U.S. Rep. Seth Moulton is joining the push to repeal the Obamacare tax on medical devices today, claiming it's a hit to small startups trying to develop the next big thing.
"So much of our innovation and new medical devices come from startups and small companies, the last thing we want to do is hurt them most," Moulton (D- Marblehead) told the Herald. "It's important and it's the kind of innovative industry that will only grow in the future, it's the kind of innovative industry that we want to support and encourage."
The tax, implemented as part of Obamacare, levies a 2.3-percent excise tax on medical device revenue, regardless of whether the company is profitable or not. There are more than 400 medical device companies in Massachusetts with nearly 23,000 workers, Moulton's office said — many of them in his North Shore district. The state trails only California in medical device venture capital per capita, and medical devices account for 14 percent of all exports from the state.
"Our district is populated with medical device manufacturers that all share a common goal of delivering better health care solutions for patients, yet the medical device tax is stifling, especially for small companies," said Michael R. Minogue, CEO of Abiomed.
The medical device industry is already highly regulated, with many devices requiring FDA approval. But especially for small companies, the cost of compliance can be more than the tax itself.
"This is really having a disproportionate impact on small- to medium-sized companies, and that's because there are many regulatory requirements that come with enforcing the tax," Moulton said. "A small company or a startup face hiring a lot of lawyers and accountants just to manage the implementation of that."
The medical device tax has come under fire from Republicans and Democrats, including Sens. Edward J. Markey and Elizabeth Warren. Markey introduced a bill last month that would repeal the tax. Moulton is co-sponsoring the House bill. The bipartisan bill will hit the House floor soon, and is expected to pass. Still, with so much attention on the budget deficit, any bill that does not replace the revenue likely won't make it far.
Even if the tax is repealed, the medical device industry will have to try and rebound.
"There have been serious ramifications because of this tax, we've seen companies that have not fully expanded their facilities, they've cut R&D," said Tom Sommer, president of MassMEDIC, a medical device trade group.
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