This week Reuters reported that a 25 percent tariff on pharmaceutical imports would increase U.S. drug costs by nearly $51 billion annually, boosting prices by as much as 12.9 percent if passed on to consumers. The numbers come from a report commissioned by PhRMA and conducted by Ernst & Young.
President Trump has repeatedly said he may levy a 25 percent tariff on pharmaceutical imports. Earlier this month, we issued a statement supporting the effort to bring pharmaceutical manufacturing back to the United States but voiced our concern that tariffs on pharmaceuticals could trigger shortages in the near term and, just as dangerous, force independent pharmacies to absorb higher costs. We're working to make sure that's crystal clear to the administration.
