Research and Development (R&D) refers to the systematic investigation and innovation processes companies undertake to create new products or improve existing ones. R&D is crucial for fostering innovation, driving economic growth, and maintaining competitive advantage in various industries. Companies invest in R&D to explore new technologies, develop prototypes, and test ideas, often collaborating with universities and research institutions. Effective R&D strategies lead to advancements in fields such as pharmaceuticals, technology, and manufacturing, contributing to a company?s long-term success.