Rep. Erik Paulsen (R-Minn.) was joined by a bipartisan group of eight members in discussing the impact of the medical device tax on local economics and the ability of the U.S. to develop and bring to market new life-saving and life-improving technologies.
To date, the tax has collected more than $1.7 billion at a cost of more than 10,000 jobs, according to Paulsen.
“That essentially means less research and development, it means less innovation, and in the end that means less opportunity for American patients to access breakthrough technologies, and many of us, and I will argue, would also say that that means it is also going to result in healthcare and in lowering healthcare costs because technology holds the great ability to lower healthcare costs,” Paulsen said.
Paulsen said that the single worst thing that could be done is crush the inventive spirit in America, adding that that is what the new medical device tax is doing.
Paulsen, who serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is the co-chair of the Congressional Medical Technology Caucus, is known as a champion of small business and advocate of free enterprise, entrepreneurship and innovation.