SALT LAKE CITY–(BUSINESS WIRE)–Kelvyn Cullimore, President and CEO of BioUtah, issued the following
statement after the introduction of the Protect Medical Innovation
Act, bipartisan legislation introduced by Senators Pat Toomey (R-PA)
and Amy Klobuchar (D-MN), to permanently repeal the medical device tax.
“BioUtah and its Utah-based members of the life sciences industry
applaud the bipartisan introduction of the Protect Medical Innovation
Act to fully repeal the 2.3% excise tax on medical device sales
first enacted as part of the Affordable Care Act,” said Kelvyn
Cullimore, President and CEO of BioUtah. “We’re very pleased that
Senator Mitt Romney has cosponsored the legislation and is adding his
voice to supporting much-needed repeal.
“With the current moratorium expiring at the end of this year, now is
the time for Congress to end this misguided tax once and for all.
Medical device companies need the certainty of permanent repeal to make
long-term investments in research and development that will propel the
next generation of life-changing medical technology.
“The medical device sector, when combined with other life science
sectors such as pharmaceuticals, diagnostic and biotech, account for a
significant segment of Utah’s diverse and growing life sciences
industry, which, overall, supports 130,000 jobs and creates $13 billion
in state GDP. The device tax is ultimately a punitive tax on innovation
and growth, which has real consequences for patients and jobs.”
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,
diagnostics and healthcare IT, amongst others; and are a key driver of
Utah’s economy. Together we create an ecosystem that fosters
collaboration, promotes innovation, and accelerates healthcare advances.
BioUtah is committed to growing Utah into a global leader in the life