WASHINGTON (dpa-AFX) - In line with the White House Made in America initiative, three US corporates have announced a major investment plan to manufacture pharmaceutical glass packaging materials in the country under cross-industry technology collaboration.
At a White House event Thursday, as part of the Made in America Week, President Donald Trump announced the plan in the presence of the heads of Corning Inc. (GLW), and pharmaceutical companies Merck (MRK) and Pfizer (PFR).
This partnership is making an initial investment of $500 million and creating 1,000 new U.S. jobs as the first part of a planned investment of $4 billion and 4,000 new high-tech jobs.
Corning had developed the pharmaceutical glass packaging technology for storage and delivery of injectable drugs called 'Valor Glass.' This revolutionary packaging solution enhances the storage and delivery of modern drug formulations and provides more reliable access to medicines essential to public health.
The initial investment by the three companies will cover the expansion of Corning facilities in New York and New Jersey, as well as the building of a new high volume manufacturing plant in the Southeast to support the new manufacturing process of pharmaceutical glass.
Trump said this initiative will bring 'a key industry to our shores that for too long has been dominated by foreign countries'. 98 percent of the $4 billion industry operations had previously been done overseas.
The return of pharmaceutical glass manufacturing to the United States was made possible by collaboration between the three American companies and support from the Trump Administration. Corning CEO Wendell Weeks credited President Trump, the White House Office of American Innovation, and the FDA's Emerging Technology Team with providing the assurance necessary to finalize the project.
Trump said his administration is committed to streamlining the regulatory process so that it's easier for companies to invest and innovate in America. 'Every day, we are fighting to bring back our jobs, to restore our industry, and to put America first.'
Copyright RTT News/dpa-AFX