Economists say that pharmaceutical production returning to the United States would create more than 800,000 American jobs.
A coalition study for American prosperity, Steven Byers and Jeff Ferry, reveals that the U.S. could add hundreds of thousands of well-paid jobs to manufacturing American citizens and reduce their dependence on foreign countries. like China if it reestablished all pharmaceutical production.
“The US depends on China for more than a third of all antibiotics we import, and in the case of many generic drugs, we depend entirely on China,” economists wrote.
“We found that an ambitious but realistic redevelopment program could create 804,000 U.S. jobs and add $ 200 million to annual GDP for the first year,” they continued. “The benefits in terms of supply security are separate, and at times like the present, they are critically important.”
Currently, according to the study, about 80 percent of pharmaceuticals imported to the U.S. are from ten foreign countries, including Ireland, Germany, Switzerland, Italy, India, Denmark, Belgium, Canada, the United Kingdom, and Japan.
However, pharmaceutical import data do not include the ingredients of the necessary medicines that are imported, specifically from China. Overall, about 80 percent of the active pharmaceutical ingredients imported into the US are from China and India.
Likewise, about 95 percent of ibuprofen and 70 percent of acetaminophen imported to the US come from China.
In response to the coronavirus crisis, President Donald Trump has called for a U.S. independence agenda to prevent the United States from relying on foreign countries again for necessary imports and supplies.
“We must never rely on a foreign country for our own survival. I think we have learned a lot from it,” Trump said on Tuesday. “This crisis has underlined the importance of having a strong border and a robust industrial sector.”
John Binder is a Breitbart News reporter. Follow him on Twitter at @JxhnBinder.