The Health & Life Sciences sector covers a huge variety of research & development. From pharmaceuticals and cosmetics to wearable technology and artificial intelligence (AI) integration for data analysis.
This sector is probably the one most thought of when ‘R&D’ is mentioned – we imagine researchers and scientists conducting laboratory tests to develop a new life-changing medicine. While this is still an extremely active area in the sector, we’re rapidly expanding into the realms of AI data analysis, healthcare apps and implantable/wearable devices.
Historically the sector has faced many barriers in getting products to market, including; lack of investment due to the high-risk, rigorous regulations to adhere to and accessing clinical data for validation, which is why we pride ourselves in assisting businesses to access the appropriate source of funding at all stages of the product life-cycle.
The R&D Tax Relief scheme is an HMRC incentive designed to inspire innovation and increased spending on R&D activities by companies operating in the UK.
The Health & Life Sciences sector has ambitions of:
- safer, easier drug delivery methods
- taking care of our ageing population
- improving the patient experience & wellbeing
- better technology for healthcare providers (improved efficiency)
- faster diagnosis resulting in quicker access to the appropriate level of care
- encouraging the patient to take better care of themselves by making it easier;
resulting in many businesses being eligible to make an R&D Tax Relief claim.
Eligibility to make a claim is determined by the R&D activities your business is undertaking; some examples of eligible R&D activities are:
- Chemical Research
- Prototype Development & Testing
- Clinical Trials up to & including Phase III
- Testing to Satisfy Regulatory Requirements
- Improving Shelf-life, Reduce Side Effects & Product Stability
- New/Improved Pharmaceuticals, Devices, Equipment & Technology
Through monitoring the HMRC Statistics for R&D Tax Relief claims, we’ve identified that the average SME claim for the Health & Life Sciences sector is £68,000.
We think this is lower than it should be, considering the rapid advancements of developing innovative Health & Life Science technologies!
R&D Tax Calculator
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