As we report in this issue's cover story on emerging markets, U.S. dealmakers are finding more opportunities abroad. That may be good news for those growing economies and for the folks investing in them, but for the U.S. the trend translates into new competition for hosting industries, especially in manufacturing.

One bright spot in U.S. manufacturing in recent years has been the nascent medical device sector, which has been particularly vibrant in Massachsuetts. But now the 2.3 percent excise tax on medical devices, which went into effect on January 1, may make it harder for the state to hang onto medical device makers, argues Scott Brown, the former Republican senator from the Bay State. We caught up with Brown at Boston ACG's Growth Conference 2013, which brought together some 600 dealmakers and is considered the largest event focused on M&A in New England. (Watch the video interview, below.)

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