Life Sciences Does Wonders for Indiana, Medical Device Tax Does Not
I’ve learned it is really easy for public officials to highlight certain statistics on job reports and other work force reports and hide other statistics. Recently, I started paying more attention to how much of the population is underemployed and the type of jobs being created. If the number of jobs are increasing as a result of the fast food industry and other industries with low paying jobs increasing their workforce, is this really progress? The well-being of the family unit and children are not substantially increased if the parents have to work under their qualifications for less money than they anticipated when they invested in their future.
One industry in Indiana where workers get a good return on their education and work training investment is the Life Science industry. According to a recent study, Indiana ranks second in the nation in life sciences exports, with exports exceeding $9.7 billion. The work of visionaries from the late 20th century is coming to fruition in Indiana. Many of the most recognizable companies in the life science industry make there bed in Indiana such as Eli Lilly, Roche, and the Cook Medical group. Almost 2,000 companies in this industry in Indiana have raised the well-being of their workers and of people in need of medical help. As the life science industry in Indiana grows above it’s $55 billion dollar impact, more people will feel the positive consequences. The vision of the life science industry is helping to lead Indiana into the 21st century. The industry creates good jobs.
Coincidentally, there is a threat to some of the work of these companies and their economic impact on Indiana. A medical device is a product of the life science industry’s work and research. The Affordable Care Act had good intentions at the human level, but has it’s issues. One such issue I’ve already discussed. Another issue companies in the life science industry have an issue with is the Medical Device Tax. Instead of listening to medical device makers and interest groups discuss the effect the tax will have on the innovation and job creation from each individual companies, the White House refutes these claims and follows their own, etched-in-stone talking points, even with opposition from Democrats. While Democrats and Republicans are rallying, the White House and Democrat-in-chief paint a picture of divisiveness.
Research and development departments in the private sector need money to innovate new ways of helping people and increasing customer satisfaction, and this part of the ACA takes resources away from those departments. With the potential partnership of 21st technology and resources, science can do wonders for voters and communities. Perhaps lower costs and reach to low-income segments of the population are closer than we think.
Ultimately it’s the medicine and the devices, in partnership with the providers, driving the healthcare that helps people live more fulfilled lives, not a piece of federal legislation. The study of life sciences causes progress in society, but the medical device tax is detrimental to this progress and Indiana’s economy.