[Congressional Record Volume 158, Number 95 (Thursday, June 21, 2012)]
[Extensions of Remarks]
[Page E1124]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 HEALTH CARE COST REDUCTION ACT OF 2012

                                 ______
                                 

                       HON. CHRISTOPHER S. MURPHY

                             of connecticut

                    in the house of representatives

                        Thursday, June 21, 2012

  Mr. MURPHY of Connecticut. Mr. Speaker, I rise today to recognize the 
value of the medical device industry in my State and our nation as a 
whole. This industry is working on some of the most exciting and 
cutting-edge technologies in the entire health care sector and has 
changed the lives of millions of Americans.
  According to estimates, the medical device industry employs 
approximately 430,000 nationwide. My State is fortunate to have a 
vibrant medical device industry with nearly 8,000 individuals directly 
employed at companies, such as BD and Covidien. These companies also 
support approximately 12,000 more in-direct jobs in my home state. 
Beyond providing quality, high-paying jobs, these businesses are 
responsible corporate citizens who are trying to enhance the 
communities where they are located and the people who live there. For 
example, employees at BD's plant in Canaan, Connecticut--which recently 
celebrated its 50th anniversary--have served as mentors to the 
Housatonic Valley Regional High School and have contributed generously 
to the United Way and other local charities. In line with a growing 
body of evidence on the positive impact bariatric surgery can have on 
diabetics, Covidien has worked with American Diabetes Association to 
fund new research on this potentially life-changing procedure.
  Unfortunately, when the House recently considered the Health Care 
Cost Reduction Act of 2012 (H.R. 436), the majority included an offset 
that, according to the Joint Committee on Taxation, would result in 
350,000 fewer Americans receiving health care coverage. As part of the 
Affordable Care Act, the Federal Government is set to provide millions 
of Americans with premium tax credits for the purchase of health 
insurance. This will not only increase rates of coverage but will also 
lead to lower overall health costs since more people are insured. The 
offset that was included in H.R. 436, known as the ``true-up'' 
provision, would have subjected these individuals to large repayment 
amounts if for some reason their income levels increased from the time 
that they were actually receiving coverage to the time they filed their 
taxes the following year. This could come as a result of the individual 
or spouse starting a new job or returning to work after school. While I 
could not support this legislation, I understand the need to reduce the 
medical device industry's burden in paying for health care reform.
  Mr. Speaker, I believe that we can all agree that to maintain our 
position as the world leader in biotechnology, the United States needs 
to foster innovation and growth within our health care industries. I am 
proud that I represent a number of those companies and hope that we 
will find bipartisan solutions to create an environment where they will 
continue to succeed and develop new breakthrough therapies.

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