BioNJ CEO Debbie Hart and HealthCare Institute of New Jersey CEO Chrissy Buteas have great concerns on how the 100% tariff on the pharmaceutical industry will impact patients and the sector.
The tariff, which President Donald Trump announced on social media, is scheduled to go into effect Wednesday (Oct. 1) — and means that prices of imported pharmaceutical products will double for U.S. importers and consumers.
“These proposed tariffs have the potential to increase manufacturing costs, disrupt supply chains, slow research and development timelines and ultimately hurt patient access to essential medicines at a time when affordability remains a major concern in the U.S. health care system,” Hart said.
“As the organization in New Jersey that represents the full continuum of biopharmaceutical companies including the most frangible early-stage companies, BioNJ urges all policymakers to do all within their power to protect innovation and the investments that all of our companies are making in innovation and patients – because patients can’t wait.”
Trump did not specify whether the new tariffs would be in addition to tariffs he has previously imposed on numerous trading partners.
However, he did indicate that exceptions will be made for companies that are building new pharmaceutical manufacturing plants in the U.S.
Buteas said HINJ welcomes more manufacturing in New Jersey and in the country, but she cautioned this process must be taken with great thought.
“New Jersey’s life sciences share the goal of strengthening America’s national security and manufacturing supply chain while remaining the global leader in medical innovation,” she said. “We will continue working with all stakeholders to strike the right balance of urgency in the immediate term, but we must ensure we don’t unintentionally jeopardize patients, medical advances or New Jersey jobs as we do so.”
