WASHINGTON, D.C. – New data released by the Advanced Medical Technology Association (AdvaMed) found that the medical technology (medtech) industry is a critically important employer in Massachusetts and contributes millions of dollars to state revenues and payroll taxes. AdvaMed commissioned a new economic research report by Macro Policy Advisors to study the industry’s economic impact on states across the country, and the results were overwhelmingly positive for Massachusetts.
The removal of the tax on medical devices has enabled the Massachusetts medtech industry to excel. As a result of policies that value growth and innovation, medtech revenues have had countless benefits on Massachusetts state revenues and payroll taxes. These economic benefits are particularly important as Massachusetts experiences reduced tax revenues caused by lockdowns during the coronavirus pandemic. For example:
In 2020, the medtech industry contributed $1,639,800 in state payroll taxes, which generated an additional $3,088,200 in payroll taxes across the state.
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In 2020, the medtech industry created $7,651,200 in Massachusetts revenues, generating an additional $12,492,100 in indirect revenues.
Massachusetts’s medtech industry employed 20,400 workers, generating an additional 52,500 jobs.
In 2020, the medtech industry’s pay premium was higher than the average pay premium in 38 states, including Massachusetts.
“Massachusetts’s medtech industry is thriving thanks to the removal of the medical device tax and other policies that hindered innovation and growth. This new data demonstrates that the industry not only creates lifesaving medical breakthroughs but also generates economic benefits to Massachusetts and its workers,” said Scott Whitaker, President and CEO ofAdvaMed. “Repealing the tax on medical devices has allowed medtech to grow and employ more than 20,400 Massachusetts workers. As Massachusetts recovers from the coronavirus pandemic and supports policies that value innovation, the medtech industry will continue to grow and benefit Massachusetts workers.”
“This report reaffirms the impact of the medtech industry to the Massachusetts economy. Now more than ever, medtech is playing a critical role to Commonwealth’s recovery from the global pandemic, which our workers have been battling on the front lines for more than 18 months,” said Brian Johnson, President of MassMEDIC. “The best bet for the future of our state is to continue investing in this critical ecosystem with sound public policy, support from our partners in government, and continued investment in our healthcare infrastructure.”
