Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
Duato told “Mornings With Maria” that the company’s goal is to manufacture all its medicines, medical technologies and more in the U.S., touting the move as a “show of confidence in American manufacturing.”
Johnson & Johnson’s recent endeavors also include a more-than-$1 billion investment in a U.S. Vision manufacturing facility in Jacksonville, Florida.
While discussing such investments, Duato reiterated Johnson & Johnson’s role in medical technology and pharmaceuticals, distinguishing those businesses from the company’s former consumer health segment.
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“We are now focused on science and innovation. So what is our goal now? Our goal is to continue to deliver sustained growth through patient breakthroughs,” he said.
Duato pointed to a recently-approved medicine called Icotyde, a once-daily oral treatment for psoriasis and psoriatic arthritis with efficacy and safety designed to rival injectable biologics.
He said the development will “transform… autoimmune diseases.”
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On the medical technology side, the company is seeking approval for its first robotic surgical system, which aims to improve surgical outcomes by assisting surgeons.
“We are not a one-trick pony company. We’re a company with a stable of blockbusters,” he said.
“We have 28 platforms at Johnson & Johnson of more than $1 billion, so that gives us the confidence to be so bold to say we have line of sight to double-digit growth for Johnson & Johnson by the end of the decade, and that is remarkable for a company which is more than $100 billion.”