Testa: NJ Must Stop Investing in Chinese Pharmaceutical Companies

Testa

Testa: NJ Must Stop Investing in Chinese Pharmaceutical Companies

State Senator Michael Testa Jr. says it is time for New Jersey to stop investing in Chinese pharmaceutical companies.

“One of the lessons we have learned from the coronavirus crisis is we cannot depend on China,” said Testa (R-1). “Their government demonstrated blatant disregard for human life when they obscured information about the severity and spread of the virus in Wuhan, and last month they threatened to withhold shipments of coronavirus medicine to the United States. New Jersey has no business investing in pharmaceutical companies that can’t be trusted.”

Chinese companies supply active ingredients in antibiotics, vitamin C, ibuprofen and hydrocortisone. Reports indicate China may control critical elements in as much as 90 percent of the prescription drugs in the United States.

“For too long, we have allowed China to silently grab control of our economy, and they have broken our laws and the laws of common decency all along the way,” said Testa. “New Jersey should stop supporting a regime that has consistently stolen our trade secrets and used sweatshop labor to dominate our consumer markets.”

New Jersey pension funds are invested in at least one China-based pharmaceutical company, Hutchison China MediTech Limited.

“Our state is home to 20 pharmaceutical and medical technology firms including 17 of the world’s Top 20 companies,” Testa noted. “There is no need to invest in China when we have opportunities like these right in our backyards. New Jersey should not be complicit in China’s ownership of our medicine cabinets.”

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