Med Tech Industry's Expenditure on Lobbying at an All-time High
Monday, March 9, 2015
Source: Fierce Medical Devices
The medical device tax is costing the med tech industry money--and so is lobbying to get rid of it.
At almost $33 million, the industry's 2014 lobbying expenditure was up 6% over 2013 and has more than tripled since 1998's total of $8.9 million, Mass Device reports, citing the Center for Responsive Politics' website, OpenSecrets.org.
The industry's biggest company, Medtronic ($MDT) had lobbying expenditures of $5.3 million, which included an unsuccessful effort to prevent the government from taking action to deter tax inversion deals, such as its $50 billion takeover of Covidien. But, the company can take solace that the initiative was not severe enough to deter the deal, and was undertaken by the Treasury Department--not Congress.