The pharmaceutical industry is considering reshoring drug manufacturing as global supply chains have strained from various challenges. David Ricks, CEO of a prominent pharmaceutical company, highlighted that expanding domestic production could enhance U.S. capabilities in synthetic chemistry and create thousands of jobs. This strategy also comes amid increased scrutiny on outsourcing to countries like China. With recent investments and expansions, the company aims to bolster American manufacturing, which is seen as crucial for the economy and public health amidst political and global pressures.
The big picture: Reshoring pharmaceutical manufacturing would be a shift for the industry, which still sources most drug ingredients from overseas and has seen its global supply chains buckle from disease outbreaks and natural disasters.
CEO David Ricks said his company's expansion would prove key to expanding U.S. capabilities in synthetic chemistry and reduce its reliance on foreign suppliers.
'This is a national announcement, one that will catalyze American health, economic growth and global competitiveness when we see a significant ripple effect, a greater opportunity that will flow to thousands of Americans and their local communities,' Ricks said.
Ricks credited Trump's tax cuts from 2017, calling them 'fundamental to Lilly's domestic manufacturing investments.'
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