique properties which the helping the chemical companies to realize their green goals.
Today the Indian pharmaceutical industry is nearly spending around 18% of its revenue on R&D and 11% of CAGR of the last decade. According to the industry experts, the chemistry is the heart of these researches and in India it is yet to adequately come into its own. As per the Planning Commission document, the number of industry patent applications filed in India is one-tenth the number filed in China and one-fifteenth the number filed in the US. In India nearly 25% of the companies have R&D centres adjacent to 40% in China and 60% in US.
Moreover, looking towards the future frontier technologies such as stem cell therapy, green substitutes to waste management, the search for a vaccine against HIV, the nano structure of materials, the search for life and viable environments on other planets and many more are all in the vital scrutiny, reliant on the research in chemistry. Consequently, just as the automobile industry has been a sign for development in the engineering industries, the growth of the chemical industry is a clear indication of overall industrial development.
However with the help of two major factors research and innovation, chemical industries can thus follow the root of sustainability by making the best out the waste.
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