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, who was meeting the CEOs of leading US pharma companies at the White House, 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.
Habil Khorakiwala, Chairman, Wockhardt says most products sold by Indian pharma are generic products and he thinks Trump’s focus is on big oharma companies and patented products.
"US regulations are complex and time consuming. I don’t think Trump’s focus will impact Indian companies," says Khorakiwala.