BIOCOM Applauds House Passage Of Legislation Repealing The Medical Device Tax
SAN DIEGO, June 18, 2015 /PRNewswire/ -- Biocom, the association representing the Southern California life science community, issued the following statement following passage of H.R. 160, the Protect Medical Innovation Act:
"Biocom commends the U.S. House of Representatives on passing H.R. 160, legislation to repeal the 2.3 percent medical device excise tax and thanks San Diego Representatives Darrell Issa (R-49), Duncan Hunter (R-50), Juan Vargas (D-51), Scott Peters (D-52), and Susan Davis (D-53) for supporting the measure," said Joe Panetta, President and CEO of Biocom.
"The medical technology industry of Southern California supports 35,000 jobs and generates over $21 billion in economic activity annually. Over the past decades, our community has invested billions in research and development and brought cutting edge, life-saving technologies to patients in need, at home and abroad. The medical device tax is effectively a tax on innovation, which stifles investments in R&D and job creation, and ultimately jeopardizes patient access to breakthrough devices and therapies."
Biocom is one of the largest regional life science associations in the world, representing more than 660 member companies in Southern California. The association focuses on initiatives that position the region's life science industry competitively on the world stage, and on the development and delivery of innovative products that improve health and quality of life. For more information on Biocom or the Southern California biotechnology and medical device community, please visit the organization's Web site at http://www.biocom.org or call (858) 455-0300.
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