R&D in Medicine

Covid-19 has shown just how valuable and fast-moving the medicine industry has to be. On-the-ball medicine SMEs will invest heavily in R&D to meet the challenge, and can gain welcome relief on what they spend too.

What counts as R&D tax relief in the medicine sector?

R&D in medicine is often all about getting less to do more (so perhaps adapting medication to broaden its uses), as well as early diagnosis, working on the theory that prevention is better than cure.

Medicine SMEs may be able to claim if they have invested in:

• Altering medical devices or formulas to make them more widely suitable
• Artificial intelligence (AI) initiatives, including those for early diagnosis
• Gaining licences for medicine

How much R&D relief does the average medicine SME claim?

HMRC does not break down its categories specifically enough to measure the specifics of medicine SME claims, but the wider category of Health and Social Work is certainly one where plenty of claims are made. During 2020/21, the average claim for SMEs in this sector was £34,384.

Let Available Grants manage your R&D tax relief claim

Here at Available Grants, we aid companies in the medicine industry to determine if they might be eligible to claim for R&D tax credits. We operate with a no-win-no-fee policy, so contact us now to explore tax relief with our R&D tax specialists.