[baddspellar]

A PhD is a credential, as is a BS, an MS, or a CCIE.

As long as employers demand a credential for hiring, that credential will be necessary. In the US, few companies are willing to take on the burden of training scientific researchers. Further, much of the pure research in this country is done at Universities, and virtually all US universities require a PhD for tenure track faculty. So a PhD is a necessary credential to do scientific research in the US.

The linked article states that Asian companies are willing to invest in training smart university graduates to do research. That means the PhD credential is not required. The required credential is instead a "University Degree".

Now, if the question is whether the PhD system is the best way to create scientists, that's entirely different. There's no reason to believe the University PhD system necessarily produces better scientists than a corporate lab would. University professors are not necessarily good teachers, and University labs are not necessarily well equipped.

It's very similar to the "BS or higher in Computer Science or Engineering" credential on help wanted ads in the US. Does that BS or higher really make you a better programmer than someone who learned on his/her own? Of course not. But it's a credential, so you get it.

Disclaimer: I do have a PhD