Med Tech Coalition Applauds Historic House Vote
Friday, June 19, 2015
MDMA, AdvaMed & MITA Commend House Passage of Legislation to
Repeal the Medical Device Tax
Washington, D.C. – The Medical Device Manufacturers Association (MDMA), the Advanced Medical Technology Association (AdvaMed) and the Medical Imaging & Technology Alliance (MITA), a division of National Electrical Manufacturers Association (NEMA), today commended the House of Representatives for passing legislation to repeal the medical device excise tax. The legislation, H.R. 160 “The Protect Medical Innovation Act,” passed with a vote of 280-140.
“The House of Representatives sent a strong, bipartisan message that it is time to put an end to this tax on innovation,” said Mark Leahey, President and CEO of MDMA. “For far too long, the medical device tax has stymied advancements in patient care and destroyed high tech manufacturing jobs. Repealing this policy will provide an immediate boost for medical technology innovators to continue solving the pressing challenges in the health care ecosystem. MDMA and the broad coalition of stakeholders who have worked tirelessly to repeal the medical device tax will not rest until we get this accomplished once and for all.”
“Repealing the device tax will positively impact the future of medical technology and patient care by removing a barrier to medical progress and increasing resources for innovation, jobs, research and development, and manufacturing,” said Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed). “Patients are depending on the next generation of breakthrough technologies to become a reality in order to improve and save their lives. With an aging population and growing incidences of chronic disease, now is the time for more – not less – resources to advance cures and treatments to help people live longer, healthier, and more independent lives.”
“Today’s vote in the House to repeal the device tax is good for patients. We greatly appreciate bipartisan members of the House for supporting the development of the next round of innovative medical imaging technologies that promote early diagnosis, inform and guide treatment and, ultimately, improve patients’ quality of life,” said Kevin Cosgriff, President and CEO of NEMA. “Since its introduction, the medical device tax has hampered an industry that should be encouraged, by investing in critical research, product development pathways and good paying jobs. Repeal is all about promoting economic growth while ensuring patient access to life-saving diagnostics, care and treatment.”
The American medical technology industry is a true economic success story, providing jobs for more than 400,000 people, paying out salaries that are 40 percent more than the national average ($58,000 vs. $42,000), and investing nearly $10 billion in research and development annually to advance patient care in the United States and around the world. The industry is fueled by innovative companies, the majority of which are small businesses, with 80 percent of companies having fewer than 50 employees.