Recent years have seen an explosive growth in new research areas and technologies revolutionising the Medical Products and Devices industry. Competitive advantage relies on product innovation and development as the key to survival. The challenge of launching products quickly, on a global basis, whilst staying ahead of the competition and achieving rapid market penetration has already stretched many companies resulting in high impact media attention and a corresponding discounting of share-price.
In certain circumstances public and private establishments which are mainly engaged in education or scientific research can import goods free of customs duty and import VAT. Such establishments include universities and teaching and research hospitals; public health laboratories and research councils. Some of the reliefs require authorisation from the appropriate authorities so advance planning is important. Some manufacturers of medicines use alcohol in the manufacture of their medicines. In many instances, excise duty paid on the alcohol is potentially refundable. As the rate of excise duty on alcohol is invariably high, significant amounts of money can be saved.
Our customs and international trade services can help you focus on:
- Minimising customs and excise duty liabilities;
- Accelerating set-up, execution and reporting in new product development; and
- Launching products quickly on a global basis.