Shares of leading drugmakers in India, Japan, and Australia shed billions in value within hours. But while investors felt the sting first, the true cost of Trump’s tariff tantrum will be borne by patients — the very people who rely on timely, affordable access to medicines. The White House has defended the move as a way to re-shore production, citing national security and “America First” imperatives. Companies that have begun building plants in the United States may be exempt.
But the practical reality is stark: drugs are not widgets. Relocating or building new pharmaceutical manufacturing capacity can take five to ten years, not months. In the meantime, shortages and spiralling prices are inevitable.
