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 2014, the National Institutes of Health (NIH) database ranked Texas second in the nation for the number of clinical trials being conducted, with more than 16,900 studies in progress.
Texas has more than 3,600 businesses engaged in biotechnology R&D and manufacturing. From 2008 to 2013, venture capitalists invested $1.3 billion in 161 biotech and medical device deals.
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.
The Texas Medical Center in Houston conducts $3.4 billion in R&D every year while housing more than 49,000 students and 106,000 employees.
Through the Texas Emerging Technology Fund (TETF), the state of Texas has raised $145 million in bio-medicine and pharmaceutical projects.
Well played, Texas.
If you would like more information on the R&D tax credit please contact a Texas R&D Tax Credit Solutions specialist today.