[CTC] Trump says trading partners will pay ‘fair share’ for U.S.-made drugs

[Arthur Stamoulis]

INSIDE US TRADE
 
Trump blasts Japan, says trading partners will pay ‘fair share’ for U.S.-made drugs
January 31, 2017

In a meeting with six board members of the Pharmaceutical Research and Manufacturers of America (PhRMA) -- who are also heads of major pharmaceutical companies -- President Trump said his new trade policy would ensure foreign countries pay their “fair share” for drugs made in the U.S. while slamming Japan for allegedly manipulating its currency.

“Our trade policy will prioritize that foreign countries pay their fair share for U.S. manufactured drugs so our drug companies have greater financial resources to accelerate the development of new cures,” Trump told the industry leaders gathered at the White House on Jan. 31.

During the meeting, Trump linked the departure of drug manufacturing from the U.S. to currency manipulation by other countries in addition to U.S. regulations.

“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 us with their money and their money supply and devaluation,” Trump said. “Because our country has been run so badly, we know nothing about devaluation. You look at Japan. They play the money market, they play the devaluation market, while we sit here like a bunch of dummies."

PhRMA CEO Stephen Ubi in a statement issued following the meeting said it was “positive” and “productive.”

“We discussed many areas of common ground including: Advancing stronger trade agreements to level the playing field with countries around the world; reforming our tax code to spur investment and job creation here in the United States; and removing outdated regulations that drive up costs and slow innovation,” he said. “We believe if these policies are enacted, it will translate to up to 350,000 new jobs over the next 10 years as a result of growth in the biopharmaceutical industry.”

Attending the meeting in addition to Trump, Vice President Pence, and Ubi was Amgen CEO Robert A. Bradway;
Johnson & Johnson worldwide chairman of pharmaceuticals Joaquin Duato; Merck CEO Kenneth C. Frazier; Celegen executive chairman Robert J. Hugin; Novartis CEO Joseph Jimenez; Eli Lilly CEO David A. Ricks; and House Committee on Energy and Commerce Chairman Greg Walden (R-OR).



Arthur Stamoulis
Citizens Trade Campaign
(202) 494-8826




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