Texas a Goldmine for Biotech R&D
Texas has become a hot spot for scientific research in the United States, with over 30 colleges, institutes and centers working on research and development projects. In 2012, the National Institutes of Health (NIH) database ranked Texas as the second in the number of clinical trials being conducted, with more than 14,000 studies under development.
The continual growth and profitability of any sort of R&D in the state benefits not only the business but the industry, the state’s economy and creates thousands of jobs. Research currently taking place within the state creates jobs and tax revenue, and promotes follow-on research and innovation.
Both private and public sectors have jumped on the bandwagon, investing heavily in R&D. The private sector alone, employing 21,300 workers in one of the largest private scientific R&D expenditures in the state.
The total value of pharmaceutical shipments in 2010 exceeded $4.7 billion, and manufacturers spent almost $100 million in investment capital, according to U.S. Census Bureau numbers.
If you’re considering investing in research and development activities in Texas, now is the best time.
For more information or to see if you qualify, contact one of our specialist advisors at Texas R&D Tax Credit Solutions.