Some ways Medical Sector Benefits from R&D Credits
The medical industry is dynamic, responding to new regulations, expanding scientific knowledge, and searching for commercial efficiencies. Medical research and development efforts can be eligible for tax credits.
- Software is being developed to coordinate the efforts of different healthcare facilities and organizations, such as nursing homes, primary care trusts, and general practitioners.
- The development of painless injection methods and novel stent designs for cardiac procedures are examples of such devices.
- Lab work involves experimentation with chemicals to develop new, practical products, such as medicines for treating asthma, high blood pressure, and headaches.
- Refinement of currently available pharmaceuticals by lowering toxicity, increasing effectiveness, or modifying dosing.
- Prototype creation, development, and testing.
- Testing hypotheses to see if research and development efforts pay off.
