The recently approved healthcare reform legislation will extend coverage to 32 million uninsured Americans, change practices for coverage limitations or denials for people with existing medical conditions, and enable the self-employed to purchase insurance through state-based exchanges. As one would expect, money to cover healthcare reform needs to come from somewhere. In addition to going after medical insurance fraud, several taxes are included in the legislation (many in the life sciences industry) to help pay the bills, including:

– Drug manufacturers would pay $16 billion between 2011 and 2019.

– Health insurers would pay $47 billion over the same period.

– Medical device manufacturers would pay a 2.9 percent excise tax on the sale of any of their wares, beginning Jan. 1, 2013. Earlier drafts of the bill called for the additional fees for medical device makers to go into affect this year, but the final bill delayed that until 2013.

If you’re interested in how healthcare reform impacts the Life Sciences industry (e.g. tax credits, excise taxes, and regulations), visit the round up at BIOCOM. Also, join Global Language Solutions at DeviceFest 2010 on April 14 in Newport Beach, CA. BIOCOM, in conjunction with AdvaMed, is hosting this day-long conference exploring the implications of healthcare reform and its impact on the medical device industry. This event will outline the latest important developments on healthcare reform, telehealth, reimbursement, regulatory, intellectual property, and financing strategies.

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Tags: conferences, DeviceFest, Global Language Solutions, healthcare, insurance, life sciences, Medical Devices

This entry was posted on Friday, April 9th, 2010 at 9:17 pm and is filed under Business Development, Government, Legal, Life Sciences, Medical Devices. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.