Medtech industry mobilizes to repeal med device tax before suspension ends

The medtech industry is rushing to keep the medical device tax, part of Obamacare, from coming back into effect at the start of 2018 after its suspension lapses. Many in the industry were hopeful the tax would be axed as part of healthcare reform that was slated to repeal and replace Obamacare earlier in the year but never came to fruition. Industry groups are optimistic that the tax will be repealed before the end of the year, and have support from a number of US House Representatives who signed a letter to Speaker Paul Ryan (R-Wis.) urging him to take action on the tax. A total of 179 reps signed the letter to Ryan, including 43 Democrats, calling for a full repeal of the tax and warning of the negative impact it could have on the industry and country. “The suspension of the medical device tax expires on January 1, 2018, and it is critical to the health and sustainability of this vital American manufacturing industry that this tax is not once again applied to its products. This looming tax increase will impact medtech innovation and job creation, threatening this industry and the constituents we serve,” Reps wrote in their letter to Ryan. Legislators didn’t lay out a specific path to repealing the tax, but were hopeful that the tax will be included in legislation the House will vote on before next year. Industry group AdvaMed is supportive of the efforts and hopeful that the bipartisan support for a repeal will be successful, according to a report from The Hil...
Source: Mass Device - Category: Medical Devices Authors: Tags: Healthcare Reform Capitol Hill Source Type: news