The U.S. medical device industry (also referred to as the medtech industry) is not only a source of life-enhancing and sustaining equipment but also a major driver of U.S. economic strength. The U.S. remains the largest medical device market in the world with revenue of around $110 billion, representing more than 30% of the total global market. The U.S. medical device industry has been able to maintain its competitive advantage through continuous development of new products, often partnering with companies in related industries including: microelectronics, telecommunications, instrumentation, biotechnology, and software. U.S. inter-industry collaborations have led to dramatic advancements for patient care in recent years including development of neuro-stimulators, biomarkers, robotic assistance, artificial retina (bionic eye), bone-cell generation and 3D printed exoskeletons to name a few.
Since the industry is fueled by innovation and the ongoing quest for better ways of treating and diagnosing medical problems, many of the development activities performed by the employees of companies in this space will qualify for R&D tax credits.
Anchin’s professionals understand the important role the medical device industry plays in the future of healthcare and the U.S. economy. Our industry experience, attention to detail and expert judgment result in accurate, highly defendable tax credit calculations. Our dedicated team includes audit, tax and advisory professionals with years of experience identifying issues and solving problems for every type of business within the medical device industry subsectors, including:
- Electro-medical equipment
- Irradiation apparatus and diagnostic imaging equipment
- Surgical and medical instruments
- Artificial joints and orthopedic appliances
- Surgical supplies
- Dental equipment and supplies
Our medical device industry R&D team ensures that our clients benefit from all of the incentives available to them. Anchin helps clients assess their R&D tax credits at all phases of their business, from the time they first consider entering a new market (white space evaluation) and throughout the product lifecycle. We are particularly skilled and experienced at identifying qualifying projects and initiatives in each area of your business and are experts at examining and capturing all allowable expenses towards your company’s research credit.
Anchin works with clients interested in claiming the R&D credit for the first time and those who have difficulty meeting the contemporaneous documentation requirements needed to support their R&D claim. We also assist clients who have had a significant portion of their R&D claim disallowed and those who need to reassess their R&D credit calculation because the nature of their business has changed.