“Drug prices in the US will rise by 13% due to Trump’s tariffs – forecast
Raising tariffs on drug imports to the US by 25% will lead to a $51 billion increase in drug costs per year. Pharmaceutical
imports will increase by 13%.”, — write: unn.ua
DetailsAccording to an analytical report developed by industry experts, Trump’s duties on pharmaceutical products in the United States will increase the cost of drugs in the United States by $51 billion per year.
The United States imported $203 billion worth of pharmaceutical products the year before last. Moreover, 73% of imports come from Europe, mainly from Ireland, Germany and Switzerland. Total sales of finished pharmaceutical products in the United States in 2023 amounted to $393 billion.
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Industry representatives argue that increased duties will undermine efforts to stimulate domestic production, which Trump has declared one of his goals for improving the U.S. economy.
AdditionPharmaceutical products in the United States were previously spared the impact of trade wars due to potential harm, but the American leader has repeatedly threatened a 25% duty on pharmaceutical imports.
Last week, the Trump administration announced an investigation into pharmaceutical imports, citing national security concerns due to reliance on foreign drug production. The U.S. Department of Commerce initiated 21-day public discussions as part of the investigation.
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Drug manufacturers see the investigation as a chance to show the administration that high tariffs will hinder their efforts to rapidly increase production in the United States. They intend to offer the authorities alternatives that will not hurt the industry so badly.
ReminderAgainst the background of President Donald Trump’s customs policy, companies are canceling billion-dollar projects, but some are expanding in the United States. However, there are also those who are increasing production capacity.