The manufacturing group is throwing its support behind H.R.5 - the Protecting Access to Healthcare (PATH) Act of 2012.
Aric Newhouse, the group's senior vice president for Policy and Government Relations said the following:
"As creators of life-saving innovation in the medical field, manufacturers know that squeezing reimbursements is not an effective way to address the structural issues in Medicare.
The only real effect will be a slowdown in innovative medical treatments and a cost shift to the private sector. Adopting the Independent Payment Advisory Board (IPAB) as part of the health care reform law and allowing the unaccountable Board to unilaterally adjust reimbursement rates was a bad idea that Congress should reverse.
Manufacturers are deeply concerned that upon implementation, these adjustments will limit access to advanced medical technologies and serve as a roadblock to further research and development. It is critical to put an end to the IPAB before it begins.
Manufacturers believe that comprehensive reform is the way to fix Medicare – not short-term reductions that place a drag on innovation. Additionally, it's time to put a stop to frivolous lawsuits that threaten manufacturing jobs. H.R. 5 rightly repeals the IPAB while implementing sensible medical liability reforms, and the NAM supports its passage."