The Advanced Medical Technology Association has announced its release of a new study that the association says shows the negative implications of a significant change to the U.S. advanced medical technology industry's operating environment, according to a news release.
The study analyzed a hypothetical event that resulted in a $3 billion decline in the industry. A 2.3 percent medical device tax signed into law as a part of the Affordable Care Act and scheduled for implementation in 2013 is projected to cost the industry approximately $3 billion annually over the next seven years, according to the release.
AdvaMed says the study results show that such an event would result in the loss of nearly 39,000 jobs and more than $8 billion in economic output.
"It's a critical time for our economy, and medical technology companies can be an engine of economic recovery and growth," said Stephen J. Ubl, president and CEO of AdvaMed, in the release. "But for advanced medical technology companies to create the jobs needed to help power America's economic future, we need to operate in a business environment that will lead to tomorrow's treatments and cures after investment in research and development. The new tax on medical innovation takes our industry and our economy in exactly the wrong direction. It is time to repeal this anti-competitive, counterproductive, job-killing tax."