President Donald Trump signed an executive order to accelerate prescription drug manufacturing in the U.S., according to CNBC. The order aims to reduce reliance on foreign supply chains ahead of planned tariffs on imported medicines. The order instructs the FDA to speed up approval of U.S. drug manufacturing plants by cutting red tape, streamlining reviews, and offering early support to domestic producers. The order directs the FDA to increase inspection fees for foreign drug plants, strengthen reporting enforcement on ingredient sources, and consider publicly naming noncompliant facilities. Trump said national security depends on domestic drug production and confirmed he will announce pharmaceutical-specific tariffs within two weeks.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump signed a detective order to accelerate prescription drug manufacturing in the U.S.
00:07And according to CNBC, the order aims to reduce reliance on foreign supply chains
00:11ahead of planned tariffs on imported medicines.
00:14The order instructs the FDA to speed up approval of U.S. drug manufacturing plants
00:17by cutting red tape, streamlining reviews, and offering early support to domestic producers.
00:23The order also directs the FDA to increase inspection fees for foreign drug plants,
00:27strengthen reporting enforcement on ingredient sources,
00:31and consider publicly naming non-compliant facilities.
00:34Trump said national security depends on domestic drug production,
00:37and confirmed he will announce pharmaceutical-specific tariffs within two weeks.
00:42For all things money, visit Benzinga.com slash GSTV.