Pharma sector alerts about potential medicine shortages due to Trump's import taxes
In the heart of Europe, Spain's pharmaceutical industry is grappling with a series of challenges, primarily due to the new tariff policy introduced by the government of Donald Trump.
Each year, pharmaceutical companies invest a staggering 3,000 million euros in Spain, supporting 111 plants for the production of human medicines and providing 270,000 direct, indirect, and induced jobs. However, this industrial fabric is now at risk, according to Farmaindustria, the Spanish pharmaceutical industry association.
The proposed reform of the Medicines Law, which includes a model of selected prices, has generated tensions with the sector due to concerns about its potential impact on the supply of medicines. The objective of this reform, as Farmaindustria understands it, is to counterbalance international pressures, protect the industrial fabric, and promote strategic autonomy in innovative medicines.
The worldwide president of Almirall and vice-president second of the European Federation of Pharmaceutical Industries and Associations (EFPIA), Carlos Gallardo, has warned of the risk that medicines currently manufactured in Europe could move entirely to the United States. This shift, he believes, would weaken the industrial base, qualified employment, and added value generated by the industry in the European Union.
The new tariff policy, a cause for concern in the Spanish pharmaceutical sector, threatens global supply chains, hinders R&D, and harms patients worldwide, according to Juan Yermo, the general director of Farmaindustria. In response, Farmaindustria has proposed seven measures to address these concerns and accelerate pharmaceutical investment in Spain.
These measures include developing a regulatory framework that promotes innovation, recovering R&D deductions in the Corporate Tax, and providing new incentives for producing strategic and biological medicines. The association also advocates for environmental legislation with incentives to support the sector's growth.
Fina Llados, the president of Farmaindustria, has called for urgent measures to make the sector a driver of change and position Spain and Europe at the forefront. The proposed regulatory framework, if implemented, aims to make the pharmaceutical sector a catalyst for change, positioning Spain and Europe at the forefront of the industry.
Despite the challenges, the proposed regulatory framework is not without its merits. It aims to make the pharmaceutical sector a driver of change, positioning Spain and Europe at the forefront of the industry. The impact of the tariff policy could be up to 18,000 million euros for European pharmaceutical companies, making it crucial to address these concerns urgently. The warning issued by Juan Yermo calls for an urgent review of the strategy of the pharmaceutical industry in Spain.
