What is Research & Development (R&D)?
Research and development (R&D) includes activities that companies undertake to innovate and introduce new products and give the services. R&D is the process by which a company works to obtain new knowledge that it might use to create new technology, products, services, or systems that it will either use or sell.
The goal is typically to take new products and services to market and add to the country’s bottom line.

What is product research and development?
The difference between research & development and product development is that research & development is the conception phase in the product life cycle, while product development is the entire process of designing, creating, and marketing new products or existing products with new features. Product development takes place, works or functions as under:
A. Innovation of a new or an existing product to deliver better and enhanced services to end-users, B. Continuous improvement of a new product or enhancing an existing product by giving preference to satisfy the demand of end-users, C. Creation of an entirely new product or upgrading an existing product by exploring all possibilities and outcomes, D. Enhancing the utility of a new product or upgrading features of an existing product, for the personal and/or commercial use, to expand the defined goal (objective).
A good product development helps to:1. Create new business opportunities and bring growth.
2. Boost productivity and profitability of the entrepreneurs.
3. Enhance the satisfaction levels of the consumers.

What is the role of research and development?
A research and development (R&D) person performs a number of highly important roles within an organization. They are responsible for research, innovation, planning, and implementing new programs and protocols into their government or organization and overseeing the development of new products. These are the roles and responsibilities of the Research and Development listed: Develop concepts, products, and solutions by coordinating with Orthopedics business units, Understand customer expectations on to-be manufactured product, Determine and execute improved technologies used by suppliers, competitors, and customers, Support Director to hire and develop R&D personnel, Establish project goals and priorities by collaborating with Marketing and Operations, Transfer new technologies, products, and manufacturing process into and out of the company, Research, design and evaluate materials, assemblies, processes and equipment, Develop concepts, products, and solutions by working with company business units.
Monitor team metrics and objectives ensuring meeting of goals, Document all phases of research and development.
Manage customer relationships and perform RFP Review, Customer Visits, and Product Testing.

Why is R&D important to country’s economic growth?
Innovation drives economic growth. But what fuels explorations? At the heart of it, research and development (R&D) activities allow scientists and researchers to develop new knowledge, techniques, and technologies, create ideas or concept. As technology changes, people can produce more with either the same amount or fewer resources, thereby increasing productivity. As productivity grows, so does the economy. Organization for Economic Cooperation and Development (OECD) countries, including the United States, she estimates that a 1 percent increase in R&D spending could grow the economy by 0.61 percent. This means that as countries invest more in R&D, their economy will grow faster.

Undoubtedly, timely and accurate economic research is vital for undertaking more sound economic policies for boosting a stable and non-inflationary growth and for coping with various risks under a dynamic and rapid integration of our economies.R&D impacts society through its development of new knowledge, which generates new markets and new wage-earning opportunities. What’s more, not only does R&D lead to innovations, it also helps companies develop the means they need to imitate creating and using the new innovations.

Why don’t poor countries do R&D?
Poor countries invest far less in research and development (R&D) as a share of their GDP than rich countries. Even middle income countries often invest well under 0.5%, compared to 3% and above in advanced countries. This fact poses a profound development mystery, and at the surface, suggests huge missed opportunities. Estimates of the social rates of return to R&D – often above 40% – in advanced countries are so high, as to justify levels of investment in developing countries that are multiples greater than those actually found. The case appears to be particularly strong for poor countries, where R&D is essential to the “absorptive” or “national learning” capacity that is needed to exploit technological advance originating from rich countries.

What does this imply for policy?
First, very narrow measures of policy recommendations to increased R&D spending based on simple comparisons of investment levels of advanced country benchmarks are seriously incomplete and potentially counterproductive. Without knowing the status of the other factors of production, we can’t know if a country has deficient – or even excessive – R&D investment. That said, these findings in no way diminish the potentially enormous gains from technological catch up. Rather, they suggest that the policy package to take advantage of gains is potentially more complex and spans many dimensions. On the supply side of knowledge, higher quality education, incentives for universities and think tanks to produce research, and research that is of relevance to private sector are all central for an innovative society. However, the agenda goes beyond this to the demand for innovation by firms. Spurring demand requires raising the quality of firm management and entrepreneurs, explicit incentives to innovate, clear trade and competition rules, deeper capital markets, and stronger contract enforcement.

Roles of innovative R&D:
New approaches to the role of innovation activities in the context of contemporary challenges of economic growth, as well as the needs and possibilities to improve the assessment and modelling of the impact of investment into the research and development (R&D) on economic growth are presented in this publication. The main attention is focused on the processes of innovation activities and economic growth.