Testa calls on Trenton to stop investing pension funds with Chinese pharma firm

VINELAND, N.J. – The COVID-19 pandemic has caused Americans – and some New Jersey politicians – to rexamine the wisdom of allowing China to serve a leading role in the pharmaceutical industry.

State Senator Mike Testa Jr. (R-1) joined the chorus on Wednesday, calling on state officials to stop investing pension funds in a Chinese pharamceutical company.

“One of the lessons we have learned from the coronavirus crisis is we cannot depend on China,” said Testa. “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.”

“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,” Testa added. “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 invests some of its pension funds in a China-based called Hutchison China MediTech Limited.

Chinese companies also play key roles in the production of drugs including many antibiotics and ibuprofen as well as up to 90% of U.S.-consumed prescription drugs

“Our state is home to 20 pharmaceutical and medical technology firms including 17 of the world’s Top 20 companies,” Testa concluded. “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.”

Published in Uncategorized