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The Importance Of Innovation, R & D, And Education In The Dominican Republic

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Today, as new technologies are arriving to the market faster than ever before and the world is becoming more connected. There is a necessity to develop the right tools and solutions to deliver the best value to the customers. In any sector of the economy, this necessity is driven by innovation in process, products and services with the objective to enhance the experience and value to the customer. In this context, innovations in the healthcare industry have allowed to get better quality of life, diagnostic, and treatment options that enhance the life expectancy of millions of people around the world. Also, economic globalization and advances in technology have significantly increased market competitiveness. Consequently, innovation, R&D, and education are three extraordinary opportunities for the Dominican Republic that need to be interconnected as a necessity to develop the human capital required for building the society of the future.
In this context, several studies indicate that investment in R&D will foster the capacity to create, spread, adopt, and adapt knowledge in ensuring long-term economic growth and sustainable development. A higher productivity level based on innovation promotes economic growth, creates employment with better levels of remuneration, reduces poverty on a sustainable basis and raises general living standards. The creation and spread of knowledge is carried out by government, businesses, universities, research institutes, and nonprofit organizations.

R&D is recognized as an important driver of economic and social progress worldwide. It can be a powerful source to improve productivity, innovation, and competitiveness; to help to reduce poverty, and to stimulate long-term economic growth. According to th...

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... review suggest that for developing countries need a strong effort to lift the quality and magnitude of R&D spending, as a way to increase economic growth, innovation, and entrepreneurship. The extraordinary growth in R&D performed by the BRIC (Brazil, Russia, India and China) countries in the last decade, may be justified by the fact of compromise between the government and all stakeholders that support R&D process in improving the quality of human capital, strengthening research institutions, implementing a national innovation system, and raising the sophistication of the private sector to compete globally. In perspective, R&D is recognized as an important driver of economic and social progress worldwide. It can be a powerful source to improve productivity, innovation, and competitiveness; to help to reduce poverty, and to stimulate long-term economic growth.
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