There’s huge incentives to pad R&D spending numbers, so it’s important to consider the underlying reality here. “In many cases, the estimated cost of capital c

There’s huge incentives to pad R&D spending numbers, so it’s important to consider the underlying reality here. “In many cases, the estimated cost of capital can be substantial, representing almost half of total development costs in some recent estimates.” https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8855407/ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8855407/ Cost of capital makes sense in terms of ROI calculations, but it’s not going to show up as a line item on annual budgets. Similarly R&D at drug companies isn’t all drug development R&D.