Incoming AdvaMed chairman Nadim Yared will continue AdvaMed’s drive to ensure a permanent repeal of the medical device excise tax, calling it his “highest priority” heading into his term as chairman. Yared, who is president and CEO of CVRx, spoke at a press conference in April.
“Regarding the repeal of the medical device excise tax, this remains a top priority,” he said. “Whether it be through health reform legislation or tax reform on its own, we urge Congress to move quickly.”
He noted that full device tax repeal still holds overwhelming bipartisan support within the administration. “It is important to note that standalone legislation enjoys a significant majority of house members and a strong bipartisan group in the Senate,” said Yared. “The bottom line is that we cannot allow this tax to be reimposed on our industry.”
And Yared was adamant that it was finally time for the tax to go away, as he reinforced the impact that the tax has had on the device industry — including the loss of work force and the effect on reinvestment in research and development, capital improvements, and new hiring. “Repealing the medical device tax will benefit both patients and the economy,” Yared said. “We look forward to working with Congress and the administration to end this tax once and for all.”
“How” that happens does not matter. It could be healthcare reform legislation that includes a repeal of the tax or legislation focused solely on repealing the tax. “We want to ensure that we have a medical device tax repeal no matter what form,” he said. “We are not in a position to propose where it ties in. We’re open for business here. We want it done as soon as possible.”
Beyond the device tax, Yared said that as chairman, he will focus on promoting pro-innovation policies at FDA, CMS, and Congress.
This includes urging Congress to move quickly on MDUFA IV reauthorization so that progress at FDA can continue uninterrupted. Similarly, AdvaMed will monitor and engage with FDA as the agency begins the implementation phase of the 21st Century Cures Act.
And in the longer term, his focus will be on fostering an innovation ecosystem. He envisions AdvaMed as an umbrella organization to industry stakeholders such as venture capital investors, contact manufacturers, and clinical research organizations.
“I want to position AdvaMed as a convener for the entire medtech community — a place where every segment of the industry feels it has a home and a voice,” he said. “We have the opportunity to foster greater understanding of how each piece of the innovation ecosystem works and how it could work better.”
