A balanced diet and an active lifestyle are the keys to living a healthy life. The Covid-19 pandemic has highlighted the importance of maintaining sufficient levels of all the important vitamins and minerals, to reduce the chances of developing severe disease. But even before the arrival of the pandemic, the health supplements market was already flourishing with the constant introduction of new and innovative dietary and nutritional supplements. With increasing awareness about their many health benefits, the demand for innovative health supplements that contain multiple essential nutrients has drastically increased, prompting more businesses to conduct pioneering R&D for developing new products or modifying existing ones.
Research and Development in Health Supplements
Health supplements are consumed for a variety of reasons. From maintaining good cardiovascular health and boosting the immune system, to increasing fertility and reducing muscle or bone degeneration, there are nutritional supplements for tackling a whole range of health issues. This has only been made possible by the continuous R&D being conducted in the field. Like R&D projects in other industries, research in the health supplements industry also faces several obstacles. Whether it is searching and testing new ingredients, developing efficient processes for large scale production, or getting regulatory approvals, businesses within the dietary supplements industry face challenges at every stage of R&D. However, with the right investment or funding, many of these challenges can be overcome. R&D Tax credits are a great way of gaining funding from the government, to keep your research going.
R&D Tax credits for those within the Health Supplements Industry
The R&D Tax credits were introduced by the UK government to provide funding to businesses that brought about innovation and advancement in science and technology through R&D. There are several areas of R&D within the health supplements industry that can qualify for R&D Tax Credit claims. Some of the examples include:
- Development of new or improved formulae for health supplements
- Development of new methods for testing the efficacy of supplements in preventing health conditions or maintaining vital organs and functions
- Testing new ingredients and substances
- Development of new processing or packaging methods to improve shelf-life
Any business that has conducted R&D towards achieving such advancements could receive substantial pay-out from the government. Receiving tax relief or funding like this can help you take your innovation further, leading to better, more efficient health supplements getting introduced in the market. Datafox has an excellent team of R&D Tax credit experts who can help maximise your claim by identifying all the opportunities within your research that could qualify for tax relief. Our transparent and hassle-free claims process will ensure that you get a swift outcome and are kept up-to-date about the progress of your claim from start to finish. There are still many businesses within the health supplements industry that are unaware of the R & R&D Tax scheme and that their work could be eligible for the same. If this sounds like you, we’d encourage you to get in touch with our team so we can help you get some cashback!