SAN DIEGO--(BUSINESS WIRE)--Biocom, the association representing the life science industry of California, issued the following statement regarding the passage of H.R. 184, the Protect Medical Innovation Act, in the U.S. House of Representatives by a 283-132 vote. The statement can be attributed to Joe Panetta, Biocom’s president and CEO:
“Today, the House passed legislation to fully and permanently repeal the 2.3 percent medical device excise tax. This bipartisan legislation puts an end to short-term suspensions of the tax which have made it very difficult for medical technology (medtech) innovators to make long-term plans for their development.
While in place, the tax increased the effective tax rate for the medtech industry, stifling innovation, jobs, economic growth, and delaying patient access to medical technology. It was especially burdensome for small companies in California that are not yet profitable. A full repeal will free resources that can instead be invested in research and development (R&D), capital expansion and hiring.
From insulin pumps and heart valves to pacemakers and artificial limbs, our industry has helped increase life expectancy while reducing the burden of chronic diseases. This bill will ensure that medical device manufacturers have the resources to develop the breakthrough products of tomorrow, keep more and more patients alive and address some of today’s most pressing health care challenges, such as the opioid epidemic.
Biocom commends California legislators who strongly supported the legislation. California is home to more than 2,000 medtech establishments which support 78,000 jobs throughout the state and generate $63 billion in economic activity annually. We now turn to the Senate and urge them to pass the bill.”
Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,100 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.