Abiomed CEO Minogue talks med-tech tax and the risk for small device makers
Abiomed chairman, president & CEO Michael Minogue's biggest concern about the med-tech tax is the impact it will have on small companies struggling to break even.
MASSDEVICE ON CALL — Abiomed  (NSDQ:ABMD ) chairman, president & CEO Michael Minogue is no fan of the impending medical device tax, which would have wiped out his entire 2012 profits had the tax been implemented this year.
"I don't think taxing the innovators and taxing the group of companies that provide innovation for healthcare is a smart idea," Minogue told NPR. "But the biggest concern I have, and what's unprecedented, is to tax companies that are not yet profitable, and in our industry where 70 percent of the companies are not yet profitable, this is going to have detrimental effects in their job growth, in their survival."