Weekly Policy Update: End the Device Tax
By: Colorado BioScience Association Date: 08/09/2019
The Colorado BioScience Association strongly opposes the medical device tax, a 2.3% excise tax on the sale of certain medical technology that was enacted as part of the Affordable Care Act. Since its implementation, the tax has had a significant drag on medical innovation and has resulted in the loss of jobs, reduced R&D, and slowed capital expansion.
Large bipartisan majorities in Congress agree that the medical device tax is bad policy. In fact, since its implementation, Congress has suspended the tax twice for a total of four years. These suspensions were helpful in the short term, but companies make multi-year investments in R&D and infrastructure and to do so they need long-term certainty to sustain innovation and take the next leap forward in patient care.
Time is running out for Congress to repeal the medical device tax. The current suspension of the tax expires on December 31, 2019. If Congress does not act before the end of the year, the tax will go back into effect, hampering future breakthroughs that could improve and save lives.
Email your Members of Congress today and urge them to permanently repeal the device tax.
Your voice is critical to ensuring Colorado innovators have the resources and certainty they need to continue developing the next generation of treatments and cures