Exclusive-US pharma tariffs would raise US drug costs by $51 billion annually, report finds

The analysis, conducted by Ernst & Young, found the United States imported $203 billion in pharmaceutical products in 2023, with 73% coming from Europe -- primarily Ireland, Germany and Switzerland. The report, dated April 22 and not made public, was commissioned by the main U.S. pharmaceutical lobby, the Pharmaceutical Research and Manufacturers of America, whose members include Amgen, Bristol Myers Squibb, Eli Lilly, and Pfizer, among others. The group has argued tariffs would undermine efforts to boost domestic manufacturing, a goal of U.S. President Donald Trump.