It's comparatively very weak for "software development" - writing libraries, long-running programs, etc. Even data cleaning/data analysis scripts are a headache beyond a certain length or number of contributors. People tend to have the same complaints about MATLAB, Stata, and Mathematica.
These are related - a lot of the features that make interactive use concise and easy to pick up end up being kind of a mess to handle consistently in a larger program.
Python is at a different point on this spectrum. It's moderately good for interactive analysis, but there are still a lot of tasks that are concise and easy in R that require a bunch of verbose object manipulation in Python. This is a choice - "explicit is better than implicit", etc. Python is also moderately good for "software development" - it has enough consistency and code structuring features that you can write libraries, systems, and infrastructure while collaborating with a small number of other people pretty easily. You still hit a point where Python's dynamic features make things like refactoring harder than you'd like, but it's usable.