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The Lilly Biotechnology Center in San Diego, California, on March 1, 2023. Mike Blake | Reuters Shares of drugmakers fell on Wednesday after President Donald Trump doubled down on plans to impose tariffs on pharmaceuticals imported into the U.S.  Shares of U.S.-based companies Eli Lilly, AbbVie, Bristol Myers Squibb and Regeneron all fell about 4% or more on Wednesday. Other U.S. drugmakers Merck, Pfizer, Johnson & Johnson and Amgen dropped at least 2%. Meanwhile, foreign-based companies including AstraZeneca and GSK, fell more than 4%.  Trump on Tuesday said his administration will be announcing a “major” tariff on pharmaceuticals “very shortly,” despite market fallout from his global levies, according to several reports. He exempted pharmaceuticals from his sweeping tariffs unveiled last week in a temporary relief for drugmakers.  The president has said tariffs will incentivize drug companies to move manufacturing operations to the U.S. – an effort that Eli Lilly, Johnson & Johnson and others are already pursuing. It comes as the pharmaceutical industry’s domestic manufacturing has shrunk dramatically in recent decades, with key parts of the production process moving to China, India and other countries where labor and other costs are cheaper.  U.S. imports of pharmaceuticals reached almost $213 billion in 2024, more than two-and-a-half times the total a decade earlier, according to the United Nations COMTRADE database on international trade. FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014.  Andrew Kelly | Reuters However, Wall Street analysts and companies have raised concerns that it will be difficult to reshore production in the country, which will be costly, could take several years and could disrupt the pharmaceutical supply chain and drive up drug costs for patients. Drugmakers rely on a complex network of manufacturing sites, sometimes in different countries for different steps…

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Filed under: News - @ April 9, 2025 4:04 pm