Washington, D.C.—The Medical Imaging & Technology Alliance (MITA) today commended Representatives Erik Paulsen (R-MN) and Ron Kind (D-WI) for introducing bipartisan legislation to repeal the 2.3 percent medical device excise tax that went into effect on January 1, 2013 and was suspended for two years on December 31, 2015. The "Protect Medical Innovation Act of 2017" was introduced today with 220 original cosponsors.
"We appreciate the leadership of Congressmen Paulsen and Kind on this bipartisan issue and for their longtime support in championing job creation, economic growth, and patient care through investment in the medical technology industry," said Joe Robinson, chairman of MITA board of directors and senior vice president of health systems solutions at Philips Healthcare. "Full repeal of the medical device tax will create jobs and is the only way to remove a significant barrier in investing in innovation, and research and development, thereby allowing the next generation of life-saving, breakthrough technologies to become a reality."
The American medical technology industry is a true economic success story, providing jobs for more than 400,000 people, paying out salaries that are 40 percent more than the national average ($58,000 vs. $42,000), and investing nearly $10 billion in research and development annually to advance patient care in the United States and around the world. The industry is fueled by innovative companies, the majority of which are small businesses, with 80 percent of companies having fewer than 50 employees. However, the vitality of these companies has been jeopardized by the medical device tax, which resulted in the loss or deferral of more than 33,000 industry jobs before it was suspended in 2015.
The Medical Imaging & Technology Alliance (MITA), a division of NEMA, is the collective voice of medical imaging equipment and radiopharmaceutical manufacturers, innovators and product developers. It represents companies whose sales comprise more than 90 percent of the global market for advanced medical imaging technology. For more information, visit www.medicalimaging.org. Follow MITA on Twitter @MITAToday.