Scientific research and development

isic code 72, 'Scientific research and development', encompasses a vital sector that drives innovation, technological advancement, and the expansion of human knowledge. This industry plays a crucial role in the broader economy, providing the foundation for new products, services, and solutions that improve our lives and drive economic growth. By conducting fundamental and applied research across a wide range of disciplines, the scientific research and development industry generates the insights and breakthroughs that fuel progress in fields such as medicine, engineering, information technology, and beyond.

The scientific research and development industry utilizes a range of production techniques, including experimental research, data analysis, prototyping, and pilot studies. Researchers often work in specialized laboratories, testing facilities, or field settings, employing advanced scientific equipment and methodologies to explore new frontiers of knowledge. Collaboration, peer review, and the sharing of findings are integral to the industry's processes, as researchers build upon the work of their peers to advance the collective understanding of the world around us.

The scientific research and development industry requires a diverse array of inputs, including highly skilled and educated personnel, such as 85 Education professionals, scientists, and engineers. Additionally, the industry relies on specialized equipment, such as 28 Manufacture of machinery and equipment n.e.c. and 26 Manufacture of computer, electronic and optical products, as well as access to 35 Electricity, gas, steam and air conditioning supply and 72 Information and communication infrastructure to support its operations. Funding, whether from public or private sources, is also a critical input that enables the industry to undertake its vital work.

The scientific research and development industry produces a wide range of outputs, including new scientific discoveries, technological innovations, and intellectual property. These outputs can be consumed by a variety of other industries, such as 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations, 26 Manufacture of computer, electronic and optical products, and 72 Information and communication, as they incorporate the latest research and development into their own products and services. The industry's outputs also contribute to the advancement of human knowledge and the betterment of society as a whole.