Senate Moves to Stop $20 Billion Tax Increase on MedTech Industry
Thursday, March 7, 2019
Scott Whitaker, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement on introduction of bipartisan legislation – the Protect Medical Innovation Act – in the U.S. Senate to permanently repeal the medical device excise tax:
“Unless Congress acts quickly, America’s medical technology companies face a $20 billion tax hike at the end of 2019 when the device excise tax returns. If not stopped, this tax will put future patient innovations and good-paying U.S. jobs at risk.
“Today’s Senate action is the first step in ensuring continued American leadership of this vital industry. We thank the bill’s lead sponsors, Sens. Pat Toomey (R-Pa.) and Amy Klobuchar (D-Minn.), for their long-standing support of improving patient lives and medtech innovation. The broad bipartisan backing of this bill reflects members’ understanding of the negative impact on job creation, investment and patient care should this tax return, and the urgent need for repeal.
“The time to act is now. We look forward to the House introducing companion legislation in the near future and pledge to work with Congress, the administration and other stakeholders to ensure this burdensome tax is eliminated once and for all.”