Supporting ground-breaking medical R&D innovation
A pioneering Oxfordshire-based SME is using R&D tax credits, to continue its innovative medical r&d which is helping 70,000 sufferers of type 2 diabetes lead better lives.
Mapmyhealth was formed six years ago with a vision.
With diabetes costing the NHS £10 billion each year, Mapmyhealth’s founders wanted to support the medical profession through research and the creation of leading-edge solutions that could help with the day-to-day management and control the condition.
Its work over the intervening years has led to the development and use of a bespoke self-management support programme for patients with type 2 diabetes thanks to an app called ‘Mapmydiabetes’.
The innovation at the centre of the app lies in its instant accessibility and comprehensive support, meaning patients can access the education, information and tools they require through a range of electronic platforms such as smartphones, tablets or PCs, without the need to attend regular appointments at busy hospitals or GP surgeries.
Mapmydiabetes not only improves the quality of patients’ lives by putting them in control of the information they need remotely, it is also helping to ease the pressure on already stretched NHS services and the public purse.
GPs are now able to refer and manage their patients’ education and set targets through the Mapmydiabetes app, whilst patients are in a stronger position to better understand their condition, take control of it, share progress with their GP and stay up-to-date with new services as they come on stream to help with their illness.
Providing a financial boost to medical R&D
Recognising and supporting such instances of innovative thinking through the Government’s R&D Tax Credit scheme is helping SMEs such as Mapmyhealth prosper and financially assist companies on a journey to growth.
Iain Brogan, Chief Executive Officer at Mapmyhealth, explains:
Iain Brogan Chief Executive Officer, Mapmyhealth
For any SME looking to establish itself, the early years can be a struggle as companies look to develop and sell a proposition. There is often a period of time before you can start generating sustainable revenue from new products, particularly if you are working in a new field as Mapmyhealth is, or with large institutions such as the NHS.
Because of this, the additional revenues we have been able to create through the R&D Tax Credit scheme with the support of MPA has been invaluable for us. The funds claimed back have gone straight to the bottom line, enabling us to reinvest in the innovation we are driving forward and support our growth plans
MPA, as R&D Tax Credit claim specialists, partnered with Mapmyhealth to produce a compelling and robust claim for HMRC, who administer the scheme. MPAs experts built a case that clearly articulated the areas where the company has demonstrated eligible research and development activities, and as a result Mapmyhealth received a substantial windfall from its claim.
The business had previously filed a R&D tax credit claim via a general accountant. However, a lack of understanding on what qualifies as eligible activity, meant not only was the business unable to maximise its claim value, but HMRC also raised an enquiry against the business.
When the business came to submit an additional claim, it was the market-leading expertise of MPA which saw Mapmyhealth work alongside the tax credit specialists, as opposed to the business’ general accountant.
Mike Price, Director at MPA, says:
Mike Price Director, MPA
Working with many SMEs across a number of sectors, means we come across plenty of examples of smaller-sized businesses taking risks and undertaking work that ideally matches the aims of the R&D Tax Credit scheme. Mapmyhealth is a prime example.
The development work that the company has undertaken in recent years has overcome challenges around embedding software and data into existing NHS systems, alleviated data security concerns, and seen the substantial testing of important GP reporting functionality. It is this type of activity that needs to be recognised and rewarded under the tax credit scheme.
It is not the responsibility of the company to understand the full intricacies of what is a complex area of tax law. That is our role. We are delighted we have been able to compile a convincing case to HMRC on behalf of Mapmyhealth which went through the claims process smoothly and without any enquiries. It has meant that the business has been financially rewarded and is better able to continue its pioneering work.
Ultimately, it will be patients who benefit from the inventive work Mapmyhealth is undertaking in order to help transform lives and help the NHS.
As one type 2 diabetes sufferer says:
Type 2 diabetes sufferer
The Mapmydiabetes app has literally changed my life. I’ve lost weight and my blood sugars are down. It allows me to have discussions with my practice GP on an equal footing – I feel so much more in control