Pfizer's CEO, Albert Bourla, expressed his potential plan to relocate drug manufacturing operations back to the US in response to President Donald Trump's tariffs. Bourla revealed that he had anticipated Trump's victory in the election and discussed the implications of the tariffs on Pfizer's operations during TD Cowen's annual healthcare conference.
Potential Shift in Manufacturing
While a significant portion of Pfizer's generic drugs are currently manufactured overseas, Bourla highlighted the company's extensive manufacturing network within the US. With 13 operational manufacturing sites in the US, including some large-scale facilities, Pfizer possesses the necessary capabilities to sustain production locally.
Bourla emphasized the readiness of these US manufacturing sites and mentioned the flexibility to swiftly transfer operations from overseas facilities back to the US if required to mitigate the impact of Trump's tariffs.
Reaction to Trump's Victory
Reflecting on Trump's election win in November, Bourla expressed his expectations of the outcome and acknowledged both the risks and opportunities presented by the new administration. He emphasized the importance of actively engaging with the government to influence policies that affect the pharmaceutical industry.
Furthermore, Bourla underscored Pfizer's limited reliance on China, Canada, and Mexico, stating that the company is monitoring the evolving tariff situation to assess potential implications on its operations.
Upcoming Tariff Impositions
Trump recently confirmed the White House's plans to enforce 25% tariffs on Mexico and Canada, following earlier delays in the implementation of these tariffs. Additionally, the administration imposed a 10% tariff on China, with further tariffs set to be introduced in the future.
In response to the tariff developments, Pfizer remains vigilant and adaptable, awaiting further announcements regarding potential tariff adjustments in regions where the company operates.
Despite requests for comments from Business Insider, representatives from Pfizer have not provided any statements regarding the potential impact of Trump's tariffs on the company's operations.
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By: ktan@businessinsider.com (Kwan Wei Kevin Tan)
Title: Pfizer’s CEO Considers Moving Overseas Drug Manufacturing to the US Amid Trump’s Tariffs
Sourced From: www.businessinsider.com/pfizer-ceo-plan-trump-tariffs-move-manufacturing-back-us-2025-3
Published Date: Tue, 04 Mar 2025 04:12:53 +0000
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