It is the pet project of many veterinarians to boost the effectiveness of their practices – and investment in research and development (R&D) is a proven way to achieve this. There are many approaches to make your veterinary business more efficient and boost your ability to care for animals both large and small. Whether your focus is on livestock, pets or both, the importance of providing a high-quality service is paramount. Consequently, ensuring best practices through R&D is a smart investment that gives a competitive edge to your business.
Here are some examples of latest R&D trends in vet practices.
Stem Cell Therapy R&D
One area of innovation primarily used in the treatment of cats and dogs is stem cell therapy. This is a type of treatment that uses cells with the ability to promote the regeneration of damaged cells. The therapy has apparent positive effects in animals, although R&D is needed to further prove efficacy. Breakthroughs in this area of development have the potential to be invaluable for the treatment of canine arthritis and can be used in clinical situations for ailments such as soft tissue injuries and atopic dermatitis.
Laser Therapy R&D
Lasers are an example of cutting-edge technological innovation in the veterinary field and used for animal care can stimulate healing at a targeted area. Lasers can also be combined with stem cell therapy to facilitate healing. This is still a nascent area of innovation and more R&D is required to produce discoveries that could revolutionise care for animals.
Magnetic resonance imaging (MRI) has increasingly been used by veterinaries to discover in more detail what is wrong with an animal, allowing for a more accurate diagnosis. R&D into how MRI can be utilised in the context of animal care grants veterinarians a better ability to identify neurological, gastrointestinal and cardiovascular problems, amongst others. Although MRI is an expensive tool, investing in R&D will lead to techniques and innovation to reduce costs whilst maintaining quality of care.
R&D into Livestock Health
Improving the health of animals is an area ripe for R&D, as it is so critical to livestock owners and veterinarians alike. An example of innovation in this field is the testing and analysis of the quality of water consumed by the livestock, and its effects on mortality and growth rates. Innovations include using water sanitisers and combining additives to the water to ensure good health, low mortality rate and an increased rate of growth.
Research involving Antimicrobial Resistance
Antimicrobial drugs such as antibiotics are becoming less effective as microbial resistance increases. This is a serious concern, both to public health and the health of livestock. R&D into combating these “superbugs” which can resist antimicrobial drugs is of great importance. Innovation into software that facilitates the recording and analysis of antimicrobial use is an example of how R&D can help overcome this challenge.
In this coronavirus pandemic era, we are even more aware of the importance of discovering vaccinations and treatments that work. Vaccinations are not of course limited to Covid-19 but are a critical element for vets, as they help to safeguard the health and longevity of livestock and pets. R&D can be greatly beneficial, and business activities such as cooperation with pharmaceutical companies can lead to breakthroughs and competitive edge.
How Your Practice Can Benefit From R&D Tax Credits
If your veterinary practice is involved in R&D activities, you can typically claim additional tax deductions based on the amount of expenditure incurred. The R&D tax credits scheme is a very generous incentive that can significantly reduce trading profits and thus corporation tax. A loss making- company can still benefit as it can claim a cash payment.
If your company has not previously claimed, you can normally make a claim for the preceding two years, which can lead to a significant cash injection.
You can also potentially reduce your corporation tax if you have a patented invention or technique.
If you would like to know more about R&D Tax Credits, please get in touch to arrange a no-obligation discussion.