The Medical Device Business Journal — Medical Device News & Articles | MassDevice
With 7 days until the federal Sunshine rules kick in, companies are hammering out the final details of their physician payment reporting strategies, but they’d do well to look beyond the August 1 deadline.
The 2.3% medical device tax has been in effect for about half a year now, meaning some of the myths about the levy are being slowly stripped away.
As it turns out, the retail exemption contained in the IRS codes, protecting over-the-counter medical devices from the tax, aren’t as cut-and-dried as they seem. Neither are the oft-mentioned price increases that medical device makers have posed as a way to deal with the excise tax.
The medical device hasn’t scared savvy investors away from medical device companies yet, but determining effect of the levy may have slowed down the funding process, according to Kristian Werling, partner at the law firm McDermott Will & Emery.
Werling named medtech funders among groups struggling to get a grip on the impact of the 2.3% excise tax, saying that they are dealing with it "very carefully."
Genetic Technologies (NSDQ:GENE) settled a lawsuit against Hologic Inc. (NSDQ:HOLX) over one of its gene testing patents, leaving seven other defendants in the suit.
Women’s health firm Hologic was one of nine original defendants in the lawsuit. The settlement involves the licensing of the patent to Hologic in return for undisclosed financial terms, according to a regulatory filing.
Nomir Medical Technologies Inc. and its former patent law firm, McDermott Will & Emery LLP, are trading accusations in a nasty spat over patents Nomir accuses the law firm of allowing to lapse.
Waltham, Mass.-based Nomir sued MWE in July, accusing the firm of "negligence, fraud, negligent misrepresentations, breach of fiduciary duty, breach of contract, breach of the implied covenant of good faith and fair dealing and unfair and deceptive practices," according to court documents, for failing to file documents with the U.S. Patent and Trademark Office needed to protect Nomir’s intellectual property.
