Medical Design Briefs - September 2021 - 4

FROM
THE EDITOR
Medtech Industry Continues to
Create High-Paying Jobs
Throughout COVID-19 Pandemic
New data shows that during the pandemic,
the medtech industry created
more, better-paying jobs than the
manufacturing sector overall. AdvaMed
commissioned Macro Policy Advisors to
study the industry's jobs footprint and
economic impact on states, and the
results were overwhelmingly positive for
Americans.
The new economic re search report
determined that the medtech industry
has had a positive economic impact in
terms of both compensation and the
number of jobs created.
* Medtech directly employed 397,000
people, at an average annual salary of
$88,096 - 49 percent higher than the
average across all industries and 18 percent
higher than the corresponding
premium of all manufacturing jobs.
* Every five medtech industry jobs creates
an additional seven jobs.
* Of the nearly 15,000 medtech establishments,
94 percent were small businesses
that employed fewer than 100
employees.
Economists also found that medtech
is responsible for the creation of nearly
2 million jobs in the U.S. economy.
" The COVID-19 pandemic was a stark
reminder of how critical medtech is to
protecting patients and improving quality
of life, " says Scott Whitaker, president
and CEO of AdvaMed. " This new data
demonstrates that the industry creates
not only lifesaving medical breakthroughs
but also economic benefits to
workers and state governments. "
Medtech revenues had multiplier
effects on state revenues and state payroll.
The report found that every $1.00
in medtech revenues generates roughly
an additional $0.74 in total state revenues,
while every $1.00 in medtech payroll
led to an additional $0.94 in total
state payroll. These economic benefits
are particularly important to states experiencing
reduced tax revenues caused by
lockdowns during the coronavirus pandemic.
For example:
* Medtech in California resulted in
more than $32 million in state revenue
and nearly $7 million toward state payroll,
indirectly generating more than
$56 million in state revenues and more
than $13 million toward state payroll.
* Medtech in Minnesota led to $8 million
in revenues, resulting in $13.8 million in
indirect revenues, and $1.9 million in
state payroll taxes, which generated $3
million in payroll taxes across the state.
* New York's medtech industry created
$5.2 million in revenues, which resulted
in $8.3 million in state revenues,
and more than $1.1 million in state
payroll taxes directly - leading to a
total effect of $2 million in state payroll
taxes.
" Thanks to medtech, patients spend
fewer days in the hospital and live
longer, better-quality lives, while workers
in the industry earn higher salaries than
most industries, " says Whitaker. " These
benefits should remain top of mind for
policymakers exploring changes to the
law that would affect our industry. "
Sherrie Trigg
4
Free Info at http://info.hotims.com/79417-777
Intro
Cov
ToC
+
-
A
Editor and Director of Medical Content
Medical Design Briefs, September 2021
µ
È
http://info.hotims.com/79417-777
Medical Design Briefs - September 2021

Table of Contents for the Digital Edition of Medical Design Briefs - September 2021
