US biotechs warn tariffs could impede access to cures, stifle innovation

The US Biotechnology Innovation Organization (BIO) has released results from a membership survey that underscores the significant, global integration of the biomedical supply chain.

According to the findings, nearly 90% of US biotech companies rely on imported components for at least half of their FDA-approved products -making the supply of medicines for US patients and families especially vulnerable to proposed tariffs on the European Union, China, and Canada.

The survey comes in response to President Donald Trump suggestion last month that his administration was considering imposing 25% tariffs on pharmaceutical imports that could "go very substantially higher over a course of a year," while offering a potential reprieve for companies that establish domestic manufacturing facilities.