DOHA: With research and development spend from the GCC’s petrochemical industry on the rise, the region must focus on collaborative innovation in order to survive, advised the Gulf Petrochemicals and Chemicals Association (GPCA). According to GPCA research, investments in research and development (R&D)—a key indicator of innovation—were estimated at $529m in 2014. This figure is a 40 percent increase from the $368m spend in 2013 and is notable for being the highest increase in R&D for petrochemicals funding worldwide.
“The GCC’s petrochemical industry continually looks at avenues for growth, whether it is capacity expansion or the improvement of products and
procedures through impressive R&D funding,” said Dr Abdulwahab Al Sadoun, Secretary General, GPCA.
For petrochemical producers, the benefits of Open Innovation include more than having access to external ideas and capabilities. Open Innovation also allows time-to-market and cost savings, sharing risk and avoids the creation of a tunnel vision arising from functional expertise. Stakeholders involved in the process are customers and academia, but often also feedstock suppliers, machine manufacturers, R&D consultants and contractors, competitors and even the internal workforce that is not directly involved in R&D activities.The Peninsula
DOHA: With research and development spend from the GCC’s petrochemical industry on the rise, the region must focus on collaborative innovation in order to survive, advised the Gulf Petrochemicals and Chemicals Association (GPCA). According to GPCA research, investments in research and development (R&D)—a key indicator of innovation—were estimated at $529m in 2014. This figure is a 40 percent increase from the $368m spend in 2013 and is notable for being the highest increase in R&D for petrochemicals funding worldwide.
“The GCC’s petrochemical industry continually looks at avenues for growth, whether it is capacity expansion or the improvement of products and
procedures through impressive R&D funding,” said Dr Abdulwahab Al Sadoun, Secretary General, GPCA.
For petrochemical producers, the benefits of Open Innovation include more than having access to external ideas and capabilities. Open Innovation also allows time-to-market and cost savings, sharing risk and avoids the creation of a tunnel vision arising from functional expertise. Stakeholders involved in the process are customers and academia, but often also feedstock suppliers, machine manufacturers, R&D consultants and contractors, competitors and even the internal workforce that is not directly involved in R&D activities.The Peninsula
