Wireless power and data transmission (WPDT) solutions for medical implants are highly desired. However, achieving a high-power transmission efficiency and data rate simultaneously over an inductive link remains a significant challenge. This paper presents an innovative WPDT circuit that incorporates additional MOSFETs with an inductor in a Class-E power amplifier (PA), achieving amplitude-shift keying (ASK) modulation to address this issue. Firstly, the efficiency of the inductive power transmission link and Class-E PA was analyzed, providing design insights. Then, leveraging the insights, the proposed circuit was designed in such a way that it could effectively switch between two load networks to maintain high transfer efficiency for ASK modulation. Based on the load networks, the relationship between introducing the inductor’s value and the data modulation index (MI) was derived to help achieve the desired high-power transmission efficiency. Additionally, the design and calculation of the proposed circuit are also presented. Finally, the proposed circuit was validated through simulations and experiments, demonstrating a power delivery to a load of 84.1 mW with a power transmission efficiency of 70.8% at a data rate and carrier frequency of 3 Mbps and 16 MHz, respectively. Furthermore, the bit error rate (BER) is less than 10−6 with an MI of 10%.