In what could be a blow to the Indian pharma industry, US President Donald Trump today said that other countries have been taking advantage of the US by manufacturing generic drugs outside the country due to lower production cost. He said there is a need to make medical products locally in the US.
Trump also announced that he will be naming the new head of United States Food & Drug Association (US FDA) soon.
In a meeting today, he urged the US drug firms to come back and start manufacturing drugs in America rather than aboad. To sweeten the deal, he said that the government will ease tax rates to facilitate drug manufacturing in the country.
He also said he will oppose anything that may make it harder for small drug companies to enter the market.
Shares of five of the six drug companies at the White House meeting with Trump were up more than 1 percent on average following the president's remarks, compared with a 0.5 percent drop in the broad S&P 500.
We need to streamline the process, so that, from your standpoint, when you have a drug, you can actually get it approved if it works, instead of waiting for many, many years. "We know nothing about devaluation".
There has also been a hiring push clause embedded in the 21 Century Cures Act (and the $500 million it got from its passing), which is created to help the FDA speed up its processes, but they also asked whether this would impact recruitment there too, and if so, why.
But they say that the patient within four weeks will be dead. "We're going to be ending foreign freeloading", he said ahead of a meeting with the industry, saying that foreign countries should pay their fair share for research-and-development costs.
Federal law bars the government from negotiating with drug companies to bring down the price of drugs for seniors under Medicare.
The agency now has around 1,000 vacancies, much of them at the FDA's Center for Drug Evaluation and Research (CDER), and the letter's authors want to know just how this freeze will hit these roles.
"I think you people know very well, it's very unfair to this country". "I want you to manufacture in the United States". A lot of that has to do with regulation. Every other country lives on devaluation. But right now, it's very unfair what other countries are doing to us.