From what I've read, it seems that this is an attempt to track implantable devices, things such as breast implants, artificial joints, pacemakers etc. This is important if there are any flaws or concerns with these devices, the patient with the implant is made aware. Much like a serial number that already exists on these devices or implants. The device can be tracked back to the manufacturer that produced the device, along with the surgeons that performed the implantation.
I could be wrong though, this is just my impression of the reading of this part of the proposed bill.