US imposes 100% tariff on patented drug imports unless co. signs drug pricing deal or agrees to make product in the US, according to White House fact sheet
Importance
Level 1
- Drugmakers face 100% tariff unless they cut prices or produce drugs in the US.
- Pharmaceutical tariff reduced to 15% on Europe, Japan, South Korea, and Switzerland due to trade deals
- Tariff can be reduced to 20% if companies move manufacturing to US.
- Has made 17 pharma deals; signed 13 and negotiating remaining four.
- Large pharma companies have 120 days to make announcements to avoid 100% tariff
- Smaller pharmaceutical companies have 180 days to avoid higher tariff
- Companies that move manufacturing to the US and sign most-favored-nation drug pricing deals with US HHS are exempt from pharmaceutical tariffs
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