Research & Development in Life Sciences
The Life Sciences sector includes innovations like telemedicine, drug discovery, cell and gene therapy, clinical trials improvements, and more. Advanced technologies such as artificial intelligence (AI), big data analytics, and robotics have also impacted the innovation landscape in this sector.
Many companies in the life sciences and biotech industries are unaware that their day-to-day operations can qualify for dollar-for-dollar tax savings through the Research and Development (R&D) Tax Credit.
Examples of R&D activity in Life Sciences
- Experimental design and development
- Developing new/improved assays, reagents, species/strands, and associated protocols or methods
- Developing testing/delivery devices and associated usage-procedure development
- FDA clinical trials
- Preclinical testing and IND process
- Product development & testing
- Developing new applications for existing drugs
- Improving product shelf life, techniques, formulas
- Internal-use equipment design and manufacturing
- Developing/improving manufacturing processes and medical devices
- Creating prototypes and first articles of new products for testing and validation
- Contracted product development