By Maggie Fick and Jacob Gronholt-Pedersen LONDON/COPENHAGEN (Reuters) -Obesity drugmaker Novo Nordisk's CFO said on Wednesday he was sceptical that U.S. President Donald Trump's executive order to
Novo Nordisk's CFO sceptical Trump executive order on drug manufacturing can ...
By Maggie Fick and Jacob Gronholt-Pedersen
LONDON/COPENHAGEN (Reuters) -Obesity drugmaker Novo Nordisk's CFO said on Wednesday he was sceptical that U.S. President Donald Trump's executive order to reduce the time it takes to approve pharmaceutical plants in the country will significantly change timelines for the pharma industry.
Trump signed an executive order on Monday that aims to reduce the time it takes to approve pharma plants in the United States, as part of new regulations to encourage domestic manufacturing.
Novo Nordisk Chief Financial Officer Karsten Munk Knudsen said in an interview it takes years for a pharmaceutical company to build a factory in compliance with the quality protocols set and enforced by the U.S. Food and Drug Administration (FDA).
"We would welcome if there are more pragmatic ways through it, but I'm sceptical that it will markedly change timelines in our industry," he said.
Trade group PhRMA estimates it takes five to 10 years to build a new pharmaceutical plant in the United States.
Trump's executive order directs the FDA to streamline reviews and work with companies to provide early support before facilities come online.
The Trump administration last month enacted mass firings at the FDA, removing staff critical to reviewing new medicines and staff supporting inspectors who check factories for safety standards, Reuters reported.
"So clearly we're noting the downsizing of the FDA," said Knudsen.
His comments follow announcements by pharma companies including Novartis, Eli Lilly and Roche of huge investments in U.S. manufacturing as the industry faces U.S. tariffs threats.
Novo has not unveiled new U.S. investments this year but reiterated on Wednesday that over the past decade it has announced more than $24 billion in investments in the United States. It is currently building a $4 billion factory at its North Carolina plant for Wegovy injection pens.
(Reporting by Maggie Fick and Jacob Gronholt-Pedersen;Editing by Elaine Hardcastle)
