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Time to End Roundtripping by Big Pharma
U.S. pharma companies should pay rather more of their corporate income tax in the U.S.—and start producing more of their best drugs in the U.S. as well.
That happened this past week, when the Wall Street Journal published a remarkable story on surging U.S. imports of peptides and protein-based hormones from Ireland. The main reason why the U.S. trade deficit soared in the first quarter was that America’s leading pharmaceutical firms raced to build up stockpiles of their most profitable drugs ahead of expected tariffs. This tax break led pharmaceutical companies to produce their most valuable drugs in Ireland first—it is the exact opposite of the kind of policies a true “America First” President would enact.
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