Big Pharma lobbies for slice of US chip industry tax breaks

It proposes cutting taxes on manufacturing income for drugs produced in the US and federal funding to cover the cost of loans, arguing these incentives would help companies expand and prevent a reoccurrence of the type of coronavirus pandemic product shortages.

“Given the costs and time frames for building, expanding or modernising domestic manufacturing capabilities and processes, the Chips Act [Chips and Science Act] suggests potential policies that could be applicable,” said PhRMA. The lobby group said tax breaks and other incentives should be offered to all companies expanding manufacturing in the US, regardless of where they are headquartered. This might require exemption from a rule enacted in 2017 that sets a minimum tax of 10 per cent for certain multinationals, it said.

PhRMA said the measures are needed to offset some of the advantages available in other countries such as China, which has lower energy and water costs than the US. Labour costs are estimated to be 30-40 per cent less in China and India versus the US and European countries, it said. A decision by the Biden administration to follow PhRMA’s recommendations and introduce tax cuts and subsidies for drugmakers could reignite tensions with allies. Brussels has warned that US policies offering hundreds of billions of dollars in subsidies for green energy investment in the Inflation Reduction Act will stoke global protectionism. – Copyright The Financial Times Limited 2023

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