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BLOOMINGTON, Ind.–(BUSINESS WIRE)–Today, Cook Medical applauds the successful efforts of legislators from the U.S. Senate and House of Representatives to repeal the medical device excise tax.

“Repealing the medical device tax will help bring new life-saving devices to patients around the world,” said Steve Ferguson, chairman of Cook Group, Cook Medical’s parent company. “We are grateful to our elected officials for this significant action to support patients who rely on medical technology.”

After years of suspension, the tax was scheduled to be reinstated on January 1, 2020. Repeal of the tax prevents a negative impact on patient care, the evolution of healthcare and associated costs.

“Repealing the tax also provides long-term assurance necessary for medical technology companies to continue investing in their employees and the research and development projects that lead to innovative new therapies for patients who need it most,” said Jennifer Kerr, president of Cook Research, and Medical Device Manufacturing Association board member.

The medical technology industry employs more than two million people directly and indirectly across the United States. Cook Medical employs more than 7,000 people in the U.S. and 10,000 globally.