These 10 global companies are investing the most in innovation, according to a European Commission report.
The pharmaceutical and biotech sector accounts for the biggest share of global research and development, with nearly $130 billion spent last year.
Switzerland's Roche (RHHBY), best known for its cancer drugs and Tamiflu, has been less severely affected by patent expirations than rivals and has emerged so far unscathed from a clampdown on pharmaceutical sales practices and corruption in China.
Its drugs are particularly difficult to copy but it is investing to develop improved versions of its best-sellers, and may be considering a move back into antibiotics, according to local media reports.