新药品关税“雷声大雨点小”？瑞银：主要药企已在美投资数百亿美元，可获完全豁免

Core Viewpoint - The recent announcement of a 100% tariff on imported drugs by President Trump is expected to have minimal actual impact on the pharmaceutical industry, as most large companies have already committed significant investments in U.S. production facilities, allowing them to qualify for tariff exemptions [1][3][5]. Group 1: Tariff Announcement and Implications - President Trump announced a 100% tariff on various imported products, including patented and branded drugs, effective from October 1 [3]. - Companies that have begun construction on pharmaceutical manufacturing facilities in the U.S. will be exempt from these tariffs, which is defined as having "broken ground" or being "under construction" [3][4]. Group 2: Investment Commitments by Pharmaceutical Companies - Major pharmaceutical companies have pledged substantial investments in U.S. production, with AstraZeneca and Roche each committing $50 billion, GlaxoSmithKline $30 billion, Novartis $23 billion, UCB $2 billion, and Sanofi $20 billion [6]. - Analysts suggest that the anticipated impact of the 100% tariff is likely to be low due to these significant investments [5][7]. Group 3: Market Reactions and Global Supply Chain - Following the tariff announcement, Asian stock markets declined, particularly affecting Asian pharmaceutical stocks, while European pharmaceutical stocks remained relatively stable [4]. - The complexity and interconnectivity of the global pharmaceutical supply chain are highlighted by the fact that nearly 90% of U.S. biotechnology companies rely on imported components for at least half of their approved products [8].