BioForward Applauds House Vote Repealing Medical Device Tax
A message from BioForward CEO, Lisa Johnson:
We are pleased to report that on Tuesday, the U.S. House of Representatives passed a bill, H.R. 184 – The Protect Medical Innovation Act of 2017 that permanently repeals the Medical Device Tax. We thank the members of the Wisconsin delegation that voted in favor of this bill. This important legislation now goes to the Senate for full repeal under Senate Bill S. 108.
Over the past eight years, the medical device tax, an excise tax on revenue not on profits, has continued to threaten medical innovation, patient care and job creation in the United States. An excise tax has a significant impact on emerging growth companies that require cash to be reinvested into their companies rather than being penalized through taxation on their revenue.
Wisconsin has a specialized employment concentration in the medical device and equipment sectors that drive the economy throughout our state including our statewide supply chain to our medical device innovators and manufacturers such as GE Healthcare, Accuray, Spaulding Medical, Mortara, and many others.
Full repeal of the medical device tax is not a partisan issue, it is an issue that impacts American patients, families, and innovators. We look forward to working with our two Senators to permanently repeal this detrimental tax.
If you have any questions on this issue or our other advocacy efforts, please do not hesitate to contact me.
Thank you for your support,