Often, the complexity and intricacy of a business extends further than buying and selling. For the most part, businesses will have a team dedicated to each aspect of their business to increase profits and maximise sales. For companies in the research and development sector, however, what do these aspects consist of? In this blog post, randd uk will outline the many different aspects of a typical research and development company.
Self explanatory to an extent, research and development companies that dedicate their time to sourcing answers to age-old problems and ailments play their part in any business. The prime example of companies committing to the research sector is medical organisations; businesses which conduct scientific research in order to construct a new product or medicine that will significantly improve the condition of someone’s health.
Research and development is an industry that seems to have become increasingly common in recent years, but the fact of the matter is that medical organisations have been practising R&D for many years. One of the biggest breakthroughs in medical research came in the 60’s, when the Federal Drug Admission approved the combined oral contraceptive pill to give women unprecedented control over their fertility. This is one of the most significant movements in medical research in recent times in terms of over-the-counter medicine. Research into medical practices has also extended to severe and emergency cases of illness and disease. In 1796, the industry of medical practice saw one of its biggest accomplishments when Edward Jenner developed the smallpox vaccine – the first vaccine to ever be developed. Since its conception, the smallpox vaccine helped to save millions of lives, and contributed to the total eradication of the disease.
There is no denying that research plays its part in any industry, but perhaps the medicinal sector reaps the most rewards, in terms of livelihood and health. With research and development companies all administering this aspect, it is clear to see why companies, such as randd uk, offer these businesses help with their tax credits to help them maintain a suitable level of funds to continue their practices.
Although this industry is also led by scientific and medicinal organisations, technology is a line of work that is responsible for bringing us all our latest gadgets and gizmos. Whether it be new phones, televisions, or any other must-haves, the world of technology has been increasing at a steady rate. Industry leaders, Apple, have been responsible for bringing people together for over a decade with their MacBooks, iPhones, iPads and other products, and this trend has been mirrored by an array of other electronics companies. There is no denying that technology and electronics is one of the biggest markets in the world, and with products like the ones mentioned above, it is also clear to see why people all across the world pay this industry the most attention.
The development of these products has also seen technology being implemented into a number of other industries to help boost innovation and productivity. There is seemingly an app for everything these days, and with the majority of industries leaning on technology for help and support, the importance behind the latest gadgets extends beyond fun and entertainment. Laptops, phones, tablets, apps and any other pieces of technology have all been harnessed by medical industries, financial companies and a whole host of other sectors to help develop their products and services. Whether it is bringing joy and entertainment to millions of users all around the world, or being adopted by research and development companies to help them develop and improve their services, technology is an industry which offers many benefits to a wide variety of users, making it a focal point of the whole concept of research and development.
Engineering and Production
So far, we have discussed and dissected the scientific and contemporary aspects of research and development, but engineering and production have always been at heart of this area. The practice of constructing and manufacturing products and objects of all shapes and sizes is the industry in which the majority of research and development companies reside in. Unlike some of the other industries we have touched on, engineering and production relies on the use of research, science and technology. For example, the production of cars in today’s world sees the use of robotics, the implementation of technology and scientific research to help make them more economical than ever before. Tesla are the definition of an engineering and manufacturing company calling on these other industries to help further the quality of their product. Through the use of science, technology and research, Tesla cars are now completely electrical, benefiting the environment as well as the owner’s pocket in terms of fuel consumption.
Stepping away from the upscale products, the run of the mill production of other products, such as food and everyday items, also draws on the use of science and technology. In a world that is becoming progressively health conscious and environmentally aware, the use of science and technology has never been more important. These industries allow research and development companies in the field of engineering and production to develop their products in such a way that leaves the company with a product that has had little effect on the environment, and is still beneficial to the user. The days of the industrial revolution are over, and although the UK and other countries may not be churning out products made from natural minerals such as iron and steel as much as before, the industry of engineering and production is still alive and kicking, as demonstrated by the majority of research and development companies today.
Research and Development Companies
As highlighted through the entirety of this blog post, research and development companies harness and administer many, if not all of, these aspects into their practices on a daily basis. Research and development companies are not only responsible for manufacturing and producing their products; the process of creating a product consists of copious research and the implementation of technology, as well as all the marketing and advertising which helps promote their products / services and brand. This, therefore, begs the question: is every company not a research a development company?
If you believe your company may well be a research and development company, then you may be in-line for some R&D tax credits. For any help and guidance with your application, contact the team at randd uk and speak to one of our expert advisors.