What is R&D? Definition or Meaning

Research and Development or R&D for short are the set of activities involved in innovating and seeking new approaches to solve an old problem. Many companies have dedicated R&D teams tasked with performing activities that could generate new knowledge in their respective field.

For example…

There are several R&D centres and teams around the around dedicated to finding and curing cancer. Belonging mainly to pharmaceutical, government and biotech companies, these teams are allocated considerable sums of money to research, create and test new vaccines as well as develop new approaches for treatment and management of cancer. The Peter Macallum Cancer Centre in Australia is one such company dedicated to R&D efforts in this field. Setting up test labs, conducting clinical trials and developing diagnostic software are just some examples of work done by the Centre and its team.