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16 British Columbia Firms Make Canada's Top 100 Corporate R&D Spenders List 2004

Toronto - October 28, 2004 - Sixteen British Columbia-based companies made Canada's Top 100 Corporate R&D Spenders List 2004 released today by Research Infosource Inc. Together these companies accounted for $788.5 million in R&D spending in fiscal 2003, a decrease of (-5.6%) from $835.6 million in fiscal 2002. Over the same period, revenue rose by 2.1% from $9.2 billion to $9.4 billion.

  • Ballard Power Systems Inc. (#12) drops 1 spot with a (-18.5%) drop in R&D spending while revenue jumps by 17.3%.
  • Creo Inc. (#13) climbs 2 spots from 15th with a 4.2% increase in R&D expenditures in face of a (-4.4%) drop in revenue.
  • PMC Sierra, Ltd. (#22) slips from 16th with a (-24.5%) drop in R&D spending and a (-10.2%) fall in revenue.
  • QLT Inc. (#32) holds steady with a (-5.8%) decrease in R&D spending and 18.5% jump in revenue.
  • TELUS Corporation (#41) moves up from 45th place posting an 18.8% increase in R&D investment and a 2% increase in revenue.
  • Westport Innovations Inc. (#44) holds steady with a 13% jump in R&D spending and a (-21.5%) decline in revenue.
  • MacDonald, Dettwiler and Associates Ltd. (#45) is new to the Top 100 List this year with a (-0.7%) decrease in R&D spending and a 9.8% jump in revenue.
  • ID Biomedical Corporation (#56) jumps up from 97th place with an impressive 107.5% increase in R&D expenditures and a (-37.2%) fall in revenue.
  • Inex Pharmaceuticals Corporation (#58) drops 5 spots from 53rd with a (-9%) drop in R&D spending and a (-55.6%) decline in revenue.
  • Sierra Wireless Inc. (#68) drops 3 places from 65th, posting a (-13.8%) decline in R&D expenditures and a 17.7% increase in revenue.
  • Pivotal Corporation (#69) slips 1 spot from 68th posting a (-13.7%) drop in R&D spending and a (-28.1%) fall in revenue.
  • Angiotech Pharmaceuticals, Inc. (#77) moves up from 93rd with a 28.9% increase in R&D investment and a 279.2% jump in revenue.
  • Stressgen Biotechnologies Corporation (#80) falls from 54th place with a (-38%) drop in R&D spending and a (-4.4%) drop in revenue.
  • Cardiome Pharma Corp. (#88) is new to the Top 100 List with a 67.6% jump in R&D spending and a 242% increase in revenue.
  • Micrologix Biotech Inc. (#92) holds steady with a (-3.3%) drop in R&D spending, but posts revenue of $8.6 million up from $0.
  • AnorMED Inc. (#99) drops from 95th spot with a (-2.4%) decline in R&D spending and a (-94.2%) decrease in revenue.
"B.C. companies accounted for 2 of the 21 firms that qualified for Research Infosource's $100 Million Club (companies that spend $100 million or more on R&D): Ballard Power Systems Inc. and Creo Inc.", says Ron Freedman, CEO of Research Infosource Inc.

Overall, corporate spending on R&D in Canada declined for the second year in a row. In fiscal 2003, Canada's top R&D companies invested nearly $10.6 billion in research and development activities, down (-5.1%) from 2002. This 2-year decline that began in 2002 comes on the heels of 5 straight years (1996-2001) of spending increases. In 2003, 55 firms, over half of the Top 100 companies cut back or held the line on R&D spending. In 2002, only 34 firms reduced their R&D investment.

The 48 companies headquartered in Ontario accounted for $6.4 billion or 61% of the total for fiscal 2003. This represents a decrease of (-8.1%) from fiscal 2002. Québec's 26 companies spent $3.02 billion, representing 29% of total expenditures, an increase of 2.3%. The 16 British Columbia-based firms invested $788.5 million, 7% of the total and a decrease of (-5.6%). The 8 Alberta firms accounted for $282.3 million or 3% of Top 100 spending and posted a decrease of (-5.7%) from 2002.

The complete Canada's Top 100 Corporate R&D Spenders List 2004 and more regional information is available on the Research Infosource website, www.researchinfosource.com. An in-depth Canada's Top Corporate R&D Spenders Report 2004, based on over 650 companies, is slated for publication in November 2004. Research Infosource Inc., a division of The Impact Group, is Canada's source of R&D intelligence. Drawing from an extensive database, Research Infosource Inc. publishes Canada's Top 100 Corporate R&D Spenders List, Canada's Top 50 Research Universities List, and specialized reports.

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Information: Ron Freedman, CEO, Research Infosource Inc. (416) 481-7070 ext. 31
Janet Sandor, Director of Communications (416) 481-7070 ext. 25