A 25% tariff on pharmaceutical imports could raise US drug costs by nearly $51 billion annually, according to a report commissioned by the pharmaceutical industry’s trade group. Ernst & Young’s analysis indicates that such tariffs could increase US drug prices by up to 12.9%. In 2023, the US imported $203 billion worth of pharmaceuticals, primarily from Europe. The Trump administration recently initiated investigations into pharmaceutical imports citing national security concerns. Industry experts argue that tariffs could hinder domestic production efforts and reduce global competitiveness of US-made drugs. Additionally, retaliatory tariffs could further impact the US economy.
— new from Reuters
