Press Release - BIVDA Comments on Budget 2021 support for life sciences
BIVDA, the trade association for British in-vitro diagnostic companies, has commented on today’s Budget announcements, outlined in the House of Commons by Chancellor Rishi Sunak.
The British IVD industry is a growing and innovative part of our economy. This Budget, coming as the health service and our economy begin to recover from the effects of the COVID-19 pandemic, offers an opportunity to ensure the IVD sector receives the focus and funding it requires in order to play its role in supporting the restart of normal NHS operations, and contributing to making the United Kingdom a science superpower, in line with government policy, and as part of our wider economic recovery.
The Chancellor outlined several policies of interest and benefit to the UK life sciences sector, including support for business investment with a new tax ‘superdeduction’, support for SME management training, an investment fund for innovative life science companies, and a review on research tax relief.
Commenting on the ‘superdeduction’ policy, BIVDA CEO Doris-Ann Williams said;
“This new policy will allow IVD companies and our wider life sciences sector to invest in their businesses with confidence, by cutting companies’ tax bills by 25p for every pound they invest in new equipment.
This will provide a major incentive to modernise, digitise and grow companies across the country. Companies need to invest in cutting-edge technologies to ensure our IVD sector remains world-leading, and this is a welcome policy.”
Commenting on the ‘FutureFund:Breakthrough’, Doris-Ann said;
“This £375 million fund will help innovative IVD firms access and raise funds they need to develop diagnostic procedures and bring them to market. This fund needs to be easily accessible and clearly signposted – support from government agencies such as Innovate UK can be difficult to access, especially for SMEs, meaning they can lose out on funds meant to assist them.”
Commenting on the new Help to Grow scheme for SME management, Doris-Ann said;
“SMEs, which form a large part of our membership, are agile companies, but the necessities of running a company do not always allow time for developing senior staff. This new funded scheme to train management of our small and medium sized businesses will be of benefit to our members, and allow them to remain ahead of the curve, especially in digital developments. We called for investment in people in our Budget submission and are pleased to see the Chancellor take notice.”
Commenting on the new review of Research & Development tax reliefs, Doris-Ann said;
“If we are to build the science superpower that the Chancellor wants, it is vital to ensure that the UK remains a competitive location for cutting-edge research. Our members can find research and development funding difficult to access, with complicated eligibility criteria and reams of paperwork – we will be contributing to this review to ensure it works for IVD companies.”
A thriving and well-supported IVD sector will be vital to both the economic and physical health of the United Kingdom over the coming months and years as we look to take advantage of new export opportunities abroad, and technological advance at home. BIVDA will continue to work with the Government on the details of these schemes to make sure they work for British IVD companies and the wider life sciences sector.
ENDS
For more information please contact External Affairs Manager Jon Harrison jonh@bivda.org.uk