Close X
Monday, November 25, 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

    New Law To Ease Canada-US Travel

    New Law To Ease Canada-US Travel
    MONTPELIER, Vt. — A new law will make it easier for people to travel between Canada and the United States.

    New Law To Ease Canada-US Travel

    N.L. Police Having Christmas Fun With Report Of 'Reindeer' Sighting

    N.L. Police Having Christmas Fun With Report Of 'Reindeer' Sighting
    ST. JOHN'S, N.L. — For a moment, Christmas appeared to come early to a neighbourhood in St. John's, N.L.

    N.L. Police Having Christmas Fun With Report Of 'Reindeer' Sighting

    In 2017, Canadian Economy Will Get Its First Taste Of The Trump Era

    It enters 2017 with lingering challenges and a potential new obstacle that could attract more attention than the rest: the economic unknowns of a Donald Trump presidency.

    In 2017, Canadian Economy Will Get Its First Taste Of The Trump Era

    Quebec Woman To Stand Trial For Allegedly Importing $30.5M Worth Of Cocaine Into Australia On Cruise

    Quebec Woman To Stand Trial For Allegedly Importing $30.5M Worth Of Cocaine Into Australia On Cruise
    The newspaper said Melina Roberge cried Wednesday as a magistrate ordered her tried on a charge of bringing a commercial quantity of cocaine into the country.

    Quebec Woman To Stand Trial For Allegedly Importing $30.5M Worth Of Cocaine Into Australia On Cruise

    Canadians Woman Sent Home For Trying To Sneak Cat Into New Zealand

    Canadians Woman Sent Home For Trying To Sneak Cat Into New Zealand
    A Canadian woman who authorities say managed to hide her 4-year-old pet cat Bella in her handbag during a trans-Pacific flight had her vacation cut short when border agents discovered the ruse at a New Zealand airport.

    Canadians Woman Sent Home For Trying To Sneak Cat Into New Zealand

    Shahid Afridi Sad About Detention Of His Fan In India

    Shahid Afridi said that cricket should be kept away from politics. The former Pakistan captain also said he would appeal to India's Prime Minister Narendra Modi to look into the matter.

    Shahid Afridi Sad About Detention Of His Fan In India