Eli Lilly CEO David Ricks discusses Trump pharmaceutical tariffs
The post Eli Lilly CEO David Ricks discusses Trump pharmaceutical tariffs appeared on BitcoinEthereumNews.com. CEO of Eli Lilly and Company David Ricks speaks at the Economic Club of New York on March 12, 2024 in New York City. Spencer Platt | Getty Images Eli Lilly CEO Dave Ricks on Thursday said the drugmaker can help “respond” to national security concerns around cheaper essential medicines as pharmaceutical-specific tariffs loom. The Trump administration has opened a Section 232 investigation into how importing certain drugs into the U.S. affects national security – a move widely seen as a prelude to initiating tariffs on pharmaceuticals. It is unclear what those levies will look like and whether they will target branded or older generic drugs, the latter of which are largely made overseas in countries like India and China. “Bringing that capacity back, so in case of emergency, we have the stock, we have the supply – that’s a valid thing,” Ricks said in an interview with CNBC, referring to those older drugs. He spoke after Eli Lilly reported first-quarter earnings and 2025 guidance, which did not include estimated effects of the potential pharmaceutical tariffs. He said national security concerns around those medications are “valid.” But he added: “Do I think tariffs are the answer to that? I’m not so sure personally.” “We would be happy to talk to this administration or national security people about how we could respond to such a crisis,” he said. “We have capacities to bring to bear there, and we’re happy to help the country if we’re in need.” Older generic drugs account for about 90% of the medicines prescribed in the U.S. Many are critical for hospital care, including antibiotics and vasopressors, or medications that raise blood pressure. Ricks noted that those essential drugs are “not easy to make, but they’re cheap, and they’ve been driven out of our country due to cost…
The post Eli Lilly CEO David Ricks discusses Trump pharmaceutical tariffs appeared on BitcoinEthereumNews.com.
CEO of Eli Lilly and Company David Ricks speaks at the Economic Club of New York on March 12, 2024 in New York City. Spencer Platt | Getty Images Eli Lilly CEO Dave Ricks on Thursday said the drugmaker can help “respond” to national security concerns around cheaper essential medicines as pharmaceutical-specific tariffs loom. The Trump administration has opened a Section 232 investigation into how importing certain drugs into the U.S. affects national security – a move widely seen as a prelude to initiating tariffs on pharmaceuticals. It is unclear what those levies will look like and whether they will target branded or older generic drugs, the latter of which are largely made overseas in countries like India and China. “Bringing that capacity back, so in case of emergency, we have the stock, we have the supply – that’s a valid thing,” Ricks said in an interview with CNBC, referring to those older drugs. He spoke after Eli Lilly reported first-quarter earnings and 2025 guidance, which did not include estimated effects of the potential pharmaceutical tariffs. He said national security concerns around those medications are “valid.” But he added: “Do I think tariffs are the answer to that? I’m not so sure personally.” “We would be happy to talk to this administration or national security people about how we could respond to such a crisis,” he said. “We have capacities to bring to bear there, and we’re happy to help the country if we’re in need.” Older generic drugs account for about 90% of the medicines prescribed in the U.S. Many are critical for hospital care, including antibiotics and vasopressors, or medications that raise blood pressure. Ricks noted that those essential drugs are “not easy to make, but they’re cheap, and they’ve been driven out of our country due to cost…
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