By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    improving patient experience
    6 Ways to Improve Patient Satisfaction Within Hospitals
    December 1, 2021
    degree for healthcare job
    What Are The Health Benefits Of Having A Degree?
    March 9, 2022
    custom software development is changing healthcare
    Digital Customer Journey Mapping and its Importance for Healthcare
    July 21, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    healthcare elderly
    The Human Side of the Sequestration
    June 19, 2013
    Contagion Is Real
    October 7, 2011
    Is Patient Privacy Endangered by Online Search?
    July 12, 2013
    Latest News
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 2025
    Do Abuse Reporting Systems in Assisted Living Protect Residents’ Health?
    April 15, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Medical Device Tax Costs 1,000 Jobs
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Technology > Medical Devices > Medical Device Tax Costs 1,000 Jobs
BusinessMedical DevicesNewsPolicy & Law

Medical Device Tax Costs 1,000 Jobs

JohnCGoodman
Last updated: December 1, 2011 2:20 pm
JohnCGoodman
Share
2 Min Read
SHARE

In a cost cutting move, medical device-maker Stryker Corporation recently announced plans to lay off 1,000 workers in advance of the impending medical device tax. By reducing its workforce by 5%, Stryker hopes to save $100 million annually to offset the 2.3% tax on medical devices starting in 2013.  The Obama administration hopes the tax will raise $20 billion in tax revenue from 2013 to 2019 to fund the Patient Protection and Affordable Coverage Act.

In a cost cutting move, medical device-maker Stryker Corporation recently announced plans to lay off 1,000 workers in advance of the impending medical device tax. By reducing its workforce by 5%, Stryker hopes to save $100 million annually to offset the 2.3% tax on medical devices starting in 2013.  The Obama administration hopes the tax will raise $20 billion in tax revenue from 2013 to 2019 to fund the Patient Protection and Affordable Coverage Act. An earlier study estimated job losses due to the new excise tax will be in excess of 43,000 – or more than 10% of those employed in the industry.  The United States has been shedding high paying manufacturing jobs for several decades.  Jobs in the medical device industry, which pay an average of around $80,000 per year, will be hard to replace.

   

TAGGED:health reformmedical device taxStryker
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025
Learn how to Renew your Medical Card in West Virginia
Learn how to Renew your Medical Card in West Virginia
Health
May 15, 2025
Dr. Klaus Rentrop Shares Acute Myocardial Infarction heart treatment
Dr. Klaus Rentrop Shares Acute Myocardial Infarction
Cardiology
May 13, 2025
The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
Health care
May 13, 2025

You Might also Like

take the right steps to grow your optometry business
Business

5 Great Ways to Grow Your Optometry Business

October 7, 2022
Hospital AdministrationMedical EducationPublic Health

Why Is There a Critical Shortage of Primary Care Physicians?

April 8, 2014

Talking Healthcare with Don Berwick, Candidate for Governor of Massachusetts

March 8, 2014

CDC’s State of Aging and Health in America [VIDEO]

October 18, 2013
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?