ResMed provide a range of medical devices that help to diagnose, treat and manage sleep apnea, chronic obstructive pulmonary disease and other chronic diseases.
For the first quarter of the financial year, ResMed’s profits grew by 13 percent to $US523.7 million.
Chief executive Mick Farrell said that continuous product innovation was helping the company to increase its market share.
He stated that ResMed continues to “Pioneer products, services and solutions that improve patient outcomes, create efficiencies for our homecare providers, and help physicians and payers better manage chronic disease and lower long-term healthcare costs.”
ResMed aim to provide the most advanced sleep technologies, to provide smaller, more comfortable and whisper quiet products. They recently launched three new masks; The N20 nasal mask, the comfortable foam AirTouch F20 and the F20 full face mask.
The development of these new products creates more and better choices for consumers and encourages innovation and investment in research and development. Mr Farrell believes proposed changes to the R&D Tax Incentive would be “foolish… as it would lead to less investment in Australia.”
“R&D investment in a country is where wealth creation happens,” he stated. “It is where innovation happens and idea generation happens and that is how we grow businesses and grow Australian innovation.”
If your company is generating new knowledge through product innovation, you may be eligible for the R&D Tax Incentive. The R&D Tax Incentive allows companies with a turnover of under $20 million to claim a refundable tax offset of 43.5% of their eligible R&D expenditure. Companies with a turnover of more than $20 million can claim a non-refundable tax offset of 38.5%. A quick way to assess your eligibility is with our online eligibility wizard. Find out whether you qualify today.