Senator Todd Young on Pharmaceutical Pricing and Digital Trade Opportunities

Addressing Global Pharmaceutical Pricing

• 🇺🇸 American patients are unfairly burdened by the cost of global pharmaceutical innovation due to foreign government price controls.
• 🎯 These foreign pricing practices act as non-tariff barriers, devaluing US innovation and harming US exports and jobs.
• 🔑 The administration is prioritizing addressing these policies to secure binding commitments from trading partners to fairly value US-developed medicines.
• 🇨🇳 In China, a national drug list mandates an 80% discount off the global price, with further renegotiations expected to reduce prices by another 50% within three years.

Digital Trade and National Security

• 🚀 Digital trade and infrastructure are crucial economic tools, with the US leading in digital services development.
• 💻 The US needs to strike more digital trade agreements that promote openness, transparency, and interoperability, contrasting with Chinese standards.
• 🛡️ Balancing commercial opportunities with national security risks from untrusted suppliers, particularly Chinese state-linked providers, is essential.
• 🤝 Building networks of trust with allies in Europe, Latin America, and Asia is key for installing trusted telecommunications and cyber-physical systems.
• 🇺🇸 Prioritizing American-made or allied-country-made core technology for these systems is a strategic imperative.