Close X
Thursday, February 27, 2025
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

    Do Not Blow It Up, Go Out And Vote: Donald Trump To Supporters

    Do Not Blow It Up, Go Out And Vote: Donald Trump To Supporters
    "Give us two more days, I think we are going to be anywhere. The change that you have been waiting for all your life will come in six days," he said.

    Do Not Blow It Up, Go Out And Vote: Donald Trump To Supporters

    Woman's Eyes Gouged Out, Limb Cut Off By Her Brothers In Pakistan

    Woman's Eyes Gouged Out, Limb Cut Off By Her Brothers In Pakistan
    A woman's eyes were gouged out and her limb cut off by her brothers in Pakistan's Punjab province after they suspected her of kidnapping one of their daughters.

    Woman's Eyes Gouged Out, Limb Cut Off By Her Brothers In Pakistan

    Pakistan Likely To Expel Five Indian Diplomats For 'Spying'

    Pakistan Likely To Expel Five Indian Diplomats For 'Spying'
    Adding to the already bitter bilateral ties, five Indian diplomats in Pakistan are likely to be expelled for allegedly being part of a spy ring, media reports citing sources said on Wednesday.

    Pakistan Likely To Expel Five Indian Diplomats For 'Spying'

    Racism May Be Motive For Death Of Indian Bus Driver Manmeet Alisher’s In Australia: Family

    Racism May Be Motive For Death Of Indian Bus Driver Manmeet Alisher’s In Australia: Family
    Minister Sushma Swaraj in a tweet said that she would raise the issue at the highest level in the Australian government. She also expressed grief over the death.

    Racism May Be Motive For Death Of Indian Bus Driver Manmeet Alisher’s In Australia: Family

    WATCH: Diwali Celebrations Galore At UN, Diya Lit For First Time

    WATCH: Diwali Celebrations Galore At UN, Diya Lit For First Time
    UN General Assembly President Peter Thomson lit the traditional lamp at a ceremony here yesterday to celebrate Diwali at the UN Secretariat.

    WATCH: Diwali Celebrations Galore At UN, Diya Lit For First Time

    US Warns Citizens Of Increased ISIS Threat At Popular Spots In India

    US Warns Citizens Of Increased ISIS Threat At Popular Spots In India
    The United States today asked its citizens in India to keep high level of vigilance citing reports indicating that terror group ISIS desires to attack "targets" in India.  

    US Warns Citizens Of Increased ISIS Threat At Popular Spots In India