🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Trudeau says he will 'take into account' U.S. drug import plans but will put Canadians first

Published 2020-09-25, 02:46 p/m
© Reuters. Canada's Prime Minister Justin Trudeau makes a speech about former Prime Minister John Turner in Ottawa

TORONTO (Reuters) - Canadian Prime Minister Justin Trudeau said on Friday that while he is willing to entertain demands from the United States for Canadian medications, he would put the nation's needs first.

In a bid to lower drug prices, U.S. President Donald Trump's administration on Friday finalized a plan that includes a measure allowing states to purchase medicines from Canada.

It is a move that Trudeau and Canadian distributors have opposed in the past.

"Our priority will always be to ensure an adequate and safe supply for Canadians first and foremost," Trudeau said at a news conference, when asked about the U.S. plan.

But he added that "any moves by the United States will be taken into account" as the country builds up its pharmaceutical capacity during the coronavirus pandemic, and added that Canada would "be there to help other countries in need as well."

Reuters reported last year https://fr.reuters.com/article/us-canada-pharmaceuticals-exports-exclus-idUSKCN1UD2LN that Canada opposed U.S. plans to import drugs, based on talking points for Canadian officials obtained through a freedom of information request.

A government source said on Friday that Canada's message to the White House and U.S. Department of Health and Human Services has been that importing drugs from Canada will not have any significant impact on prices or access for Americans.

At least ten U.S. states, including Florida, have passed or proposed laws to allow such imports from Canada, and as of Friday there is federal approval.

© Reuters. Canada's Prime Minister Justin Trudeau makes a speech about former Prime Minister John Turner in Ottawa

Some of Canada's major distributors are subsidiaries of U.S. companies, who are unlikely to participate in a program to lower prices, since their revenue reflects a cut of the value of the drugs they provide to pharmacies in the much larger U.S. market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.