MedTech Communicates Bio/Med Industry Priorities to New York State, Facilitates Growth
Tuesday, February 11, 2014
MedTech Association, a trade association for New York’s bioscience and medical technology (Bio/Med) industry, today is meeting with New York State legislators to discuss its members’ legislative priorities, in one prong of a concentrated effort to grow the state’s economy. Representatives from the following member companies are also participating: EFP Rotenberg, Hiscock & Barclay, Medtronic, Ortho Clinical Diagnostics, SUNY Research Foundation and Welch Allyn.
“New York ranks among the top states in the U.S. for Bio/Med activity, with the 8th most significant medical technology industry cluster,” said MedTech President, Jessica Crawford. “It is also one of Upstate New York’s most stable with considerable potential for long-term economic growth. New York has an opportunity, and a narrow window in which to act, to preserve and grow jobs or risk losing them.”
NYS is a leader in Bio/Med industry jobs, supporting nearly 75,000 jobs in New York alone, representing closet to $9 billion total economic impact on the State. Also, New York’s academic R&D ranks 2nd in the country, behind CA. The State has a unique opportunity to leverage its robust Bio/Med industry and prominent academic institutions to bolster its economy and grow stable high-paying jobs.
In an effort to spur that growth, MedTech has identified the following priorities – addressing issues and opportunities ranging from business climate to research investments, to access to capital – for New York State, which represent a footprint to move the State’s Bio/Med industry forward.
A. Business Climate
- Provide a more transparent system of reviewing Medicaid spending on medical devices with input from industry;
- Offer tax relief for manufacturers;
- Support the state innovation-related initiatives including Start-Up NY, Innovation Hot Spots, and NYS Innovation Venture Capital Fund to encourage and support entrepreneurship in the biomedical space;
B. Research Investments
- Provide a standalone, refundable R&D tax credit to better support and more rapidly encourage innovation across the State; and
C. Access to Capital
- Initiate an angel investment program to expand early stage investments in targeted New York State life sciences companies.
Additional information on MedTech’s advocacy priorities can be found onwww.medtech.org/advocacy.