Lance: Tax on Medical Devices Will Stifle Innovation and Hurt N.J. Jobs

Press Release

By:  Leonard Lance
Date: June 7, 2012
Location: Washington, DC

Congressman Leonard Lance (NJ-07) today urged his colleagues to support passage of H.R. 436, the "Health Care Cost Reduction Act." The bipartisan bill would repeal the 2.3 percent ObamaCare tax on medical devices that is set to take effect at the year's end.

During a Capitol Hill news conference the Seventh District lawmaker noted that New Jersey is a leader in the medical-device industry and home to Garden State-based companies BD, Bard, Baxter, Johnson & Johnson, 3M Health Care, ConvaTec, Roche, Stryker, Varian Medical Systems, Kinetic Concepts, Thoratec and Zimmer Holdings that help improve the lives of millions of people worldwide every day.

"New Jersey is a global leader in medical technology and medical device development, employing more than 62,000 jobs in the Garden State," Lance said. "Having personally visited many device companies, both large and small, I know that the impending tax will stifle innovation, hurt job creation and economic growth and ultimately endanger lives."

As a member of the House Energy and Commerce Health Subcommittee Committee, Leonard Lance is one of the leading voices in calling for the repeal of the medical device tax. Besides being a lead sponsor of H.R. 436, Lance has also called for the reform of the 510(k) approval process and bringing greater transparency to the regulatory system to help the medical technology industry continue to innovate and grow jobs.

"During this time of high unemployment and a continuing difficult economy, Congress must do everything in its power to assist job-creators like the medical device industry, not stifle them with higher taxes. Repealing the medical device tax will ensure that the Garden State continues to be a world-wide leader in the medical device industry," Lance concluded.

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