You are here
AdvaMed Statement on Senate Device Tax Hearing
WASHINGTON, D.C. – Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement on today’s Senate Finance Health Care Subcommittee hearing examining the impact of the medical device tax:
“AdvaMed commends Chairman Pat Toomey (R-Pa.) and Ranking Member Debbie Stabenow (D-Mich.) for holding this important hearing highlighting the negative impact the medical device tax is having on American jobs, innovation and patients.
“Evidence continues to mount on how this tax is a drag on a high-technology, research-based manufacturing sector that provides life-saving, life-enhancing innovations.
“Every cent paid toward this onerous tax is one that would be better spent on research and development, hiring and capital expansion, a theme that was made clear at the hearing by Bruce Heugel, senior vice president and chief financial officer of B. Braun Medical. AdvaMed would like to thank him for sharing the real-world consequences of the medical device tax on his company.
“A recent survey of AdvaMed’s membership underscores the need to repeal this tax, as companies are forced to curtail R&D and other capital investments – cuts that may chill medical progress for decades to come. More than half of survey respondents (53 percent) said they had reduced R&D as a result of the tax, and 58 percent said they would consider further or first-time reductions in R&D if the tax stays in effect.
“There is strong bipartisan support in both chambers of Congress to repeal this anti-patient, anti-innovation tax, and we urge members to act to eliminate the tax as soon as possible.”