An interview with Steve Ferguson
Stryker, Hill-Rom, and Zimmer. What's the common denominator between all three of these large medical device companies? Come on, this is a total softball. For those of you that went to public school, the answer is LAYOFFS. All three device companies have attributed their recent layoffs to the impeding 2.3% medical device excise tax. But wait, there's more...
|Stephen Ferguson, Chairman of the Board, The Cook Group|
Both the Office of Management & Budget and the Joint Committee on Taxation estimate the device tax will raise about $20 billion from 2013 through 2020. A MassDevice.com analysis revealed that the tax is likely to bring in more than $2 billion in revenues next year from the top 50 medical device companies alone.
Want more? AdvaMed estimates the tax will kill between 39,000 and 43,000 medtech jobs. A recent KPMG survey revealed that over 60% of medical device executives believe it will increase tax compliance costs.
Okay, you get it. So let's pass the baton to Mr. Steve Ferguson, the Chairman of the Board of the Cook Group, Inc. Yes, that Cook. The parent of companies worldwide involved in the research, development, manufacture, and sale of medical devices. Before his days at Cook, Steve was a partner in the law firm of Ferguson, Ferguson & Lloyd from 1966 to 1990, and remains of-counsel with the firm Ferguson & Ferguson. He served four terms in the Indiana House of Representatives from 1967 to 1974. Ferguson received his A.B. from Wabash College in 1963 and a J.D. with distinction from Indiana University School of Law in 1966.
In this interview with Steve Ferguson, we learn all about the 2.3% medical device tax and its potential implications.
Here's What You Will Learn
Listen to the "Will the Medical Device Tax Force You to the Unemployment Line?" podcast (right click and select "Save Link As" to download the podcast).
Download the PDF action points of the "Will the Medical Device Tax Force You to the Unemployment Line?" podcast.