Investment and research & development (R&D) are the key elements in securing the future of the chemical industry. They not only promote the adaptation to and the development of new technologies and innovation, but are necessary prerequisites for the continuous adjustment of corporate structures to the needs of the market-place. After some up and down movements in previous years, the ratio of investment to sales of the chemical industry (including pharmaceuticals) in the EU has been declining almost steadily since 1999. In absolute figures investment had been growing steadily between 1994 and 1999 and then declined almost continuously till 2004, with a slight recovery in the last two years.