MASSDEVICE ON CALL: The current corporate tax system is “a ball and chain" dragging down medical device makers’ ability to compete in global markets, AdvaMed president & CEO Stephen Ubl will tell the U.S. House of Representatives’ Ways & Means Committee today.
Ubl will ask members to repeal the 2.3% medical device tax as a 1st step toward overhauling U.S. corporate tax codes.
The medical device tax, established by the Affordable Care Act and set to take effect Jan. 1, 2013, would take 2.3% of every medical device sale in order to provide financial support for certain aspects of healthcare reform.
Ubl will warn House members that the tax would drive innovation offshore and damage America’s foothold as the center of the global med-tech industry.
"While the medical technology industry in America is still the clear world leader, its competitive position is slipping, and its leadership is increasingly challenged by other countries adopting targeted policies to support home-grown competitors and attract multinational companies," Ubl wrote. "While the future prospects for the industry are bright, it is increasingly questionable whether that future will be made in America."
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