4horsemenrule
06-07-2012, 03:28 AM
My God November cannot come quick enough so Obamacare can be repealed!!!!
The United States is the global leader in medical technology and medical device development, shipping over $136 billion in goods, paying $24.6 billion in salaries to 423,000 American workers and is responsible for more than 2 million American jobs. This American success story is one of the bright lights in an economy still on the rebound.
This industry is also responsible for a 5.5% increase in our life expectancy, a 16% decrease in mortality rates, and a 25% reduction in disability among seniors.
The reason for this is simple: innovation.
Regardless of where you live or which lever you pull in the voting booth, we can all agree that American innovation is the key to our economic leadership, but when it comes to med tech, we’re seeing less and less. The United States med tech sector is losing its competitive edge.
In 2007, 116 early stage device companies raised approximately $720 million in initial venture capital. But that number is declining – and so is the total dollar amount of venture capital invested in medical technology companies. Last year, only 55 new companies raised just under $200 million. What makes this data more troubling is that initial start-up company financings are a leading indicator for innovation and job creation in the medical device sector.
In less than seven months, on January 1, 2013, a new tax on medical device companies (part of the Patient Protection and Affordable Care Act) is set to steamroll American leadership in medical innovation. The 2.3% excise tax will be levied on all types of medical devices, from heart stents and pacemakers to MRIs and ultrasounds. Because the new tax is on revenue, not profit, a small company that is not yet in the black would bear the biggest brunt. This tax will hit medical device companies especially hard in states that are leading the way in medical innovation; states like Pennsylvania, Minnesota, California, New York, and Massachusetts.
After touring many device companies, both large and small, we know that this impending tax may force companies to cut jobs, reduce investment in R&D, move overseas, or even shut down completely. This is the worst possible outcome not only for American jobs and American innovation, but also for the patients who might not have access to a new medical device or a new technology that could save their lives.
http://thehill.com/blogs/congress-blog/healthcare/231199-new-tax-will-hurt-medical-device-innovation
The United States is the global leader in medical technology and medical device development, shipping over $136 billion in goods, paying $24.6 billion in salaries to 423,000 American workers and is responsible for more than 2 million American jobs. This American success story is one of the bright lights in an economy still on the rebound.
This industry is also responsible for a 5.5% increase in our life expectancy, a 16% decrease in mortality rates, and a 25% reduction in disability among seniors.
The reason for this is simple: innovation.
Regardless of where you live or which lever you pull in the voting booth, we can all agree that American innovation is the key to our economic leadership, but when it comes to med tech, we’re seeing less and less. The United States med tech sector is losing its competitive edge.
In 2007, 116 early stage device companies raised approximately $720 million in initial venture capital. But that number is declining – and so is the total dollar amount of venture capital invested in medical technology companies. Last year, only 55 new companies raised just under $200 million. What makes this data more troubling is that initial start-up company financings are a leading indicator for innovation and job creation in the medical device sector.
In less than seven months, on January 1, 2013, a new tax on medical device companies (part of the Patient Protection and Affordable Care Act) is set to steamroll American leadership in medical innovation. The 2.3% excise tax will be levied on all types of medical devices, from heart stents and pacemakers to MRIs and ultrasounds. Because the new tax is on revenue, not profit, a small company that is not yet in the black would bear the biggest brunt. This tax will hit medical device companies especially hard in states that are leading the way in medical innovation; states like Pennsylvania, Minnesota, California, New York, and Massachusetts.
After touring many device companies, both large and small, we know that this impending tax may force companies to cut jobs, reduce investment in R&D, move overseas, or even shut down completely. This is the worst possible outcome not only for American jobs and American innovation, but also for the patients who might not have access to a new medical device or a new technology that could save their lives.
http://thehill.com/blogs/congress-blog/healthcare/231199-new-tax-will-hurt-medical-device-innovation