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D4PC: A two time supporter of the Obama healthcare law, former Democrat Senator Evan Bayh gives his new opinion of the unintended consequence of the ACA's tax on the medical device indusry.
The Supreme Court decision in June upholding the Affordable Care Act leaves in place a tax on medical devices that threatens thousands of American jobs and our global competitiveness. It will also stifle critical medical innovation in the industry that gave us defibrillators, pacemakers, artificial joints, stents, chemotherapy delivery systems and almost every device we depend on to save lives.
The 2.3% tax will be charged to manufacturers on each sale and takes effect in January. Many U.S. device companies, in response, have already announced layoffs, canceled plans for domestic expansion and slashed research-and-development budgets.
Given the fragile state of the U.S. economy, Congress must move quickly to redress the harm from this tax before it becomes irreversible.
So, where are we now, almost two years after the law’s passage? A new report from the Department of Health and Human Services gives us the stats for the PPACA Pre-Existing Condition Insurance Plan, or PCIP. After Obamacare became law, in November 2010, government officials estimated that they would spend $13,026 per high-risk pool enrollee. Nine months later, in August 2011, they revised their estimate to $28,994 per enrollee: a 123 percent increase.
Welcome to D4PC "Morning Rounds", your daily review of healthcare news and information from Washington, DC and around the nation. These briefings will keep you up to date on recent developments and our effort to replace the PPACA with patient-centered reforms that protect the doctor-patient relationship and preserve individual freedom of choice.
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