The Advanced Medical Technology Association has announced the results of a member survey on the impact of the medical device tax, according to a news release.
According to the survey's results, the medical technology industry will have to spend between $400 million and $667 million to implement the medical device tax. Sixty-two percent of companies surveyed indicated they are planning layoffs or reduced hiring to help offset the tax
"This is more proof that the medical device tax will do real damage and it ought to be repealed," said Stephen J. Ubl, president and CEO of AdvaMed, in the release. "Congress needs to take action before this tax takes effect January 1 so medical technology companies can go back to doing what they do best: hiring great workers and making life-saving, life-changing innovations, instead of diverting resources to helping the government collect a job-killing tax."
The results of the survey can be found by clicking here (pdf).
Related Articles on Medical Devices:
BD Completes Safety Syringes Acquisition
Covidien to Acquire CV Ingenuity
NuVasive Announces First Patient in US Treated With PCM Cervical Disc