The 2016 Global Innovation 1000 Study published by PricewaterhouseCoopers (PwC) includes 32 Taiwanese enterprises with combined research and development (R&D) spending totaling US$12.4 billion in the last fiscal year ending on June 30, 2016.
The number of Taiwanese companies on the list of the world's major innovators fell two from 34 in the 2015 study, but total R&D increased by US$672 million.
The R&D spending of the Taiwanese companies on the 2016 Global Innovation 1000 accounted for 3 percent of their total revenue, which represents an increase of 0.1 percent from the previous year, according to the annual study published by PwC Taiwan on Monday.
The 3 percent spending on R&D ranks behind the 6.1 percent invested by top U.S. companies, 4.3 percent in Germany, 4.1 percent in Japan and 3.5 percent in South Korea.
PwC Taiwan attributed the relative low level of R&D spending by local companies to Taiwan's emphasis on efficiency-driven industry focused on original equipment manufacturing rather than innovation.
It also suggested that Taiwan needs to take note of the fact that R&D spending by Chinese companies increased by 22.2 percent in the same period.
PwC is a London-based multinational professional services network focusing on audit, assurance, tax and consulting services.
The 2016 Global Innovation 1000 Study, the 12th conducted by Strategy&, PwC's strategy consulting business, identifies the 1,000 public companies around the world that spent most on R&D in the last fiscal year, as of June 30, 2016.
To be included, companies had to make their R&D spending numbers public.
The top five Taiwanese R&D spenders were Taiwan Semiconductor Manufacturing Co., Hon Hai Precision Industry Co., MediaTek Inc., Pegatron Corp., and Delta Electronics Inc.
Source: Focus Taiwan News Channel