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1
February 2017
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. The Total Investment & Insurance Solutions
"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." The Total Investment & Insurance Solutions
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 Total Investment & Insurance
Solutions
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. The Total Investment & Insurance Solutions
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." The Total Investment & Insurance
Solutions
Medicare
is the government health insurance programme for senior citizens.The Total Investment & Insurance Solutions
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