Medical device tax: After the election, high hopes for repeal
Some medical device industry stakeholders are "cautiously optimistic" that the 2.3% medical device tax can be repealed before it takes effect in January, as others remain "laser-focused" on bringing the measure down.
President Barack Obama may have won another 4 years to cement the Affordable Care Act, but device makers are still "cautiously optimistic" that they can repeal the law's 2.3% medical device tax before it hits next year, industry stakeholders said this week.
A successful White House run by former Massachusetts governor Mitt Romney could have led to the end of the healthcare reform measure entirely, but there are still opportunities to strike the provision taxing medical device sales, perhaps even before it takes effect.
The tax imposes a fee on all medical device sales, even for companies that haven't yet made any profit. The measure is structured so that device makers will have to start making the 1st tax payments just a couple of weeks into the new year, according to AdvaMed.