Tariffs lifted on 642 pharmaceutical chemicals

Abstract

U.S. Trade Representative Charlene Barshefsky has announced that 642 pharmaceutical items have been added to the list of tariff-free pharmaceutical products under a trade agreement among the U.S. and 20 major trading nations. Included in this initiative are products for the treatment of breast cancer, AIDS, diabetes, asthma, and Parkinson's disease. elimination of tariffs on these products will expand U.S. overseas market opportunities in Europe and Asia, Barshefsky says. Consumers in the U.S. and around the world will benefit from lower pharmaceutical prices. The other countries in the initiative—which includes both finished pharmaceutical products and chemical intermediates—are the 15 member states of the European Union, the Czech Republic, Japan, Norway, the Slovak Republic, and Switzerland. Commenting on the development, Alan F. Holmer, president of the Pharmaceutical Research & Manufacturers of America, says he supports the initiative, noting that eliminating this burdensome tax [will] enhan...