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Research and Development Tax Incentives for the Life Sciences Industries


Many companies in the Life Sciences Industries are not aware that the government offers generous research and development (R&D) incentive programs. Even those that are aware often fail to capture the full extent of R&D tax credits to which they are entitled. For example, many companies may be capturing relevant expenses from their R&D cost centers, but not all qualifying R&D activities take place in traditional R&D departments. In many companies, prototyping, process development, and testing happen in the plant or on the shop floor, and thus may be overlooked for purposes of the R&D tax credit. If you think you have to have a Ph.D. and a state-of-the-art laboratory to be conducting qualified activities as defined by the Internal Revenue Code, think again.

If your company operates in the pharmaceutical, biotechnical, agriculture, medical device, or biomedical industries, there is a strong chance that you could benefit from an R&D tax credit study. Let alliantgroup's Life Science experts help you claim the credits you deserve.

Examples of life science innovations eligible for R&D tax incentives include the following: 

  • Designing new drugs, compounds, and medical devices
  • Developing new applications for existing drugs
  • Developing new methods for drug delivery
  • Conducting clinical tests to satisfy government regulatory requirements prior to commercialization, including FDA Phase I-IV testing
  • Conducting tests to satisfy foreign regulatory requirements
  • Development of new assays and testing methods/protocols
  • Developing reagents and devices for testing
  • Experimentation to increase product yield and decrease reaction times
  • Innovations to improve a product's shelf-life
  • Creating new or improved species with desirable characteristics
  • Developing new or improved techniques or formulae
  • Developing new or improved feeds
  • Developing new or improved manufacturing processes
  • Designing and developing scaled-up manufacturing processes
  • Generating prototypes and first articles of new products for testing and validation
  • Implementation of automation processes or robotics

alliantgroup's Life Science Team
In order to better serve plant biology, pharmaceutical, biotechnical, medical device, and biomedical firms, alliantgroup has developed an Industry Specialization Program to focus exclusively on the qualification and quantification of R&D tax benefits for companies operating in the diverse areas that comprise life sciences. This specialized program employs individuals with educational backgrounds and hands-on research experience within the scientific disciplines of molecular biology, biochemistry, chemistry, anatomy, ecology, immunology, microbiology, genetics, cellular biology, and biomedical engineering. Their focus is on qualifying and quantifying R&D credits for companies ranging from small, private life science firms to large, multi-national, publically traded biomedical corporations.

 
Articles
State & Local Tax Alert: Massachusetts Life Sciences Tax Incentives Program

Case Studies
Snapshots: Pharmaceutical Case Studies