Jim Shannon – 2016 Parliamentary Question to the Department for Business, Innovation and Skills
The below Parliamentary question was asked by Jim Shannon on 2016-02-09.
To ask the Secretary of State for Business, Innovation and Skills, what support the Government gives to large pharmaceutical companies to partner with universities.
Joseph Johnson
In the last five years, Innovate UK has committed around £32M to support partnerships between pharmaceutical companies and universities in order to drive the translation of university-based research and commercial applications which tackle disease and life-threatening illnesses.
In addition, the Government is investing in three Catapult Centres supporting the life sciences sector – the Cell Therapy, Precision Medicine and Medicines Technologies Catapults. These centres have a particular focus on supporting collaborative research and innovation among small and medium sized firms.
Large companies are able to claim R&D Tax Relief through a 130% enhanced allowance or, alternatively, an 11% taxable credit via the R&D Expenditure Credit. In 2013/14, these schemes provided support of £950M to 3,950 businesses. Additionally, the UK’s Patent Box was introduced in 2013 and gives additional incentive to develop, retain and commercialise new, innovative patented products in the UK. The Patent Box offers an effective 10% corporation tax rate on trading profits earned in the UK from specified patents.
