SALT LAKE CITY--(BUSINESS WIRE)--BioUtah issued the following statement from President and CEO, Kelly Slone, regarding passage of the Protect Medical Innovation Act of 2017 (H.R. 184) in the U.S. House of Representatives:
“BioUtah applauds the bipartisan, overwhelming passage yesterday of the Protect Medical Innovation Act of 2017, to permanently repeal the 2.3% excise tax on medical device sales. Continued uncertainty over the tax could hamper investment in the next generation of life-changing medical technology. We’re pleased the House has taken this step. We’re grateful to the entire Utah congressional delegation who voted for the legislation and have consistently pushed for action to end this misguided tax.
“Utah’s med tech industry is a significant part of the state’s diverse and growing life sciences industry. As a whole, the industry generates 70,000 jobs and creates $7.1 billion in state GDP. Leading medical device companies in Utah, such as Biomerics, Merit Medical and Nelson Laboratories, had their beginnings here in the state. Others, such as BD, Edwards Lifesciences, Fresenius, Stryker and Varex Imaging, have chosen to establish a significant Utah presence. These companies, along with Utah’s promising startups, produce technologies that improve and save lives. Ending the tax will give clarity to this important industry — supporting continued innovation, economic growth, and most importantly, advancing patient care.”
BioUtah is an independent 501(c)(6) trade association serving Utah’s life sciences industry. Its member companies reflect a broad spectrum of the industry with strengths in medical device manufacturing and services, research and testing, biotechnology, pharmaceuticals, advanced diagnostics and healthcare IT amongst others; and are a key driver of Utah’s economy.