Switzerland’s pharmaceutical giants are bracing for impact. Interpharma, the Swiss industry body, warned on June 26 that the country is a potential target for a US trade investigation into how it prices and reimburses drugs, a move that could threaten roughly $35.5 billion in annual pharma exports to America.
The warning lands just eight days after the US launched a formal Section 301 investigation into Germany, accusing Berlin’s policies of systematically underpaying for innovative pharmaceutical products.
The Germany playbook, now aimed at Bern
Section 301 is the same trade tool the US has wielded against China for years. It lets the administration investigate foreign practices it considers unfair and, if the findings warrant it, slap tariffs on imports from the offending country. The Germany investigation specifically targets what the US calls “persistent underpayments” for innovative drugs, alleging these practices harm American commerce.
Public hearings on the German probe are scheduled for September 22, 2026. Switzerland appears to be next in the queue.
