AI-generated Summary, Reviewed by Patrika
US President Donald Trump has issued a new decree for pharmaceutical companies. While the entire global pharmaceutical market will be affected, India's pharma sector will be the most impacted. This is because approximately 50 percent of generic drugs in the US are supplied from India.
Trump has announced a significant cut in drug prices. The US is now moving towards internationally comparing drug prices to determine their cost.
Announcing the reduction in drug prices, Trump stated that people in the US will no longer have to pay more than the lowest price available anywhere in the world. He said, "You will now get medicines in America at the lowest rates."
This announcement was made in the presence of senior officials from the health sector and several multinational pharmaceutical companies. Trump said that for decades, American citizens have been forced to buy the most expensive medicines in the world.
He stated that pharmaceutical companies have agreed to substantial price cuts on several key drugs. The prices of some medicines in the US will be reduced by three hundred to seven hundred percent.
Trump also said that the US will use tariffs to pressure foreign governments to lower drug prices. He claimed that soon, drug prices in the US will be at the lowest level among developed countries.
Trump said that this policy will increase the number of drug manufacturers within the US. He mentioned that many companies are coming to America and setting up factories there. Along with this, Trump also issued a warning.
He said that if companies do not comply with the rules, heavy tariffs will be imposed on them. According to Trump, drug prices will start falling rapidly from next year.
India is a major producer of generic drugs globally and is among the key countries supplying affordable medicines to the US. India has played a significant role as a major supplier in the US, especially for drugs treating chronic illnesses.
It is believed that drug prices in India are among the lowest in the world. The US market is extremely important for India's pharmaceutical industry, with a large volume of medicines being supplied to America. The announcement of rate reductions will now impact savings. In such a scenario, many exporters might hesitate to send their medicines to the US.
It is worth noting that the high prices of medicines in the US have been a subject of long-standing controversy. Pharmaceutical companies argue that they maintain high prices to fund research. On the other hand, the public contends that the burden of these expensive drugs falls entirely on the pockets of ordinary citizens.
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