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Election could shape life sciences supply chain

RFP
Pharmacist examining commissioning machine in pharmacy The COVID-19 crisis has put a spotlight on life sciences supply chains and drawn new attention to onshoring possibilities. A Trump executive order directly affecting life sciences companies has intensified the focus, as have other changes in trade policies.

The executive order applies to “essential medicines and medical equipment.” It is intended to strengthen the medical supply chain by reshoring production of essential medical needs, ensure the country isn’t reliant on foreign companies for critical items, and support U.S. production of medical supplies. The initiative has a fair amount of bipartisan support; a number of bills have been proposed in both Houses by Democrats and Republicans. But the industry awaits the outcome of the election, which will determine the passage of legislation and the direction and drive in reshoring efforts.

With details yet to come, four Grant Thornton professionals discuss issues of risk, compliance, competing objectives, finance, operations, transfer pricing and tax effects — and using the time before the elected president takes office to consider short-, mid- and long-term planning.

Listen to our podcast to learn more about the supply chain concerns for life sciences companies that could be affected by the election outcome.


Contacts:

Jonathan EatonJonathan Eaton
Leader, Supply Chain Services
T +1 704 632 3523


David ZaikenDavid Zaiken
Managing Director, International Tax Services
T +1 202 521 1543


Marc SkaletskyMarc Skaletsky
Managing Director, International Tax Services
T +1 732 516 5542


Steven Wrappe Steven Wrappe
Managing Director, Washington National Tax Office
T +1 202 521 1542