President Barack Obama recently signed a bill suspending the Medical Device Tax for two years. It took a great combined effort of many large and small medical device companies to make this happen, many from Indiana. This outcome greatly benefits all medical device companies. Hopefully, now the monies that companies would have earmarked toward taxes could now instead be put into new product development. This investment in R&D could also drive more jobs and ultimately more innovative solutions to improve patient health.
After learning of the suspension, Fred Hite, CFO of OrthoPediatrics of Warsaw, Indiana stated “Luckily now we’ll be able to go back and review that and remove the expense and cash that we had put in to the budget for the medical device tax and instead replace that with incremental programs developing new projects.”
Great news for medical device development. To read Varun Saxena’s full article about this topic in Fierce Medical Devices, click here. The Pearl Pathways team is ready to partner with your team on your new projects to improve patient health, contact us.