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Layoffs Hit Medtech Hard in January 2016

job_cutsLayoffs in the medtech industry have been cited as one of the reasons behind the push to repeal the medical device tax.

A 2013 AdvaMed report estimated that, at that time, the tax had already resulted in losses of 33,000 jobs, which entailed 14,000 layoffs and another 19,000 jobs that were lost as a result of “forgone hiring.” The tax went into effect on January 1 of that same year.

Whatever role the device has played in the significant layoffs in the industry in recent years, the latest wave of layoffs is perhaps evidence that a repeal of the device tax in itself is not enough to stave them off. It is, of course, too early to make any definitive judgments on the matter, and it is worth noting, too, that the bulk of the layoffs came from Johnson & Johnson, a company that has been in the process of restructuring its medical device business over the years.

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