【环球财经】记者观察：瑞士制药业的“美国劫”

Group 1: Industry Overview - The pharmaceutical industry is Switzerland's largest export sector, accounting for 40% of the country's total exports, with over 60% of these exports going to the United States [1] - By 2025, the pharmaceutical sector is projected to contribute over 7% to Switzerland's GDP, maintaining its status as a key driver of economic growth [2] - The pharmaceutical industry is a significant source of high-value employment in Switzerland, with over 50,000 employees, translating to approximately one in every 200 people working in this sector [4] Group 2: Economic Impact and Investment - In 2021, Switzerland's total investment in research and development was 16.8 billion Swiss francs, with the pharmaceutical sector accounting for 6.2 billion Swiss francs, or about 37% of the total [4] - The pharmaceutical industry is seen as a resilient sector, less affected by economic fluctuations due to the inelastic demand for medicines, making it one of the last remaining growth drivers for the Swiss economy [4] Group 3: U.S. Trade Relations and Tariffs - In 2025, the Trump administration initiated a "232 investigation" targeting Swiss pharmaceuticals, citing concerns over trade imbalances and potential tariffs [5] - Following negotiations, the U.S. decided to impose a maximum tariff of 15% on Swiss goods, with pharmaceuticals being treated separately, indicating ongoing tensions in trade relations [6] - Major Swiss pharmaceutical companies, such as Roche and Novartis, have expressed willingness to adapt by potentially relocating production to the U.S. and reducing intermediaries in their supply chains [6][8] Group 4: Future Outlook and Challenges - The pharmaceutical sector is undergoing a transformation due to external pressures, with companies like Novartis and Roche planning significant investments in the U.S. to mitigate tariff impacts [8] - Despite the challenges posed by U.S. tariffs and other pressures, the construction of pharmaceutical production facilities typically requires several years, indicating that a complete withdrawal from Switzerland is unlikely in the short term [8] - The industry faces additional challenges, including debates over executive compensation and trade agreements with the EU, which may affect its long-term sustainability [10]