Industry Groups Applaud Bipartisan Device Tax Repeal Bill

AdvaMed, the Medical Device Manufacturers Association and Medical Imaging & Technology Alliance praised Tuesday’s introduction of bipartisan legislation to repeal the 2.3 percent medical device excise tax.

The Protect Medical Innovation Act was sponsored by Reps. Erik Paulsen (R-Minn.) and Ron Kind (D-Wis.) and boasts 254 cosponsors.

Stephen Ubl, president and CEO of AdvaMed, said the device tax’s repeal is critical for the U.S. to maintain its global leadership in market and put resources toward developing new technologies. According to AdvaMed, more than 33,000 device industry jobs have been lost or deferred as a result of the levy.

The GOP’s November win of the Senate, coupled with a growing number of Democrats who now oppose the tax, has given devicemakers new hope that the controversial measure will be repealed in 2015. — Kellen Owings