A self-described Reagan conservative, South Jordan businessman Fred Lampropoulos is diving into a pool already teeming with similarly minded candidates to challenge Bob Bennett for his U.S. Senate seat.

Lampropoulos says the opening created by Attorney General Mark Shurtleff's recent withdrawal from the race -- many viewed him as the frontrunner among the challengers -- didn't have much bearing on his decision to take the plunge.

"More than anything, it's what's going on and the direction of the country," Lampropoulos said in a Tribune interview Tuesday.

In fact, what took him "over the line," the Merit Medical president and CEO said, is a proposed tax on medical devices in pending health care reform legislation.

"We provide all these jobs and spend $10 million to $15 million a year on research and development," Lampropoulos bristled. "To be singled out in such a discriminatory manner because of the field we're in is outrageous."

Reform legislation passed by the House would impose a 2.5 percent tax on the wholesale purchase of medical devices by hospitals, clinics and labs. The Senate version, yet to be debated, would tax a percentage of total earnings by medical device companies.

Bennett and other Republicans have opposed the Democratic reform proposals.

Lampropoulos, who could under federal campaign finance laws fuel his bid with unlimited use of his personal wealth, declined to say what he expected to spend on the race. In 2004, he spent about $1.6 million of his own money on his failed bid for Utah governor.

Bennett, who seeks his fourth term, spent more than $2 million of his personal funds in his first campaign in 1992, but has since financed his campaigns with a large, steady stream of donations.

Thousands of those dollars have come from Lampropoulos and other employees of Merit Medical.

"Fred and I are friends," Bennett told The Tribune Tuesday. "He will be starting from absolute scratch because, up until a very short time ago, he was supporting me."

That support included fundraisers that Lampropoulos hosted at his home and business this year for Bennett.

"I am assuming he believes that I can't make it," Bennett added. "So he wants to fill the vacuum created by Mark Shurtleff's departure."

Lampropoulos denied that, saying his decision was independent of that dynamic.

Political scientists observing the race, though, believe Shurtleff's exit was a factor.

"Obviously, this is an effort to take advantage of the fact that the other high profile challenger has dropped out," said University of Utah professor Matthew Burbank.

Burbank called Lampropoulos a credible rival whose lack of a political track record could work in his favor.

Brigham Young University professor Kelly Patterson believes Lampropoulos comes well-equipped in terms of campaign experience, funding and connections throughout the state.

"He's not the kind of candidate who tilts at windmills," Patterson added.

Candidate Tim Bridgewater, just off a 29-county campaign swing, also called Lampropoulos a formidable contender who, like Bennett, can likely outspend him four-to-one.

"Fred's a friend of mine," Bridgewater said. "I hope he'll endorse me when I win in convention," said Bridgewater, 49, who says the 76-year-old Bennett's age could be an issue.

"We need a new generation in D.C.," Bridgewater said.

Republican activist Cherilyn Eagar, who also aims to replace Bennett, spoke with Lampropoulos Monday night about his decision.

"I told him I supported him for governor and don't think I'll support him for Senate. We'll make it a good run," Eagar said.

"We share the same goal -- to unseat Bob Bennett."

Mike Lee, legal counsel to former Gov. Jon Huntsman Jr., is also said to be seriously considering the race. Contacted Tuesday, he declined comment.

Other declared candidates in the race are Democrat Sam Granato, a Salt Lake City restaurateur, and Republican James Williams, a small business owner.

cmckitrick@sltrib.com

Thomas Burr, Matt Canham and Dan Harrie contributed to this report.