Close X
Monday, November 11, 2024
ADVT 
International

Trump's Call To Pharma Firms To Move Back To US Could Hit Indian Exporters

Darpan News Desk IANS, 01 Feb, 2017 12:01 PM
    Foreshadowing "Buy American" moves that could affect the largest market for Indian pharmaceutical companies, US President Donald Trump told drug makers on Monday to bring back manufacturing to the United States.
     
    "I want you to manufacture in the United States," he told leaders of seven major pharmaceutical companies. "I want you to move your companies back into the United States."
     
    To facilitate this, he said: "We're going to be lowering taxes, we're going to be getting rid of regulations that are unnecessary."
     
    India exported $6 billion worth of drugs to the US in 2015 and restrictions on pharmaceutical imports and manufacturing abroad could impact the industry in India.
     
    Trump also hinted at the possibility of ending a multi-layered pricing system for medicines by which rates are often set lower for drugs sold abroad than in the US.
     
    "Our trade policy will prioritise that foreign countries pay their fair share for US manufactured drugs so our drug companies have greater financial resources to accelerate the development of new cures," he said. "And I think it's so important. Right now, it's very unfair what other countries are doing to us."
     
     
    The meeting was part of a series of meetings he has been holding with leaders of different sectors to get them to increase jobs and investment in the US to further his campaign promises. The CEOs of Amgen, Novartis and Eli Lily were among those who attended.
     
    Trump emphasised deregulation of the strict controls on marketing medicines in the US.
     
    "We're going to be cutting regulations at a level nobody's ever seen before," he said. "And we're going to have tremendous protection for the people, maybe more protection."
     
    He criticised the Food and Drug Administration's (FDA) approval process for new drugs saying that he was troubled that a terminally-ill patient could not get a vital medicine because of the approval delays.
     
    An Indian American, Balaji Srinivasan, who is a technology and biotechnology entrepreneur and a critic of the functioning of the FDA, is among those being considered to head the agency.
     
    "A lot of the companies have moved out, they don't make the drugs in our country any more," Trump said. "A lot of that has to do with regulation, a lot of it has to do with the fact that other countries take advantage of ous with their money and their money supply and devaluation."
     
     
    Trump also took aim at big pharmaceutical companies over their pricing policies. "we have to get lower prices, we have to get even better innovation, he said.
     
    For this he said that he would favour smaller companies. "I'll oppose anything that makes it harder for smaller, younger companies to take the risk of bringing their product to a vibrantly competitive market," he said. "That includes price-fixing by the biggest dog in the market, Medicare, which is what's happening. But we can increase competition and bidding wars, big time."
     
    Medicare is the government health insurance programme for senior citizens.

    MORE International ARTICLES

    Sikh Girl, Kiranmeet Kaur Jassal, To Represent Malaysia In Miss Universe Contest

    Sikh Girl, Kiranmeet Kaur Jassal, To Represent Malaysia In Miss Universe Contest
    She idolises  Aishwarya Rai and Sushmita Sen, who won Miss World and Miss Universe in 1994, respectively.

    Sikh Girl, Kiranmeet Kaur Jassal, To Represent Malaysia In Miss Universe Contest

    Donald Trump Raises Business Issues That Could Impact India

    Donald Trump Raises Business Issues That Could Impact India
      Nine days before he is to be sworn as the 45th US President, Trump spoke of his plans to stem the flow of manufacturing from America and took aim at the pharmaceutical sector. 

    Donald Trump Raises Business Issues That Could Impact India

    Ontario's Indo-Canadians To Mark India's 68th Republic Day

    Ontario's Indo-Canadians To Mark India's 68th Republic Day
      Panorama India has been hosting this event for the last several years to promote India's cultures and heritage, reported Mississauga online daily on Wednesday.

    Ontario's Indo-Canadians To Mark India's 68th Republic Day

    Indian American Harish Jajoo Seeking Reelection of Sugar Land City Council Seat

    Indian American Harish Jajoo Seeking Reelection of Sugar Land City Council Seat
    Indian American Harish Jajoo, a City Councilman in Texas, is seeking re-election for the post for a fourth term.

    Indian American Harish Jajoo Seeking Reelection of Sugar Land City Council Seat

    Nikki Haley's Confirmation Hearing For US Envoy To UN Next Week

    Nikki Haley's Confirmation Hearing For US Envoy To UN Next Week
    If confirmed, Nikki Haley, would be first-ever Indian-American to serve on a Cabinet rank position.

    Nikki Haley's Confirmation Hearing For US Envoy To UN Next Week

    Donald Trump Says He Will Be Greatest Jobs Producer That God Ever Created

    Donald Trump Says He Will Be Greatest Jobs Producer That God Ever Created
    "We're the largest buyer of drugs in the world and yet we don't bid properly and we're going to start bidding and we're going to save billions of dollars over a period of time," he said.

    Donald Trump Says He Will Be Greatest Jobs Producer That God Ever Created