BLOOMINGTON, Ind.--()--With the U.S. Supreme Court ruling upholding the constitutionality of the Affordable Care Act (ACA), Cook Medical now calls for the U.S. Senate to repeal the 2.3 percent medical device excise tax included in that legislation.
“The U.S. House of Representatives has passed, in a bi-partisan vote, legislation to repeal this job-killing tax that puts the health of the American public at risk as companies like Cook have to pay this tax instead of investing in new medical technologies that can save lives,” said Steve Ferguson, chairman of Cook Group. “Now that we know the ACA will not be overturned, the Senate needs to follow the House’s lead and act in the best interests of American patients and American companies who produce these vital medical technologies. Repealing the tax, which is on top line revenues of all companies that sell medical devices in the U.S., is a critical imperative that saves jobs and drives continued medical treatment innovation here at home.”
The threat of the imminent tax has already led companies to move existing manufacturing jobs offshore and plan for future growth outside the U.S., Ferguson added.
“This misguided tax will have a drastic ripple effect on patients, who will be deprived of breakthroughs, research and development, suppliers and local businesses in thousands of communities. We strongly encourage the Senate to repeal the excise tax,” Ferguson said.
ABOUT COOK MEDICAL
A global pioneer in medical breakthroughs, Cook Medical is committed to creating effective solutions that benefit millions of patients worldwide. Today, we combine medical devices, drugs, biologic grafts and cell therapies across more than 16,000 products serving more than 40 medical specialties. Founded in 1963 by a visionary who put patient needs and ethical business practices first, Cook is a family-owned company that has created more than 10,000 jobs worldwide. For more information, visit www.cookmedical.com. Follow Cook Medical on Twitter and LinkedIn.