AdvaMed President and CEO Stephen J. Ubl has issued the following statement on the release by the IRS of the final implementation regulations for the medical device tax:
"AdvaMed is carefully reviewing the regulations released today by the IRS," Mr. Ubl said, in the release. "But regardless, Congress should act to address this $30 billion tax before it takes effect on Jan. 1. There is strong bipartisan support for action. While Washington talks about a fiscal cliff, this tax could push us off an innovation cliff, costing as many as 43,000 jobs and hurting the ability of medical technology companies to find tomorrow's treatments and cures. It should be repealed.
"Already, medical technology companies are laying off workers or cutting back on research and development or other expansions," he continued. "The tax also is scaring away investors and it threatens U.S. leadership in medical technology, where America is a net exporter to the tune of $5.4 billion a year.
"We appreciate the time and effort IRS staff spent reviewing our comments and considering the issues we raised," he concluded.
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