The Trump administration in Washington, D.C. is loosening U.S. restrictions on importing lower-cost prescription medicines from Canada.
The Trump administration took initial steps in July toward a system that would allow Americans to legally import brand name drugs from Canada for the first time, a move that has healthcare organizations in Canada worried that the much larger American market will deplete stocks at Canadian pharmacies.
This week, Innovative Medicines Canada, whose 40 member companies include major pharmaceutical players such as Bayer, GlaxoSmithKline and Pfizer (NYSE:PFE), said it is "very concerned about recent U.S. legislative initiatives that could impact the supply of prescription medicines for Canadians."
The group said Canada cannot be reasonably expected to supply medicines and vaccines to a market 10 times larger than its own population without jeopardizing Canadian supplies and causing shortages. It and other stakeholders have written a joint letter to the federal Health Minister about the issue.
U.S. President Donald Trump has frequently touted the idea of bringing in medicine from Canada to help lower costs for Americans, saying the U.S. pays too much for prescription drugs. Importation plans by states would have to be approved by the U.S. Food and Drug Administration. Another Trump proposal, described as a draft guidance, would let drug manufacturers import FDA-approved drugs intended for sale abroad.
