A recent study by Manhattan Institute senior fellow Dana Furchtgott-Roth and Hudson Institute senior fellow Harold Furchtgott-Roth, illustrates one of the devastating impacts that Obamacare will have on our economy. This study affirms that the medical device tax included in the new health care law could cost tens of thousands of American jobs and would be a huge blow to American competitiveness in medicine.
Key findings in the study include:
• This tax could result in the loss of 43,000 jobs in the medical device industry;
• The economic effects of the tax likely would be seen in every state, especially harming states, like North Carolina, that employ large numbers in the medical device industry;
• Innovation could be stifled
• Cost of medical devices would go up
The medical device tax not only stifles innovation and competitiveness, but will cost us jobs and further hurt small businesses that are already struggling in these difficult economic times. The repeal of this burdensome tax will help our nation maintain its position as the global leader in medical innovation, and spur research and development of new, life-saving medical devices. Most importantly, repealing this innovation-killing tax will help America’s patients.
I am a proud cosponsor of S.17, the Medical Device Access and Innovation Protection Act, which would repeal the medical device tax and preserve jobs and American competitiveness in the field of medicine.