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House Bill Targets Looming $20 Billion Tax On MedTech Industry

Wednesday, April 10, 2019   (0 Comments)
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INDUSTRY NEWS

BioFlorida supports the AdvaMed statement below and is pleased to announce that the “Protect Medical Innovation Act of 2019" was introduced in the House of Representatives last week to permanently repeal the medical device tax. We thank the Florida co-sponsors of the bill, Reps. Bilirakis, Buchanan, Crist, Diaz-Balart, Dunn, Gaetz, Mast, Posey, Rutherford, Steube and Yoho. (The Senate bill to repeal the medical device tax was introduced in early March.)

 

Passing this legislation is critical to continued industry innovation as the current medical device tax suspension expires at year end. We look forward to working with you to urge Congress and the Administration to eliminate the tax this year.

 

 

April 10, 2019

 

House Bill Targets Looming $20 Billion Tax On MedTech Industry

 

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 of 2019’ 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.”

 

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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, visitwww.advamed.org.

 

 


About BioFlorida

BioFlorida represents 6,200 establishments and research organizations in the biopharmaceuticals, medical technology, healthIT and bioagriculture sectors that collectively employ 87,000 Floridians.

 

Members of the BioFlorida network include emerging and established life science companies, universities, research institutions, hospitals, medical centers, incubators, economic development agencies, investors and service providers.

 

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