Within the UK healthcare sector are clinics that offer specialised care for different parts of the body, which is why Healthcare R&D is so important for the industry. Some examples of the body parts that have specialised clinics include dental (orthodontics), musculoskeletal (orthopaedics), and skin (dermatology). Since the beginning of the coronavirus pandemic in 2020, there has been a rise in the demand for self-pay health services within the UK. This is due to the backlog that has developed within the NHS, with people forced to look into private health care solutions to solve urgent medical problems.
What is the Specialised Healthcare sector?
The specialised healthcare sector within the UK focuses on the treatment of specific health problems in clinics that are experts in that part of the body. Patients can be either referred to these clinics through the NHS or seek out their expertise in order to get quicker relief for their medical problems. The use of private healthcare clinics has always been prevalent within the UK, however the use of these clinics for relatively simpler surgical procedures has risen in line with the NHS backlog. Specialised healthcare, both public and private, is constantly evolving with scientific and technological advancements helping push the boundaries of health care within the UK.
What is Specialised Healthcare R&D?
Research and development within the specialised healthcare sector are centred around scientific and technological advancements. Advancements within the sector are designed to improve a number of factors that help the operations within healthcare run more efficiently and effectively. Some examples of the significant innovations within the industry include:
- Development of new drugs used to tackle unique skin conditions in dermatology
- Advancements within the science of skin grafts, allowing reconstructive surgery to become more sophisticated
- Breakthrough in hip and knee replacements
- Developments within anaesthesia, reducing the need for post operation narcotics that have side affects
- Ability to complete minimally invasive surgery
Whilst the recent innovations within the industry have been hugely beneficial to the standard of specialised care, their remains further scope for R&D. There remains a huge demand for increased innovation, which your company can help to achieve.
How R&D tax credits can help companies within the Specialised Healthcare sector
You may be thinking that R&D activity within your company could be eligible for R&D tax credits, but curious about what activities would qualify and what the benefits of the scheme are.
Varying forms of expenditure that has in some way contributed to the project will be classed as eligible for tax relief. Here are some examples in relation to R&D within retail:
- Prototypes and their testing, for example the creation and testing of anaesthesia and subsequent interactions aimed at assessing its capabilities
- Direct R&D staff costs, such as a head researcher of the R&D project
- Ancillary activities essential to the undertaking of R&D (e.g., taking on and paying staff, leasing laboratories, and maintaining research and development equipment including computers used for R&D purposes)
Whilst there are obvious financial benefits to be gained from the R&D tax credit system, the implementation of R&D can significantly improve the way a company operates. Increased efficiency, a reduction of costs, and enhancing the customer experience are examples of incentives that can be found when initially planning to go forward with an R&D project.
The financial benefit as mentioned is also significant. In the past, companies have used the tax credits in several ways, such as the hiring of new staff to expand their business, starting a new R&D project, and expanding their business in areas that were previously unaffordable.
The next step Our team at Kirby and Haslam are specialists when it comes to R&D tax relief. If you feel like your company could be eligible for R&D tax credits, then do not hesitate to enquire – our team of experts will help you along every stage in the process.