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AdvaMed Applauds Senate Passage of Trade Promotion Bill
WASHINGTON, D.C. – Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement on Senate passage of bipartisan legislation in the Senate to modernize and renew Trade Promotion Authority (TPA):
“AdvaMed applauds passage by the Senate of bipartisan legislation which will allow America’s medical technology companies to provide life-changing innovations to more patients worldwide while helping one of the drivers of the U.S. economy continue to grow. We especially commend Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) for their tireless leadership to advance this bill.
“The medical technology sector is one of the few American manufacturing industries that maintains a positive balance of trade, with $42 billion in U.S. exports. International markets offer tremendous opportunities for additional growth: the medical technology markets in India, China, Japan and Europe are already worth more than $150 billion each year.
“Continued industry growth outside the U.S. will depend on the development and approval of trade agreements that provide a level-playing field for U.S. companies and improve access to the global market.
“The U.S. Trade Representative is currently working to advance priority issues for the medical technology industry as part of the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), both of which will greatly improve market access to medical technology in these regions. The TPA legislation builds a foundation for these agreements and helps to ensure the U.S. has a prominent seat at the table when future free trade agreements are negotiated.
“Of significance in the bipartisan TPA bill is a principle negotiating objective to improve regulatory practices through transparency and procedural fairness in medical technology reimbursement. This provision aims to increase transparency and opportunity for the participation of stakeholders in the development of regulations and ensure that government regulatory reimbursement regimes are transparent, ensure procedural fairness and provide full market access for U.S. products. Similar provisions are included in the U.S.-Korea Free Trade Agreement.
“We urge the House of Representatives to move forward with the Senate-passed TPA legislation as quickly as possible after the Memorial Day recess. We remain committed to working with members of Congress, the administration and other stakeholders to ensure its enactment.”
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AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org.