“We will bring our pharmaceutical and medical supply chains home – we’re going to bring them home where they belong – and we will end reliance on China,” President Trump said during a visit to the Whirlpool manufacturing plant in Ohio. “We’ll be making our product here – safely, beautifully and inexpensively. We’re reasserting American economic independence.”
The executive order will help increase production of essential medicines, medical equipment and protective gear in the U.S., according to trade adviser Peter Navarro. “If we’ve learned anything from the China virus pandemic… we are dangerously overdependent on foreign nations.”
The U.S. imported $3.B of pharmaceutical raw material from China in 2017, an increase of nearly one-quarter from the prior year, according to IHS Markit.
“If there’s preferential treatment given to products manufactured in the U.S., then of course we will move more of our manufacturing to the U.S.,” Teva Pharmaceutical CEO Kare Schultz said earlier this year. “If there’s no preferential treatment, then the basic economics will keep it the way it is right now.”
The plan comes as a proposal to lend $765M to Eastman Kodak (NYSE:KODK) draws scrutiny from the SEC. The loan, announced last week, would help the former photo giant produce drug ingredients from the U.S.
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