Half of SMEs say cost is barrier to innovation
A survey carried out by SMEs show that nearly half say cost is a barrier to pursuing innovative activity. R&D and IP specialists GovGrant carried out the survey on health-related SMEs to gauge the factors that hold businesses back in terms of investing and carrying out innovation as part of their strategy. The research demonstrates that 76% of healthcare, 78% of medtech and 82% of pharmaceutical SMEs are aware that the government offers the R&D tax credit and Patent Box schemes to incentivise R&D and when used effectively, can alleviate the cost of innovation for SMEs. When asked, a further 46% of SMEs in health sectors said the biggest barrier was lack of opportunity to innovate.
Luke Hamm, CEO of GovGrant, stated that Government has recognised the value of innovation as a means of getting through the pandemic through its R&D roadmap. Despite this, it must “do more to enable and incentivise UK businesses to innovate and build back better”. “For the health sector in particular, innovation is at the forefront of the response to COVID-19 that will help drive recovery from the pandemic”, he added. The government’s long-term objectives for research and development (R&D) are to be a science superpower and invest in the science and research that will deliver economic growth and societal benefits across the UK, and to build the foundations for new industries. R&D is seen as key to strengthened science, research and innovation in the UK, yet evidence such as this demonstrates a reticence or financial unpreparedness in health-related industries to undertake innovative projects.