OPENING STATEMENT: May 31^st, 2012

Representative Erik Paulsen

Ways and Means Committee

Markup of Medical Device Tax Repeal Legislation

(Remarks as Prepared)

Chairman Camp, thank you for holding this markup today.  

The United States has led the global medical device industry for decades.  This leadership has brought hundreds of thousands of high-paying jobs to our country and life-saving, life-improving devices to our nation’s patients.  The U.S. medical device industry employs over 423,000 Americans in good, rewarding jobs that pay higher than average salaries.  More than 80% of medical device companies are small businesses employing 50 people or less.  

This could all change with the implementation the new medical device tax that will hit on January 1.  The tax on American innovation will push research, development and manufacturing abroad and put tens of thousands of American jobs at risk.   Small start-up companies will be hit especially hard because the tax will be levied regardless of profitability.

We must pass the Protect Medical Innovation Act and repeal this ill-conceived tax, which will increase health care costs, reduce patient access to new technologies, and cost us hundreds of thousands of American jobs.

For more information on Representative Paulsen’s Legislation to repeal the new excise tax on American medical devices visit: 

Paulsen.house.gov/InnovationTaxRepeal