The BioIndustry Association (BIA) welcomes the proposal to introduce a patent box announced in today’s Pre-Budget Report.
This measure was called for in the Bioscience Innovation and Growth Team Review and Refresh of Bioscience 2015, published earlier this year and is part of the package of measures outlined in the Office for Life Sciences Life Sciences Blueprint.
The introduction of a patent box scheme from 2013 will provide incentives for companies to exploit intellectual property, developed in the UK, in the UK. It is hoped that this measure will make the UK a prime location for investment in R&D and manufacturing.
Clive Dix, BIA Chairman, said: “Government has recognised that life sciences is essential to building Britain’s” future and the “patent box” shows that Government is listening to the BIA and others in the UK life sciences sector.
Delivery of the “patent box” is part of the package of measures outlined in the Office for Life Sciences “Life Sciences Blueprint” and will make a real difference to ensuring a successful and sustainable future for the sector in the UK.”