U.S. lawmakers are working to halt the medical device excise tax by first instigating a two-year suspension of the tariff - efforts lauded by officials of Cook Medical in Cook County, Illinois.
“Cook Medical would like to thank the Illinois congressional delegation for their leadership in achieving this relief," Cook Group Chairman Steve Ferguson said. "We are grateful to Sens. Dick Durbin and Mark Kirk for their leadership in the Senate in achieving this relief, and Reps. Cheri Bustos and Tammy Duckworth for their strong support in eliminating this burdensome tax on medical device companies."
The tax went into effect in 2013. As a result, expansion of companies that produce medical devices has been slow. Additionally, research and development stalled, and no new jobs were created in the sector, which employs more than 2 million people nationwide.
“Given a two-year suspension, we hope to resume expansion in the United States," Ferguson said. "As we make our plans to develop here at home, we look forward to working with our congressional leaders to repeal the medical device tax altogether. This is crucial to the U.S. medical device manufacturing industry; and more importantly, provides jobs and helps patients by ensuring delivery of advanced medical technologies to those who need it the most.”