This is one of the hidden costs of Obamacare: the sharp rise in cost for medical device companies. Smith and Nephew makes everything from surgical tools to replacement joints, and their costs have risen sharply under Obamacare.
from Washington Times:
Global medical technology firm Smith & Nephew announced Thursday the layoff of almost 100 workers at its Tennessee and Massachusetts plants — and placed blame for the drawdown firmly at the feet of Obamacare.
The London-based company makes orthopedic reconstruction products. It faces a 2.3 percent tax on its medical devices, due to Obamacare mandates, Fox News reports.
In a statement, the company said: “Unfortunately, and in order to absorb this cost burden into or business, this has meant less than 100 positions have been made redundant across various departmental functions in our Tennessee and Massachusetts sites,” according to Fox News.
This one hits close to home for me because many of the layoffs will come from here in Tennessee. The United States should be the most business friendly environment for foreign companies to invest in. Instead, we are rapidly becoming one of the worst.