House Bill Targets Looming $20 Billion Tax On MedTech Industry
April 10, 2019. WASHINGTON, D.C. – Scott Whitaker, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement on introduction of bipartisan legislation (H.R. 2207) in the U.S. House of Representatives to permanently repeal the medical device excise tax:
“America’s medical technology industry is facing a $20 billion tax increase at year-end, when the current medical device tax suspension expires. Urgent action is essential to protect future medtech innovations that benefit patients and to avoid putting good-paying U.S. jobs at risk.
“House introduction today of the Protect Medical Innovation Act in the 116thCongress brings us one step closer to ensuring this innovation-stifling burden on the medtech industry never returns, supporting continued American leadership of this vital industry.
“We thank the bill’s lead sponsors, Reps. Ron Kind (D-Wis.), Jackie Walorski (R-Ind.), Scott Peters (D-Calif.), and Richard Hudson (R-N.C.) for their leadership on this issue. This bill – and the strong bipartisan support they have gathered – reflect the high priority this Congress places on patients, jobs, and future investment.
“While past suspensions of the medical device tax have enabled manufacturers to invest in R&D, infrastructure and new hiring – which in turn benefits patients and the U.S. economy – these benefits are at risk. Now that bipartisan legislation to permanently repeal the device tax has been introduced in both the House and Senate, AdvaMed will urge Congress and the administration to act as expeditiously as possible to get rid of the tax once and for all this year.”
AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org.POLICY CONTACT: Joseph Santoro 404-334-7538 email@example.com