Medical giant Stryker cuts 1,170 jobs, citing ObamaCare

[taft2012]

More hope and change:

http://www.foxnews.com/politics/2012/11/16/medical-supply-giant-stryker-corp-makes-pre-emptive-strike-against-pending/#ixzz2Ca3Y4bly



Medical supply giant Stryker is the latest company to announce job cuts in anticipation of coming costs associated with ObamaCare, even though the man who inherited a fortune from the company's founder is a fan.

The company will cut 1,170 jobs, or five percent of its worldwide workforce, despite the fact that the founder's grandson was one of the largest contributors to President Obama’s re-election campaign. Medical tech scion Jon Stryker, whose net worth is currently estimated at $1.2 billion, contributed $2 million to the Priorities USA Action super PAC and has given $66,000 in contributions to Obama and the Democratic Party. Stryker does not run the company.

A "medical device excise tax" included in the mandate imposes a 2.3 percent levy on medical device manufacturers and suppliers, which critics say will raise prices on everything from pacemakers to prosthetics to stents. Companies will be required to pay the tax regardless if they have a profit or loss for the year. The tax is estimated to cost the medical device industry $20 billion.

House Republicans tried to have the tax repealed, drafting a bill called the Protect Medical Innovation Act, but the Democrat-controlled Senate has blocked the measure.

[Nukeman]

More hope and change:

http://www.foxnews.com/politics/2012/11/16/medical-supply-giant-stryker-corp-makes-pre-emptive-strike-against-pending/#ixzz2Ca3Y4bly








A "medical device excise tax" included in the mandate imposes a 2.3 percent levy on medical device manufacturers and suppliers, which critics say will raise prices on everything from pacemakers to prosthetic's to stents. Companies will be required to pay the tax regardless if they have a profit or loss for the year. The tax is estimated to cost the medical device industry $20 billion.
This part right here is BS.. NO business EVER pays tax.. They will just increase the price of the device to be implanted.. We have been keeping a VERY close eye on this due to the fact that I work in the "orthopedic capital" of the world. The town I work in has the headquarters and R/D divisions of Zimmer, Biomet, Dupuy, Medtronics, ONE, and a host of others. This new "tax" will send so many jobs over seas its not even funny. I know that Zimmer and Depuy both have built huge manufacturing facilities in Ireland due to low corporate tax rate and highly skilled labor..

All this piece of shit legislature is going to do is exacerbate under employment and employment in general.. I find it hard to believe that these idiots in Washington DON'T see what they are doing, it borders on malicious intent!!!!!!

[Abbey Marie]

With two close relatives who work in support of, but not directly for, biotechs, I worry about the collateral damage from all this med device downsizing. The ripple effect is always bigger than most people think.