By Julian Pecquet - 03/26/12 06:15 PM EDT
"For advanced medical technology companies to create the jobs needed to help power America's economic future, we need to operate in a business environment that will lead to tomorrow's treatments and cures after investment in research and development," AdvaMed President and CEO Stephen Ubl said in a statement announcing the report. "The new tax on medical innovation takes our industry and our economy in exactly the wrong direction. It is time to repeal this anti-competitive, counterproductive, job-killing tax."
AdvaMed hopes to repeal the law as part of negotiations over the renewal of the Food and Drug Administration's medical device user fees, which expire Sept. 1. Repeal bill sponsor Rep. Erik Paulsen (R-Minn.) has said the House is expected to take up his legislation, which has 229 co-sponsors, in the spring.