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Life Sciences Industry Qualifying Activities
If you’re involved in the life sciences industry, think about taking maximum advantage of research and development (R&D) tax credits. The credits were created by Congress in 1981 to keep the U.S. a leader in technological innovation, and they reward and reimburse companies that create new products and improve existing ones by pursuing the scientific method of trial and error.
Reasons Why the Life Sciences Industry Can Qualify
Every year, the life sciences industry pours many, many billions of dollars in developing or modifying pharmaceutical drugs, devices, delivery systems, diagnostics, biologics, and a multitude of additional products and processes designed to improve patient care.
In recent years, the life sciences industry has been facing numerous challenges: an unfolding worldwide pandemic, the unleashing of new diseases, an unstable economic environment, the constrains of massive lockdowns, and regulatory pressure. In addition, technological advances have opened the door for exciting new breakthroughs, in the fields of robotics, AI, telemedicine, wearables, mHealth, and connected devices. Research and development activities can address these challenges and capitalize on technological innovation, while generating substantial potential profits for the parent companies.
Consider applying for the credits to increase your liquidity, underwrite future research pursuits, and possibly fund business expansion and development.
Examples of Activities
Which of your research activities in the life sciences qualify for the credit? Here’s a list of some:
- Creating new pharmaceuticals
- Creating new or enhanced medical devices and drug delivery systems
- Creating new or improved testing and analytical methods and procedures
- Originating prototypes for medical devices
- Improving existing products
- Automating processes
- Creating new or improved manufacturing processes
- Creating software
- Undertaking clinical trials
- Pursuing long-term safety studies
- Subjecting therapeutic agents and applications to testing
- Conducting animal tissue testing
- Investigating a drug’s interactions and its effectiveness in comparison to other drugs
- Researching the potential new uses and patient populations for existing drugs
- Guaranteeing that a product’s requirements and specifications meet FDA and industry standards
- Research activities, including data collection, quality testing, regulatory compliance, and maintaining lab equipment
Getting an R&D Tax Credit Analysis to see if you qualify is the first step!
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