'New normal': DPM Gan Kim Yong on how US tariffs on pharmaceuticals signal larger investment trends that affect Singapore
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Pharmaceutical companies in Singapore aim to build manufacturing plants in the US to gain an exemption to the recently-announced 100 per cent tariff on branded drugs.Deputy Prime Minister Gan Kim Yong told local reporters on Saturday (Sept 27) that Singapore'New normal': DPM Gan Kim Yong on how US tariffs on pharmaceuticals signal larger investment trends that affect Singapore
Pharmaceutical companies in Singapore aim to build manufacturing plants in the US to gain an exemption to the recently-announced 100 per cent tariff on branded drugs.Deputy Prime Minister Gan Kim Yong told local reporters on Saturday (Sept 27) that Singapore had already been in talks with the companies «to better understand their concerns and the situation with regard to their exports to the US» previously and subsequently learnt about their plans following the new tariffs.«In the meantime, they are also continuing to clarify with the US administration, to better understand the conditions and the criteria, and to confirm that whether there are plans for the [new] plants in place, whether they will be eligible for tariff exemption,» he said.DPM Gan, who's also the Minister for Trade and Industry, added that pharmaceuticals make up 13 per cent of Singapore's exports to the US, amounting to $4 billion. Read more