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US pharma tariffs would raise US drug costs by $51 billion annually, report finds
- A U.S. tariff of 25% on pharmaceutical imports may increase drug costs by nearly $51 billion annually, potentially raising prices by up to 12.9%, according to a report by Ernst & Young.
- The analysis shows the U.S. imported $203 billion in pharmaceuticals in 2023, with 73% from Europe, mainly Ireland, Germany, and Switzerland.
- Pharmaceutical Research and Manufacturers of America warns that tariffs could jeopardize domestic manufacturing efforts and threaten 490,000 export-related jobs.
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18 Articles
18 Articles
Drug prices in the US to rise by 13% due to Trump tariffs - forecastA 25% increase in tariffs on drug imports to the US would increase drug costs by $51 billion per year. Imports of pharmaceutical products would increase by 13%.
·Kyiv, Ukraine
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The US imported pharmaceutical products worth a total of $203 billion from Europe in 2023
·Greece
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US pharma tariffs would raise US drug costs by $51 billion annually, report finds
A 25% U.S. tariff on pharmaceutical imports would increase U.S. drug costs by nearly $51 billion annually, boosting U.S. prices by as much as 12.9% if passed on, a report commissioned by the industry's U.S. trade group and reviewed by Reuters shows.
·London, United Kingdom
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Total News Sources18
Leaning Left7Leaning Right1Center4Last UpdatedBias Distribution59% Left
Bias Distribution
- 59% of the sources lean Left
59% Left
L 59%
C 33%
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