Helping businesses secure and maximise R&D tax credits and grants

How Ireland Is Coming Out On Top For Innovative COVID-19 Solutions

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Enterprise Ireland has recently reported that over one-hundred companies are coming up with innovative solutions in the fight against COVID-19. The country is a resourceful place to be with a young population, good employment prospects, excellent transport links and high quality infrastructure. This has helped to put Ireland in the perfect position to lead the way in COVID-19 innovation.

Academia

Trinity College Dublin has been at the forefront of research since the pandemic took hold. Researchers have been involved in a range of projects, from research that looks at Vitamin D intake and potential symptom severity, to mooting a possible link with the BCG vaccine and fewer people dying of COVID-19. Other projects have been undertaken that look at the design of new drugs and even a vaccine, as well as the development of rapid antibody testing capacity to see how many of the population have already had it.

University College Dublin also has five of its own projects on the go which have been funded by a government grant. One of these projects will see the development and supply of materials and reagents for COVID-19 testing at hospitals in the Ireland East Hospital Group.

Other exciting ways in which Ireland is innovating against the virus

Irish companies are continuing to respond to the pandemic challenge with resourcefulness and creativity. Companies up and down the country are devising new scientific and technological solutions to the outbreak as well as adapting existing ones.

Dublin based HiberGene Diagnostics, which develops molecular diagnostics tests for infectious diseases in humans, is creating a new and rapid test for the novel coronavirus that yields far quicker results than current tests. Because it is a “near patient test”, swab samples can be tested in the same location they’re taken, so there’s no requirement for an offsite laboratory. Results will therefore be received by individuals much more quickly, easing the stress and worry on themselves and their families.

Nebulisers

Irish med tech company Aerogen has come up with an innovative way of helping people in respiratory distress thanks to a new aerosol drug delivery technology. Unlike traditional nebulisers, Aerogen has an in-line circuit design, so that drug delivery doesn’t mean breaking the ventilation circuit. It is strongly believed that this new treatment delivery system will be a viable option for patients infected with COVID-19 as well as other respiratory conditions.

Another innovative plasma technology has also been designed to help stop people catching the virus from the air. Developed by Irish company Novaerus, it uses patented technology that kills airborne viruses by extracting the air from a room before passing it through patented plasma coils. These coils then destroy the viruses, reducing the chances of anyone in the room becoming infected.

Ventilators

Dublin-based medical technology firm Medtronic has doubled its capacity to build and supply ventilators, now employing around 500 people. Recently the company also announced that it will open source the design specifications of one of its ventilators so that other companies can also manufacture them. Indeed, Medtronic plans to provide details for its Puritan Bennett 560 (PB 560) machine, with other types of software code soon to follow.

Managing social distancing

IT and telecommunications firm Taoglas, based in Wexford, has also designed a new technology that supports venues in upholding social distancing regulations and managing crowd sizes. The company, which specialises particularly in antennae for the IoT, has unveiled its Crowd Insights platform and has high expectation for it. The platform works by using Wi-fi to monitor, measure, predict and notify both outdoor and indoor venues in real time, and sends out an alert if social distancing limits have been breached.

Something for the agriculture sector

The Irish agriculture sector has now doubt welcomed the recent news that the Irish Government is allowing marts to start trading again. It won’t be quite on the same scale as before and there will be some restrictions, but it’s a positive move nonetheless.

Mullingar-based firm Livestock Live has designed a piece of software that facilitates online “virtual auctions” so that farmers can buy and sell animals. It’s a free app for farmers to use, with the mart being charged a small commission to generate revenue. Animals are dropped off at the mart and then auctions are streamed live so interested parties can then bid online. There’s also the option for sellers to upload a video of their animals if they wish.

Has your company undergone any innovative scientific or technological research lately?

Whether it’s in the fight against novel coronavirus COVID-19 or something completely different, if your organisation has spent money on research and development (R&D) recently then it may well be eligible for help with the costs. This is thanks to the R&D Tax Credits scheme.

The Irish government first launched R&D Tax Credits in the early 2000s with the aim of encouraging companies to grow through innovation. Not only do innovative projects strengthen the business itself, they also boost employment which benefits the economy as a whole.

The scheme is open to any company based in the Republic of Ireland, regardless of what sector or industry it operates in. The variety of projects and costs is also extensive, and there’s no minimum or maximum claim value either. Companies that are profitable will receive the credit against their Corporation Tax bill, while loss-making ones will be offered a cash lump sum.

The R&D Tax Credits scheme is incredibly generous, with up to €37.50 in every €100 of R&D expenditure claimable. Eligible costs include certain software and overheads, as well as staff wages, employer NIC and pension contributions and subcontractor costs.

To find out more and how to claim, have a look on our R&D Tax Credits page.

Contact us

At Myriad Associates our specialist R&D Tax Credits team is exceptionally skilled and qualified in helping you with all aspects of making a fully maximised claim. We have many years’ experience in dealing with R&D Tax Credits so you know you’ll receive exactly what you’re owed.

We’re working as normal during the COVID-19 outbreak, so why not call us on +353 1 566 2001. Alternatively you can use our contact page and one of us will call you back.


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