The United States plans to implement a new tariff policy on the pharmaceutical industry, with rates as high as 100%.

While pushing for drug price reform, the US government is considering implementing a new tariff policy on the pharmaceutical industry, further increasing industry policy uncertainty. Since November last year, more than ten large pharmaceutical companies, including Eli Lilly, Pfizer Inc., and Novo Nordisk, have reached agreements with US President Trump to lower the prices of some new and existing drugs in the US market. These agreements are part of the "most favored nation drug price" policy, which links US drug prices to lower prices in other developed countries and provides related companies with a three-year tariff exemption. According to the policy arrangement, pharmaceutical companies that have completed agreements or are negotiating with the US Department of Health and Human Services will be eligible for tariff exemptions. However, the latest draft shows that the US government plans to introduce a new tariff mechanism for the pharmaceutical industry. A 20% tariff will be imposed on pharmaceutical companies that have not transferred production to the US, gradually increasing to a maximum of 100% over the next four years. In addition, the US will set different tariff levels for the EU, Japan, South Korea, Switzerland, and the UK based on bilateral agreements, while generic drugs will not be subject to additional tariffs. The White House has not yet publicly responded to the tariff proposal. This policy trend stems from an investigation by the US Department of Commerce, which found that some imported drugs pose potential risks to US national security. Previously, Trump had threatened several times to impose tariffs on imported pharmaceutical products, a stance that has also prompted pharmaceutical companies to increase their investments in US production. Analysts point out that as drug price reform and tariff policies progress in tandem, the US pharmaceutical industry is facing "dual policy pressures." On one hand, lowering drug prices will squeeze profit margins for companies, and on the other hand, tariffs and supply chain adjustments will increase production costs.