The healthcare industry is one of the few that managed to dodge the crippling effects of the pandemic. Even as the country was forced to enter a lockdown on more than one occasion, the pharma and healthcare sectors kept progressing to meet the rising demands for novel diagnostic solutions and treatments. On one hand, where the Covid-19 crisis led to the near-collapse of several industries, there were a few like the healthcare and medical technology sectors, that thrived due to the resulting emergence of unique innovation opportunities. So much so, that these sectors, along with tech and IT industries, are expected to help the UK economy get back on its feet in the coming years.
So how did industries like Medical Technology innovate during such trying times?
The answer is simple. Through R&D.
Innovation in medical technology is so much more than just improving an existing product or process. It is about identifying the current healthcare demands and pain points and addressing them with the help of innovative diagnostic tests, products, or solutions. It is also about improving patients’ experience and giving them access to the most advanced medical solutions, for better health and life. Since innovation in medical technology is co-dependent on innovation in areas such as engineering, technology, IT, science, and medicine, it requires extensive R&D on its own as well as in partnership with other associated industries.
Regulatory approval is another challenge faced by businesses within the medical technology industry. As more and more medical tech companies are expanding their reach, there is a need for overcoming the complexity of global regulatory requirements through R&D. It’s the only way companies can hope to provide their innovative medical tech solutions to countries across the globe.
Digital technology, newer payment models and advanced data integration are some other areas within medical technology that require extensive R&D. Companies are looking to incorporate innovative sensors and software into medical devices and diagnostics to generate, store and analyse crucial data that can be used to provide better services to the patients.
R&D Tax Credits for Medical Technology Companies
While there are several unique opportunities for innovation in medical technology, there is also an equal number of challenges that need overcoming. Both of these can only be addressed through R&D. Even though a majority of the medical tech companies are involved in some kind of R&D and innovative service or product development, many of them are still missing out on the funding available to them. The government’s R&D Tax credit scheme is one such funding channel that is designed for those seeking innovation and advancement in science and technology.
Understanding and identifying what qualifies for R&D Tax credits can be tricky. This is why you need R&D Tax experts to help you get the maximum pay-out for your innovation. Datafox is a leading R&D Tax specialist that has helped businesses from all industries including medical technology, receive substantial cashback for their R&D. If you are struggling to find funding for your project and think your R&D could be eligible, get in touch with our team and get the best advice and guidance on making successful R&D Tax credit claims.