"The US president announced that a transition period for a 200% tariff on drug imports will last at least a year, impacting Australia significantly."
"Trump's announcement on tariffs follows pressure from the US pharmaceutical industry regarding price controls on drugs in countries like Australia."
"Australia exports about $2.5bn in pharmaceutical products to the US every year, which constitutes about 40% of its global medicine exports."
"Lobby groups in Washington are intensifying efforts to retaliate against Australia's pricing and approval practices related to pharmaceuticals."
Labor is urgently addressing Donald Trump's announced tariffs on drug imports to the US, which are set at 200%. This proposal raises serious concerns for the Australian economy as the US pharmaceutical industry pressures for price control changes in other countries like Australia. Trump indicated a transition period of at least one year could precede these tariffs, which would particularly affect Australia's substantial pharmaceutical exports worth $2.5bn annually. Lobby groups in Washington are pushing for retaliation against Australia's pharmaceutical pricing practices under the PBS scheme.
Read at www.theguardian.com
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