#Biggest exporter of medicine in world driver#

For decades, Ireland has used a low corporate tax rate, company-specific tax breaks, and other government subsidies to lure U.S. As measured by general customs value, Ireland is the largest pharmaceutical country of origin, accounting for 24% of U.S. Most finished pharmaceutical products in terms of imported value come from other industrialized countries. Along with growing imports, drug shortages and a lack of regulation over drug safety have emerged as production of pharmaceuticals and the key ingredients necessary to manufacture medicine have become increasingly concentrated in China and India.įIGURE 1: U.S. In light of the seemingly unstoppable growth of health care spending in the U.S., pharmaceutical imports are very likely to overtake automobiles within the next few years. Through November 2022, pharmaceutical imports were running 11.5% ahead of their total in 2021, and likely to finish the year at around $196 billion. Over the past twenty years, pharmaceuticals went from the ninth most imported good to second only to automotive. spending on health care, higher drug prices, and the persistent offshoring of drug manufacturing by leading pharmaceutical multinationals. Pharmaceutical imports have increased substantially more than total imports over the same period, driven by increased U.S.

Over the past decade to 2021, pharmaceutical imports have nearly doubled (increased by 89%) and increased by a factor of six in the past twenty years. Total Pharmaceutical Imports Hit New Highs in 2020, 2021, and 2022 China, India, and Mexico accounted for 57% of all pharmaceutical imports by weight in 2021. reliance on India and China for many vital generic drugs. Those filings are primarily for generic pharmaceuticals, and represent increasing U.S. According to data from an independent nonprofit, those two nations now account for 85% of worldwide filings for new active pharmaceutical ingredients. Furthermore, India and China have increased their dominance of generic drug production.

#Biggest exporter of medicine in world driver#

amounting to $176 billion in imported goods in 2021, and a large driver of the trade deficit. Pharmaceuticals have become the second largest manufactured import into the U.S. Tax credits for domestic production and other policies are under consideration in Congress and the Biden administration. Federal policy can turn around the offshoring of pharmaceutical production and our reliance on India and China.deficit in pharmaceutical trade was $96.2 billion. Driven by rising prices and increased import volumes, pharmaceutical imports are likely to finish 2022 at around $196 billion, the second-largest U.S goods import, just behind automotive.These two countries account for 85% of filings for new active pharmaceutical ingredients, according to data from an industry watchdog. generic pharmaceutical supply chain is growing. China’s and India’s dominance of the U.S.China now accounts for 95 percent of imports of ibuprofen, 91 percent of imports of hydrocortisone, 70 percent of imports of acetaminophen, and 40 to 45 percent of imports of penicillin. dependence on China and India for widely-used generic pharmaceuticals creates serious risks to national security and patient safety. pharmaceutical imports measured by weight, accounting for 190 million kilograms (418 million lbs) or 23% of total pharma imports.

In 2021, China was the leading source for U.S.source for generic pharmaceuticals, which account for 90% of all prescriptions written in the U.S. India and China are increasingly the leading U.S.pharmaceutical imports have skyrocketed in the last ten years, with imports from China, India and Mexico leading the surge.