June 2, 2014 by MassDevice
The 2.3% medical device excise tax implemented in January 2013 as a part of Obamacare has already had a negative impact on jobs, R&D and investment, writes AdvaMed president & CEO Stephen Ubl.
By Stephen Ubl, president & CEO,AdvaMed
The medical device and diagnostics industry is an American success story, creating life-saving and life-enhancing innovations every day while providing high-quality jobs in communities both large and small. Unfortunately, the 2.3% medical device excise tax implemented in January 2013 threatens this success and has already had a negative impact on jobs, R&D and investment. Policymakers need to act now to address this burdensome tax and repeal it before more harm is done.
A recent survey conducted by AdvaMed (the Advanced Medical Technology Assn.) showed that up to 165,000 jobs have been lost nationwide as a result of the tax in the first year. This includes direct medical technology industry employment losses of about 33,000, in both cuts and foregone hiring, plus estimated losses of 132,000 in indirect employment among industry suppliers and in the general economy.