European pharma companies in favour of higher drug prices due to Trump’s tariffs
Europe’s largest pharmaceutical companies are calling on the EU leadership to significantly increase the purchase and sales prices of medicines to support manufacturers amid the threat of increased tariffs imposed by the US, TASS reports citing The Financial Times
European manufacturers report that the introduction of sectoral duties on imports of medicines to the US will reduce the competitiveness of their products. At the same time, the US accounts for a significant share of European pharmaceutical companies’ revenues, and drug prices there are 2-3 times higher than in other major developed countries. The duties will lead to a decrease in sales and revenues, and European manufacturers themselves will lose part of the US market and cede their shares to pharmaceutical giants from the US.
It is noted that significantly lower drug prices in Europe artificially limit market growth in EU countries, thus discouraging innovation and the creation of new competitive products. Manufacturers therefore believe that the EU should provide financial support for the development of new advanced medicines and set a high target for the cost of medicines.
