If the medical device tax was repealed, a majority of medical technology innovators would increase hiring and make new investments in research and development, according to results from a new survey conducted by the Medical Device Manufacturers Association.
According to the survey, 85% of respondents said that if the device tax was repealed, they would hire new employees in the U.S., while 80% of respondents noted that they would increase R&D investments in the cures and therapies of tomorrow.
In addition, 72% of companies slowed or halted job creation in the United States to pay the medical device tax, according to the survey.
“I see firsthand everyday the impact the medical device tax has on investing in new jobs and developing new technologies that improve patient care,” said Scott Huennekens, President & CEO, Volcano Corporation and Chairman of MDMA. “This survey clearly shows what med tech innovators have long argued: if you repeal the medical device tax, it will boost job creation and increase investments in the cures and therapies of tomorrow.”
The medical device tax has been a hot-button issue since it was put into effect. The repeal of it took new life when the Republican took control of Congress this year.
