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Industry coughs up $97M in first medical device tax payment

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AdvaMed CEO Stephen Ubl

Medical device coffers are $97 million lighter this week, as the industry just paid its first semi-monthly tax bill, trade groups said. The 2.3% medical device tax took effect Jan. 1, and AdvaMed, MITA and MDMA estimate it'll cost about $194 million each month on its way to raising $29 billion over a decade. All three organizations have been fighting the tax since its inception, going from asking for breaks to urging delay and to, now, demanding repeal. "Every dollar spent on this tax is a dollar taken away from medical innovation and job creation," AdvaMed CEO Stephen Ubl said in a statement. "This tax is already resulting in layoffs, reduced investments in R&D and delays in significant capital improvements." More