Within the medical sector, there is a continuous need for research and development (R&D). Whether it is for next generation medical devices, technologies and products, new and improved pharmaceuticals, or research into the use of genomics, AI or smart packaging; it is all R&D!
There is a large amount of funding available to the medical sector for R&D, but did you know that medical companies can also claim R&D tax credits for the work they are doing? They can even claim R&D tax credits if the company is loss making, if the project was unsuccessful and if the R&D was grant funded!
Eligible medical R&D activities:
– Clinical Trials up to Phase III
– Chemical Research
– Improving Shelf-life, reduce side effects and product stability
– Prototype development and testing
– Testing to satisfy regulatory requirements
– New/improved pharmaceuticals, devices, equipment and technology
All of the above are examples of activities in the medical sector that are eligible for an R&D tax claim. As long as the R&D being done is to overcome a technical or scientific uncertainty, then it could be eligible.
The team at TBAT Innovation have dedicated consultants who are ready to help you – to find out more or to use the online R&D Tax Credit calculator, click here.