Washington, D.C.- based AdvaMed Chairman Nadim Yared believes the medical device tax will continue to stunt small medical device companies working to release innovative products, according to The Star Tribune.
Here are five things to know:
1. Mr. Yared believes the device tax restricts big device companies from investing in and promoting smaller companies' devices.
2. Small device companies' window for success and growth narrows as expenses rise.
3. Medtech companies typically spend $74 million to progress from inception to fruition. The same process cost roughly $32 million 10 years ago.
4. With a clear desire to repeal the device tax, Mr. Yared said he had "a high level of confidence that it will happen this year."
5. Mr. Yared is chief executive of CVRx, a small medical device company based in Maple Grove, Minn., and was recently named AdvaMed chairman.
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