The Fauci Effect: Medical School Applications Rise To New Levels As 3D Printing Aids The Profession

By on January 12th, 2021 in learning

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The Fauci Effect: Medical School Applications Rise To New Levels As 3D Printing Aids The Profession
[Source: Medscape]

Charles R. Goulding and Preeti Sulibhavi consider rising interest in medical school – and how 3D printing might come into play educating our next generation of doctors.

In what is being called the Fauci Effect, recent data indicates that applications to medical schools are up 18 percent. These new applications are coming at a time when 3D printing for medical use and other applications, including orthopedics and bioprinting, is at an all-time high.

Medical 3D Printing And Education

This is an ideal time for the 3D printing industry to educate medical academia about the depth of its improved product offerings so that new physicians, are aware of the possibilities for the advancement of their profession. Hopefully, these new physicians will be made aware of the pioneering 3D printing applications being developed at the Mayo Clinic, New York’s Hospital for Special Surgery and many other leading hospitals.

The increase in medical school applications comes at a time when a record number of physicians are retiring or switching to non-patient care activities. As a result of the COVID-19 pandemic, 8% of physicians had closed their practices in the US, according to the US News and World Report. This amounts to about 16,000 medical practices closing down, with there being approximately 200,000 practices in the nation. This means the new physicians are going to need to hit the ground running with help from today’s most advanced medical technologies.

Their White Coat Ceremony marked the start of the Class of 2020’s journey to becoming physicians. Commencement celebrates another milestone on that journey. [Source: Georgetown University]

The table below presents the recent articles we have authored regarding 3D printing for medical technology, including major mergers in the medical device industry:

Zimmer Biomet Acquires A&E Medical: Implications on 3D Printing Medical TechnologyWill MedAccred Certification be Tied to the Future of the Manufacturing Industry?
Delayed Elective Surgery, Medical Devices and 3D PrintingStryker Acquires Wright Medical: Implications on 3D Printing Medical Technology
Siemens Healthineers/Varian Medical Acquisition & 3D PrintingMedtronic Acquires Medicrea: Implications on 3D Printing Medical Technology
Securing Medical Data, Patient Privacy and 3D PrintingMedAccred Certification for Plastic Injection Molding Company Suggests 3D Printing May Be Next
MedAccred Certification Forms the Framework for the Future of Micro Medical ComponentsUniversity 3D Printing Research Strengthens Medical Innovation Clusters
Integrating MedAccred’s Supply Chain Standard with 3D Printing3D Printing Aiding Spinal Surgeries
3D Printing Aiding in Ankle SurgeryEar-y Developments in 3D Printing and R&D

Companies engaged in 3D printing activities and similar developments may be eligible for the Research and Development Tax Credit.

The Research & Development Tax Credit

Whether it’s used for creating and testing prototypes or for final production, 3D printing is a great indicator that R&D Credit eligible activities are taking place. Companies implementing this technology at any point should consider taking advantage of R&D Tax Credits.

Enacted in 1981, the now permanent Federal Research and Development (R&D) Tax Credit allows a credit that typically ranges from 4%-7% of eligible spending for new and improved products and processes. Qualified research must meet the following four criteria:

  • Must be technological in nature
  • Must be a component of the taxpayer’s business
  • Must represent R&D in the experimental sense and generally includes all such costs related to the development or improvement of a product or process
  • Must eliminate uncertainty through a process of experimentation that considers one or more alternatives

Eligible costs include US employee wages, cost of supplies consumed in the R&D process, cost of pre-production testing, US contract research expenses, and certain costs associated with developing a patent.

On December 18, 2015, President Obama signed the PATH Act, making the R&D Tax Credit permanent. Since 2016, the R&D credit has been used to offset Alternative Minimum Tax (AMT) for companies with revenue below $50MM and, startup businesses can obtain up to $250,000 per year in payroll tax cash rebates.

A 3D Printing Effort Not in Vein…

With record new medical school applications combined with record physician retirements, the medical profession is welcoming a new generation of physicians. The 3D printing industry needs to be a part of the education of this new wave of physicians.

By Charles Goulding

Charles Goulding is the Founder and President of R&D Tax Savers, a New York-based firm dedicated to providing clients with quality R&D tax credits available to them. 3D printing carries business implications for companies working in the industry, for which R&D tax credits may be applicable.

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