AstraZeneca announced a $50 billion investment in the U.S. to develop a multi-billion-dollar manufacturing center in Virginia. The company aims to generate 50 percent of its revenue from the U.S. by 2030. The investment comes amid potential tariffs that could affect pharmaceutical imports. U.S. Commerce Secretary highlighted the need to address reliance on foreign pharmaceutical supplies. AstraZeneca's move follows a trend among major pharmaceutical companies shifting production and investment to the U.S. after years of tariff exemptions.
"Today's announcement underpins our belief in America's innovation in biopharmaceuticals," the statement quoted CEO Pascal Soriot as saying.
The United States is a key market for the pharmaceutical industry, and AstraZeneca had already announced in April that it had begun transferring part of its European production to the United States.
US President Donald Trump has opened the door to potential tariffs targeting pharmaceuticals, which have so far benefited from exemptions to his sweeping levies on imports from trading partners.
For decades Americans have been reliant on foreign supply of key pharmaceutical products," US Commerce Secretary Howard Lutnick said in a statement.
Collection
[
|
...
]