Pharma industry could be nationalized to localize supply chain: German Economy Minister

On Friday German news magazine Der Spiegel reported German Economy Minister Peter Altmaier as saying, he wants to support pharmaceuticals companies that are dependent for key reagents on imports from Asia in order to rebuild their production sites in Europe.

German companies, which are strategic for the nation and which are facing difficulties because of the Wuhan coronavirus, could potentially be nationalized.

China’s coronavirus is causing global demand to collapse and is significantly disrupting global supply chains.

“Minimizing one-sided dependencies in order to win back national sovereignty in sensitive areas is the right idea,” said Altmaier to the magazine. “I can well imagine a common European project for medicine production.”

He went on to add, he does not expect to see a large number of companies being nationalized because of the epidemic.

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