Goaded by Tariffs, European Pharmaceutical Industry Pivots to the US
Analysts say drugmakers wouldn’t risk a disadvantage in the United States, the world’s biggest economy and pharmaceutical market.The U.S. tariff policy and its unmatched pharmaceutical market are pulling European drugmakers to invest more heavily, from new manufacturing plants to U.S. stock listings and discount pricing deals.
Since early 2025, European drugmakers have stepped up their U.S. presence. In the most recent move, the United Kingdom’s giant AstraZeneca announced on Sept. 29 a direct listing on the New York Stock Exchange, just months after pledging $50 billion of U.S. investment by 2030.
The UK-headquartered Indivior dropped its London listing in July to trade solely on Nasdaq, while Swiss giants Roche and Novartis unveiled U.S. expansion plans in April worth $23 billion and $50 billion, respectively. France’s Sanofi has likewise committed at least $20 billion in American projects through 2030.
The moves reflect both the pull of the U.S. market, which accounted for more than half of global prescription medicine sales in 2024, and the push of political signals from Washington.
Following the Sept. 30 deal in which Pfizer agreed to cut Medicaid prices to match those in other developed nations, Swiss lobby Scienceindustries said other European firms may follow with similar “mini-deals.” Director General Stephan Mumenthaler told Reuters he expected announcements “one by one in the coming days and weeks.”
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