SR&ED in the Biotech Industry
Eligible sub-sectors include:
- Medical equipment
- Biological product manufacturers
- Electrotherapeutic apparatus
On average, the biotech industry contributes about $78.3 billion to Canada's GDP annually, and is continuing to grow. In fact, at this point in time it is seven times larger than it was ten years ago. That being said, funding is not as readily available as it was previously, and some companies are feeling the effects of this.
As biotech firms are currently facing a funding shortage, taking advantage of Canada's Scientific Research & Experimental Development (SR&ED) tax credits will be a critical aspect of conducting business in this sector. The SR&ED program allows companies who are conducting research and development work to recapture costs that have already been spent on expenditures related to experimentation and testing to overcome technological obstacles that are being faced.
You May Be Eligible If:
- You have attempted to increase the applications of a known compound
- You have experimented with methods to improve detection of a biological compound of interest
- You have attempted to mimic a biological compound of interest
- You have worked on new devices to improve the quality of patient care
- You have invested in gene therapy
To see how the experts at NorthBridge can help you with your SR&ED claim, contact us for a free consultation.