by Tina Olivero

    Strong Growth in Corporate R&D Spending

    7 February 2023

    Canada’s Top 100 Corporate R&D Spenders posted $13.92 billion in joint research and development spending in Fiscal 2021. This was a hefty increase of 10.9% over Fiscal 2020 among the 99 companies for which complete data were available, according to Research Infosource Inc., which released its annual ranking.

    Leading the pack with $1.07 billion of R&D spending in Fiscal 2021 was Shopify Inc., with an impressive growth of 44.6%, moving them into the #1 spot on the list. Constellation Software Inc. ($965.2 million, up 19.3%) and TELUS Corporation ($799.0 million, up 44.5%) took second and third spots respectively.  In Fiscal 2021, 92 companies reported revenue totaling $378.19 billion. Overall research intensity (R&D as a percent of revenue) among these companies was 3.1%.

    Of the 99 firms for which complete data were available, an overwhelming majority (71) expanded their R&D spending, compared to 28 firms where R&D spending declined.

    “Fiscal 2021 was a solid year for corporate R&D spending growth”, said Ron Freedman, CEO of Research Infosource.  “A majority of firms grew their R&D spending, often by double and triple digits.”

    Twenty-five (25) Top 100 companies gained membership in Research Infosource’s $100 Million Club of companies that posted over $100 million of R&D spending in Fiscal 2021.  Club members accounted for combined R&D spending of $11.06 billion or 79% of total Top 100 R&D spending in Fiscal 2021.

    The Fiscal 2021 leaders in R&D spending growth by tier were:

    • Large R&D spenders tier ($100 million or more of R&D spending in Fiscal 2021): Repare Therapeutics Inc., (107.8%), Shopify Inc. (44.6%) and TELUS Corporation (44.5%).
    • Medium tier ($30 million-$99.9 million): MDA Ltd. (791.9%), Titan Medical Inc. (346.9%) and BELLUS Health Inc. (132.5%).
    • Small tier (less than $30 million of R&D spending): Eupraxia Pharmaceuticals Inc. (501.9%), Acceleware Corp. (413.0%) and Edesa Biotech, Inc. (403.7%).

    About Research Infosource

    Research Infosource is Canada’s source of R&D intelligence.  Drawing from proprietary databases, Research Infosource publishes Canada’s Innovation Leaders, which includes Canada’s Top 100 Corporate R&D Spenders, Canada’s Top 50 Research Universities, Canada’s Top 40 Research Hospitals and Canada’s Top 50 Research Colleges.  As well, Research Infosource publishes specialized reports.

    Tina Olivero

      Would you like to know more about this story?

      Let us know who you are and how we can assist you.

      First Name *required

      Last Name



      Email *required

      Mobile required

      What are you interested In?

      Learning more about this story?Contacting the company in this story?Marketing for your company?Business Development for your company?

      I am interested in...

      Did you enjoy this article?

      Get Media Kit

      OGM - Our Great Minds