Biocom Applauds Introduction of Legislation to Suspend the Medical Device Tax for Five Years
SAN DIEGO--(BUSINESS WIRE)-- Biocom, the association representing the life science industry of California, submitted the following statement regarding H.R. 4617, legislation introduced in the House of Representatives this week to extend the suspension of the medical device excise tax until 2022. The statement can be attributed to Joe Panetta, Biocom’s president and CEO:
“Biocom applauds the introduction of new legislation to extend the suspension of the 2.3 percent excise tax on medical devices, which first took effect on January 1, 2013. Recognizing the significant budget constraints it placed on medical device companies, Congress enacted a two-year suspension of the tax, which led to increased investments in research and development (R&D), capital expansion, and hiring.
“With the current suspension ending at the end of this year, Biocom and the California companies we represent welcome legislation to prevent the reinstatement of the tax. While we commend the leadership of House Ways & Means Committee Chairman Kevin Brady and Representatives Erik Paulsen and Jackie Walorski for their proposal, we believe that passage of this measure would only constitute a first step in the right direction and continue to support a full repeal of the tax.
“California’s medical device industry has given patients access to cutting-edge, life-saving technologies, which have helped increase life expectancy while reducing the burden of chronic diseases. To ensure that innovators have the resources that they need to develop the breakthrough products and technologies of tomorrow, Congress must act now to do away with a tax that harms innovation, jobs, economic growth and delays patient access to medical technology.”
Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,000 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to its San Diego headquarters, Biocom operates a core office serving the Los Angeles market, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in the San Francisco Bay area and Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.
Lauren Fish, 619-344-2765