Nearly half (47%) of UK SMEs in health-related sectors say that value is the primary barrier relating to pursuing modern exercise, in line with analysis from R&D and IP specialists GovGrant.
The analysis additionally suggests reveals that 86% the businesses in healthcare, medtech and pharma suppose innovation is necessary for his or her restoration from COVID-19.
The information is especially regarding in mild of the function performed by a German SME – BioNTech – within the growth of a possible COVID vaccine, alongside Pfizer.
The analysis demonstrates that 76% of healthcare, 78% of medtech and 82% of pharmaceutical SMEs are conscious that the federal government affords the R&D tax credit score and Patent Field schemes to incentivise R&D and when used successfully, can alleviate the price of innovation for SMEs.
When requested, an additional 46% of SMEs in well being sectors mentioned the largest barrier was lack of alternative to innovate. With the launch of the R&D roadmap, the federal government publicly recognised the significance of innovation in restoration from COVID-19 and that the pandemic has introduced a possibility for R&D. Certainly, over three quarters (76%) of healthcare SMEs agreed that COVID-19 introduced a possibility for innovation, in addition to 63% and 71% in medtech and prescribed drugs respectively.
Luke Hamm, CEO of GovGrant mentioned: “The UK authorities has publicly recognised the function of innovation within the R&D roadmap, but it surely must do extra to allow and incentivise UK companies to innovate and construct again higher.
“For the well being sector particularly, innovation is on the forefront of the response to COVID-19 that may assist drive restoration from the pandemic and we are able to’t afford for value to be such a giant a part of the explanation for why it’s not occurring.”