This week AZBio will be in Washington, D.C. meeting with our Arizona Congressional Delegation and thanking them for their work and support in permanently repealing the Medical Device Excise Tax. AZBio will be joining medtech leaders from across the country as part of the annual AdvaMed Fly-In. Even if you are not able to be with us LIVE in Washington, D.C. you can share your thanks with your Representative and Senators electronically by clicking here.
Repeal of the medical device tax means that instead of $20 billion going to the IRS, medtech companies can now use that money to:
- Create new life-changing innovations for American patients
- Support next-generation R&D
- Hire more workers in communities large and small across the country
- Build new facilities or invest in other infrastructure projects
- Invest in start-up companies that are the lifeblood of medtech innovation
When the device tax was in place, the medtech industry and the patients we serve were so negatively affected that bipartisan majorities in Congress supported suspension of the tax:
- The U.S. Department of Commerce confirmed that nearly 29,000 American medtech jobs were lost while the tax was in effect from 2013-2015
- Medtech companies decreased their R&D investments by 20 percent
With the excise tax gone, MedTech companies can now get back to developing innovative technologies that improve the outcome of patient recovery and their quality of life.