Pharmaceutical activity in the UK has been consistently increasing over the last few years. The number of innovative projects being undertaken has increased and the rate of new projects is at a consistent level.
Technological advancements are enabling organisations to develop remarkable new medicines in shorter timescales. The demand for new, advanced products is increasing and the barriers to global free enterprise are falling away. However, pharma organisations face major financial and operational challenges. If innovation leaders want to capitalise on the opportunities available and create more value for healthcare payers, providers and patients, then they need to act now.
Moreover, there is an increase in the number of SMEs developing in this sector, a size of business in which we are particularly strong. This size of business needs hands on advice from a tax and accounting partner, to allow it to concentrate on the development and business issues without ‘tripping up’ on regulatory issues, or missing opportunities for funding or growth.
With the pressure on to develop new medicines that can prevent or cure currently incurable diseases, what are the key market influences senior management teams need to be focusing on?
MHA MacIntyre Hudson’s pharmaceuticals sector enables pharmaceutical, biotech and medical device experts to develop future focused business strategies and implement time critical programmes and procedures essential to success within worldwide regulatory frameworks. We understand the challenges that our pharma partners face, including:
- Increasing expectations: The commercial lifecycle is unforgiving - healthcare payers impose new cost constraints on providers and scrutinise the value medicines offer much more carefully. They want new therapies that are clinically and economically better than the existing alternatives, together with hard, real-world outcomes data to back any claims about a medicine’s superiority
- Poor scientific productivity: Output has remained stable level for the past decade. Using the same discovering and developing processes, there’s little reason to think its productivity will suddenly increase
- Cultural complacency: ‘Traditional’ management culture and strategies are embedded across the industry, even though these methods have been overtaken by new ways of doing business.
Our specialist accountancy services and advice includes:
- Maximising research and development (R&D) tax credits
- Exploiting intellectual property - patent box
- Start ups, including structure and finance
- Identification of grants and small awards
- Corporate finance including raising finance, mergers and acquisitions, company valuations and exit strategy
- Guidance on the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)
- Employment tax services e.g. implementing share incentive schemes for your employees
- Outsourcing your HR and Finance function
- Tax advice on operating cross border.
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