April 28 - Eli Lilly (NYSE:LLY), Pfizer (NYSE:PFE), Amgen (NASDAQ:AMGN), and possibly other pharma companies could lose up to $51 billion annually if U.S. President Donald Trump's proposed 25% tariffs on pharmaceuticals move forward.
Research from the Pharmaceutical Research and Manufacturers of America (PhRMA) cited by Reuters said the costs could ripple to consumers, raising U.S. drug prices by nearly 13%. In 2023, the U.S. imported $203 billion in pharmaceutical products, with about 73% sourced from Europe, highlighting the country's dependence on foreign medicines.
Although the Commerce Department exempted pharma from reciprocal tariffs, it has launched a separate sector investigation. A 21-day public comment window is now open for feedback on the proposed levies. Drugmakers are urging the administration to phase in tariffs gradually or exempt them altogether, citing that about 25% of U.S. pharmaceutical output, worth $101 billion, was exported last year.
Analysts warn that imposing tariffs could squeeze pharmaceutical jobs and provoke retaliatory moves from trading partners, ultimately weighing on American consumers.
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