Drugs manufactured abroad are not allowed for sale in the US. Trump wants the FDA to setup an approval process for international drugs. In opening borders to externally manufactured drugs, which can be sold at much cheaper prices, citizens will pay closer attention to ‘the quality of the drug for the price’ (Pharmatimes). He believes that this importation will drive American drug companies to focus on ‘efficacy and innovation’ in order to survive in the market.
Clinton also wants to add more drugs to the market in an attempt to drive prices down and allow for a wider choice of products. However, she believes that pharmas lacked oversight in their R&D process, which has led to recent inflation. Her plan would require manufacturers to reinvest a percentage of their revenues into additional research and development or else they will be ineligible to receive future federal funding.
It is clear that both candidates want a wider range of affordable products available on the market for citizens to choose from. Whether Trump brings in generics from international manufacturers or Clinton encourages extra investments in R&D, we can expect a drastic change in the pharmaceutical industry following the elections.
Written by Alex Fridgant