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Device makers need many months, millions of dollars to figure out medtech tax compliance

Tue, 12/18/2012 - 3:17pm
Mass Device

The burden posed by the coming medical device tax is more than a 2.3% cut of revenues – it means millions in administrative costs and months of preparation to decipher new tax codes and develop systems for compliance.

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Medical device industry lobbying groups warned that the tax slated to take effect on January 1 will cost the industry more than the $30 billion it's slated to raise over 10 years - it could cost upwards of $660 million annually in implementation costs alone.

Based on a small survey of 81 respondents representing a broad range of medtech companies, the sales tax will require months of preparation and millions in yearly administrative costs, adding to the 2.3% top-line cut the measure is designed to yield in support of healthcare reform.

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