Did you know the United States accounts for 40 percent of the global Medtech market and has a positive medical device trade balance of $5.48 billion more in exports than imports? Moreover, we’re a world leader in the development of advanced medical technology innovation that is driving economic opportunity and job creation. Indiana MedDevice is a big part of that growth.
The Hoosier state accounts for 54,800 Medtech jobs, with average wages starting at $58,000. Not too shabby.
AdvaMed Fly In
Earlier this month, I was honored to participate alongside IMDMC, Medtronic, Zimmer Biomet, Cook Medical, Johnson & Johnson, Boston Scientific and Roche in AdvaMed’s Fly In, which included informative legislative briefings and several congressional visits.
As my first true adventure on Capitol Hill, it was a whirlwind! It happened to be one of the most active weeks in D.C. A bit like drinking out of a firehose, but I’m glad I was able to participate and be a voice for Indiana MedDevice and the Indiana Medical Device Manufacturers Council (IMDMC). We chatted MedTech jobs, fair trade, regulatory, compliance, innovation and tax reform. Yes, the 2.3% Medical Device Tax was discussed frequently, as was the Medical Device User Fee Agreement (MDUFA), which is a bit of a mouthful of an acronym to get out, and yes I butchered it a few times.
For those unfamiliar with MDUFA, it allows the FDA the authority to collect user fees from the medical device industry to support review activities. Under the recent MDUFA reauthorization agreement, the industry will invest additional resources and the FDA will return for meaningful performance goals to improve the efficiency, predictability and transparency of the agency’s review process. These process improvements translate into more timely patient access to life-changing medical technologies.
Bringing Awareness to Indiana MedDevice and Medtech Issues
I enjoyed being able to listen, learn and advocate for Indiana MedDevice. Additionally, I gained a true appreciation for our legislators and their staff. They have tremendously busy schedules and work long hours. They’re constantly pulled in multiple directions, all while trying to go about the work of the government and accomplish objectives for their constituents. I’m extremely grateful for the time each took to sit and discuss important Medtech and MedDevice issues with us.
My additional takeaways from my Capitol Hill adventure include:
- A great appreciation for the IMDMC’s Executive Director Kathy Heuer.
- An awareness of exactly how much our government affairs partners, companies and agencies do
to bring to light issues while not stepping on toes. It’s a talent indeed.
- We’re not alone. So many organizations are walking side by side with us – AdvaMed, Biocom,
AZBio, BioOhio, Colorado BioScience Association, Georgia Bio, Healthcare Institute of New
Jersey, iBio, Kentucky Life Sciences Council, Life Sciences Pennsylvania, Medical Alley
Association, MedTech, MichBio and many more.
- Our legislators, across both sides of the aisle, enjoy a good discussion.
- The need for tax reform and regulatory efficiencies is great.