Making medical innovation more affordable

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Now, maybe more than ever, as Americans face months of dealing with the impacts of the pandemic, and we anxiously await effective vaccines and treatments to advance, we must be thorough in considering all cost drivers affecting the affordability of medical care. Over the past months, Congress has dedicated and the Administration has directed considerable resources to our health care providers on the frontlines of the fight against the pandemic. We also must make certain that as innovative medications and medical devices are developed, unnecessary costs do not hinder Americans from affordably accessing medical advancements.Thankfully, in December, Congress passed and the President signed into law legislation that removed an unjustified federal cost imposed on medical devices. S. 692, the Protect Medical Innovation Act, became law as part of a comprehensive federal appropriations bill. I co-sponsored the bipartisan S. 692 that permanently repealed the excise tax on the sale of medical devices by the manufacturer, producer or importer.Prior to its permanent repeal, the medical device tax was among Obamacare taxes passed along to consumers in the form of higher costs and premiums. The medical device tax was a 2.3 percent excise tax on the sale of medical products, including pacemakers, stents, defibrillators, …

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