Governor Mike Pence joined leaders from Indiana’s medical technology companies today to address how companies within the sector can drive the state’s economic competitiveness and future growth. The roundtable took place at the Greatbatch manufacturing facility in Indianapolis.
Nearly 20,000 employees work for medical technology companies in Indiana, and overall the industry supports a total of more than 54,000 jobs, contributing $13.8 billion to the state’s economy.
Still, as participants in the roundtable noted today, this positive impact must be sustained by policies that support continued investment in the development of new technologies and the creation of new jobs.
“As Governor Pence has demonstrated today, it is important that our state and federal legislators recognize the significant economic contributions made by the companies here in Indiana,” said Mauricio Arellano, executive vice president of global operations at Greatbatch. “Indiana has a lot of room for advancement, and Greatbatch appreciates the efforts of the Indiana Medical Device Manufacturers Council and our legislators to improve upon the business environment that will support and grow the medical technology industry.”
Medical technology also is a major contributor to medical progress, improving health, lowering long-term healthcare costs, reducing recovery times, and improving productivity. Between 1980 and 2000, medical progress added more than three years to life expectancy. The death rate from heart disease was cut in half, the death rate from stroke was cut by one-third, and the death rate from breast cancer was reduced by 20 percent.
“We are pleased Governor Pence helped lead our discussion on the importance of supporting medical technology companies at both the state and federal levels,” said JC Scott, senior executive vice president of the Advanced Medical Technology Association (AdvaMed). “We appreciated the opportunity to highlight important policy initiatives that are pivotal for the advancement of the MedTech industry in Indiana and throughout the U.S.”
“In addition, Governor Pence has been a leader in the effort to repeal the job-killing $30 billion tax on medical devices,” Scott continued. “Repealing this tax will help promote economic growth and job creation in our industry in Indiana and across the country.”
To that end, AdvaMed is promoting its Competitiveness Agenda as a roadmap to create an environment that is conducive to medical technology sector growth. The competitiveness agenda includes recommendations for tax policies, business development programs and patient access platforms.
“The U.S. medical technology sector is fueling local economies, including the economy here in Indianapolis, and is providing medical technology advancements that save millions of lives, improve quality of life, help reduce long-term expenditures, and support many thousands of jobs in Indiana and across the U.S.,” said Mauricio Arellano, executive vice president of global operations at Greatbatch. “By supporting a competitiveness agenda that will advance pro-growth policies, the United States will allow the medical technology industry to flourish, a necessity for the continued growth of the economy and for the future of healthcare.
Other participants in the panel included Jack Philips, president and CEO, Roche Diagnostics; Peggy Welch, executive director, Indiana Medical Device Manufacturers Council; Fred Hite, chief financial officer, Symmetry Medical; Dennis Johnson, vice president, Operations, Boston Scientific; Bill Kolter, corporate vice president, Biomet; Brian Lawrence, senior vice president and Chief Technology Officer, Hill-Rom; Monte Moor, Worldwide tax director, DePuy Synthes; Tom Ryder, president and CEO, Genesis Plastics Welding; and Kristin Jones, president and CEO, Indiana Health Industry Forum.
Learn more about AdvaMed’s Competitiveness Agenda here.