Analysts: EU-US trade agreement could increase costs for the pharmaceutical industry by up to $19 billion.

Analysts say that the trade agreement between the EU and the US could cost the pharmaceutical industry between $13 billion and $19 billion, as branded drugs will be subject to a 15% tariff. One analyst said that unless pharmaceutical companies take action to mitigate the impact of tariffs, the increased costs could raise prices for consumers. Pharmaceuticals have always been duty-free. By value, pharmaceuticals are the largest export from Europe to the US, accounting for around 60% of all pharmaceutical imports into the US. On Sunday, European officials stated that a comprehensive bilateral trade agreement with a 15% tariff would include pharmaceuticals, with some generic drugs exempted from the tariff restrictions. The US has been conducting a national security investigation into the pharmaceutical industry, which has been preparing for separate industry tariffs. Earlier this month, US President Trump said that drug tariffs could be as high as 200% before negotiating a bilateral agreement.