With the closure of these companies comes a loss in jobs. In fact, certain companies and trade groups have stipulated that over 40,000 US jobs are at stake because of these stringent taxes.
They’re being targeted for being in the medical field, demonized even though they are the ones who create devices that save American lives. This is simply unacceptable. We’re encouraging our primary innovators to forget competition, to forget what they’re passionate about, and leave to countries that will better accommodate them.
America will be outcompeted by countries such as China, Canada and the United Kingdom who are more research focused.
Decline of Actual Research Spending:
This brings us to our next point: the decline of spending on actual research. The bread and butter research which brought about medical innovations for which America is famous – MRI scans comes to mind.
Private U.S. companies which are concerned by the excise taxes on healthcare manufacturers have reduced spending on research and development. New products cost more than they ever have before. Research is stagnating and will eventually come to a standstill if the issues isn’t adequately addressed.
