The BIA believes that the Government’s unequivocal commitment to maintaining and growing the UK’s position as a world-leader in life sciences will do much to secure the UK’s status as the global destination for life sciences.
The Government’s extension and simplification of the Research and Development (R&D) tax credit scheme is particularly significant, helping many more small and medium sized businesses to get off the ground.
Reform of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) schemes will also help to stimulate investment in bioscience companies, and the BIA welcomes the Government’s commitment to simplifying the schemes and maximising their benefit.
The establishment of a cell therapy and advanced therapeutics Technology and Innovation Centre will give a much needed boost to the outstanding research already in existence and do much to translate this vital work into therapies and treatments for patients. Meanwhile, capital investment in new science facilities, including £80 million to develop the national research campuses at Babraham, Daresbury and Norwich endorses the excellence of UK science. Confirmation of the patent box legislation to be developed by the autumn, which will provide a reduced rate of 10 per cent corporation tax from profits derived from patents, will have the knock-on effect of further stimulating activity in the bioscience sector.
Commenting, Nigel Gaymond, BIA Chief Executive said:
“This is an extremely significant day for our sector, enhancing the UK’s competitive position in life sciences through a wide variety of supportive measures.
“R&D tax credits are the lifeblood of the R&D intensive bioscience sector, and BIA has maintained a sustained campaign on this issue for many years.
“The extension of this relief will be enthusiastically welcomed by companies in our sector. In addition, many of the other measures outlined today demonstrate this government’s commitment to putting life sciences at the heart of the UK’s recovery.
“The BIA looks forward to working with the government on developing today’s initiatives.”
For further information, please contact Robert Winder, Communications Manager, 020 7565 7193; mobile 07825 942 934.
1. R&D tax credits for small businesses will rise from 175 per cent to 200 per cent next month, and next year to 225 per cent, and proposals have been introduced to remove the link between the claimable amount and PAYE and NI payments, which will enable many SMEs to obtain full value from the regime.
2. The funding for the Babraham Research Campus will also significantly enhance opportunities for start-up businesses.
3. Other significant measures announced in the healthcare and life sciences section of the Growth Review include:
a. Improving and simplifying the governance and regulation of medical research to shorten the time to approval for clinical trials
b. A report, by the NHS Chief Executive, on how the adoption and diffusion of innovations can be accelerated across the NHS, which will inform the strategic approach to innovation in the reformed NHS
c. The formation of new Translational Research Partnerships, building on the success of the Therapeutic Capability Cluster pilot
d. The commitment to review the application of the Bolar exemption to provide additional clarity for industry on the issue of potential patent infringement.
BioIndustry Association
Established in 1989, the BioIndustry Association (BIA) exists to encourage and promote a financially sound and thriving bioscience sector within the UK economy and concentrates its efforts on emerging enterprise and the related interests of companies with whom such enterprise trades.
With over 250 members, the BIA supports a wide range of sectors, majoring on the human health benefits of the technology and represents the interests of these innovative companies to a broad section of stakeholders from patient groups to politicians, advancing its members interests both within the UK and internationally to create a healthy UK bioscience sector which benefits society. For further information, please go to: www.bioindustry.org
The BIA events programme provides numerous opportunities for topical debate about emerging trends and key issues - plus excellent networking opportunities all year-round.
Up-Coming Events And Seminars:
Making the most of your patents - essential patenting strategies 30 March – London. Click here for more information.
BIA Women in biotech networking event 31 March – London. Click here for more information.
Joint BIA/EMIG Conference - The future of UK healthcare - how to achieve success in the new reality 24 May – London. Click here for more information.
BioFinance and BioInnovate Europe 2011 17 June – London. Click here for more information.
BIA Summer Reception 14 July – Dixie Queen, London. Click here for more information.
