Our sector-specific Research and Development tax relief experts offer a broad range of expertise in many different fields of commerce and industry
Develop & Grow
The UK Medical Technology sector, including specialist suppliers, is made up of around 5,000 companies, of which more than 80% are SMEs. These companies undertake significant amounts of research and development, but many struggle with a lack of capital to develop and grow. A much-needed injection of funds may be available from the Government’s R&D tax relief scheme.
Supporting around 150,000 jobs, with a turnover of around £30billion, the dynamic and innovative Medical Technology sector makes a significant contribution to the UK economy, as well as helping to save lives, and contributing to living longer, with an improved quality of life.
Many entrepreneurs involved in medical research have formed strategic partnerships with large pharmaceutical companies, universities and other researchers, recognising the value of collaboration to produce successful and profitable outcomes, and open up trade with new markets.
Research in Medical technology covers a wide range of innovative products and processes, with applications relating to the diagnosis, monitoring and treatment of almost every known disease or medical condition.
R&D TAX CREDITS
As well as the development of new drugs for which there is a high medical need, such as dementia and antibiotic resistance, investment in R&D projects helps to deliver life-enhancing devices, digital solutions and new diagnostic tools. This could be new or improved implantable devices such as pacemakers or heart valves, highly complex body scanners, or replacement body parts, for joints or organs.
SME’s have a vital part to play in driving research to convert scientific theories into life-saving solutions.
This crucial role has been highlighted in 2020 with science and technology at the forefront of the race to find a safe vaccine for Covid-19. The Government’s R&D tax relief scheme could throw a financial lifeline to help keep medical research on track to produce breakthroughs to save and improve lives.