Congress ignoring America's dependence on China for drugs WashTimesOpEd
Even in peacetime, China aggressively uses its economic power for coercion. For example, it just leveraged its dominant market position in the production of gallium and germanium, which are important to the semiconductor, telecommunications, and electric vehicle fields.
As Nikkei Asia reported: “When it comes to API prices, China has a significant edge. According to KPMG India’s research, a drug generally can be produced for 20 percent less in China than in India. This is largely thanks to cheaper raw materials, which can be up to two-thirds of the total production cost.”
In 1996, Mr. Clinton signed a phase-out of Section 936 of the tax code, causing the elimination by 2006 of a tax exemption for the pharmaceutical companies in Puerto Rico that the federal government granted in 1976. Subsequently, the island’s economy has grown for only three of the past 17 years, the government went bankrupt, and 12% of its population moved away in the 2010s.
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