US, "Trump" effect increases pharmaceutical imports - Drug manufacturers increase supplies to avoid potential tariffs
U.S. pharmaceutical imports surged in March as drugmakers stocked up ahead of potential U.S. tariffs on their products. Total pharmaceutical imports topped $50 billion a month, the equivalent of 20% of all foreign pharmaceutical imports in 2024, according to data from a U.S. Commerce Department report.
Exports rose, especially from Ireland, the top exporter of pharmaceuticals to the US. The country ran a larger trade surplus with the US than China for the first time in March. Ireland's imports of all goods rose by about $15.5 billion from February, with pharmaceuticals accounting for the largest share.
"While we knew that consumer goods accounted for most of the March growth, we can now see that pharmaceuticals were $20 billion higher, almost all of which were imported from Ireland," the US economists said. President Donald Trump has threatened to impose tariffs on pharmaceuticals as part of a trade policy he says will boost domestic production.
Last month, the Trump administration launched an investigation into pharmaceutical imports before imposing potential tariffs, arguing that the widespread reliance on foreign drug manufacturing is a threat to national security. The US president said he would issue an announcement on the tariffs in the next two weeks. He also issued an executive order aimed at easing the regulatory burden on US drug manufacturing.
In recent months, drugmakers told Reuters they had taken the unusual step of shipping more drugs by air to the U.S. Two of the largest U.S. drugmakers said in recent calls with investors that they had stepped up efforts to build up inventory as part of their preparations for the tariffs.
"As you can imagine, we've done everything we need to do to make sure we're mitigating the tariff effect, so that includes inventory, of course, and a lot of other things," said official Pfizer sources.
Merck’s main exposure is through its blockbuster cancer drug Keytruda, the world’s best-selling prescription drug, most of which is manufactured in Ireland. The company said last month it had moved enough inventory to the U.S. to last it through the end of the year. In addition to Ireland and other European Union countries, Oxford’s Martin said the countries most at risk from drug import taxes include Singapore and Switzerland.
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