Washington, December 20. US President Donald Trump has announced a major cut in the prices of medicines. It is believed that this will affect the pharmaceutical market of the entire world, which also includes India’s export sector of generic medicines. America is now moving towards international comparison to decide the price of medicines.
On the issue of medicines, Donald Trump said that people in America will no longer pay more than the lowest price charged anywhere in the world. “You will get most favored nation pricing,” he said. The 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 claimed that pharmaceutical companies have agreed to huge cuts in the prices of many major medicines. According to him, the prices of some medicines will be reduced by three hundred to seven hundred percent.
Donald Trump also said that America will use tariffs to put pressure on foreign governments to reduce drug prices. He claimed that soon drug prices in America would be among the lowest among developed countries and that America would get the cheapest prices anywhere in the world. Trump also linked this policy to increasing drug manufacturing in America itself. He said that many companies are coming to America and setting up factories there.
This announcement may have an impact on India. India is a large producer of generic drugs in the world and is among the major countries supplying affordable medicines to the US. India has been playing the role of a major supplier to the US, especially for medicines for long-term diseases.
Medicine prices in India are often considered to be among the lowest in the world. For this reason, Indian pharmaceutical exporters keep a close eye on any initiative by America to fix the prices of drugs at the international level, because the American market is very important for India’s pharmaceutical industry.
Let us tell you that there has been a controversy for a long time regarding the high prices of medicines in America. Drug companies say that they keep high prices so that the money can be used for research. On the other hand, people say that the entire burden of these expensive medicines falls on the pockets of the general public.
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