|Medtronic Applauds Ongoing Efforts of MN Delegation to Repeal Medical Device Tax|
Medtronic recognized Senators Franken and Klobuchar, and Congressman Paulsen for recent efforts to introduce bipartisan-supported legislation to repeal the medical device excise tax. The tax went into effect January 1, 2013 adding a significant challenge to the medical device industry in its ability to continue to deliver innovative research and development and create jobs in an innovative sector of the Minnesota economy. We applaud continued efforts to address this challenge through a variety of options and recognize that a repeal of the tax will be an uphill battle. The building debate on international and corporate tax reform holds similar consequences for the industry’s ability to compete both here and abroad.
These members of Minnesota’s congressional delegation have demonstrated persistent and thoughtful leadership around the medical device tax from the beginning in an attempt to exclude it from healthcare reform, and when a separate vote was not possible, worked to limit its size and impact. We need policies in the U.S. that will encourage investment and job creation in this high skill industry and maintain a favorable balance of trade, providing tremendous opportunity for growth in emerging markets around the world. For companies like Medtronic, these efforts will protect our ability to continue to deliver world-class clinical research and product development that advances care and patient access to innovative therapies.