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AdvaMed Cheers House 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 praising House passage of bipartisan legislation to modernize and renew Trade Promotion Authority (TPA):
“Passage of this bipartisan legislation in the House is great news for patients worldwide, who will have greater access to the life-changing innovations produced by America’s medical technology companies, and for our industry, one of the drivers of the U.S. economy.
“With $42 billion annually in exports, the medical technology sector is one of the few American manufacturing industries that maintains a positive balance of trade. Medical technology markets in India, China, Japan and Europe are already worth more than $150 billion each year and offer tremendous opportunities for additional growth. However, this growth depends 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 ensures 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 principal negotiating objective to improve 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 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 look forward to swift passage of TPA in the Senate so that it can proceed to the president’s desk for his signature.”
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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.