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2 May 2013 -- Fifty life science companies discussed how the recently-introduced Patent Box can benefit their businesses and drive future jobs and growth in the UK at the BioIndustry Association's (BIA) breakfast briefing in Cambridge this morning.
Delegates heard from Nicola Baker-Munton, Chief Executive Officer, Stratagem IPM and Colin Hailey, Partner, Confluence Tax about how life science companies of all sizes can fully and practically utilise the Patent Box, a policy first proposed by the BIA in 2009.
Steve Bates, BIA Chief Executive Officer, said:
"It is clear that the Patent Box is a policy that will make a real difference to life science companies large and small and alongside R&D tax credits and the Biomedical Catalyst helps position the UK as a leading global location for the sector. Companies eligible for the Patent Box will pay a reduced rate of tax on any profits they make from intellectual property.
"The Patent Box is a practical step that encourages innovative small- and medium-sized companies in the UK to protect their intellectual property. BIA meetings like this are time effective way for companies to learn how to benefit from this new policy. The insights shared today put them ahead of the curve in knowing how to practically adopt this important measure.
"We have already seen actions from larger companies as a result of the patent Box: GlaxoSmithKline will invest £500 million in manufacturing capabilities in the UK as a result of the introduction of the policy and AstraZeneca said it was a key reason why they decided to retain R&D in the UK."
For further information, please contact Robert Winder, Head of Communications, firstname.lastname@example.org, 020 7630 2191; mobile 07825 942 934.
Founded over 20 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives. For further information, please go to www.bioindustry.org
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