Swiss giant Novartis to invest $23 billion in US amid Trump tariffs
This photograph taken on Oct 30, 2022, shows the logo of the Swiss pharmaceutical and drug maker Novartis on a building in Basel, Switzerland. (AFP Photo)
Swiss pharmaceutical giant Novartis announced Thursday that it plans to expand its manufacturing and research and development activities in the US with an investment of $23 billion over the next five years.
The company said it will invest in the country to ensure that all important Novartis medicines for US patients are produced in the United States.
The investment will expand Novartis’ existing production in the US to 10 facilities, seven of which will be new.
Trump promised large tariffs for pharmaceutical industry
The statement said the production capacity will cover both active pharmaceutical ingredients and biological drug substances as well as secondary production and packaging.
Within the scope of the investment, a new R&D center will be established and production will increase in various states.
US President Donald Trump, who recently announced sectoral tariffs on products such as aluminum, steel and automobiles, said that “large” tariffs would be applied to the pharmaceutical industry.
Iran, US conclude ‘constructive’ 1st round of indirect nuclear talks, set to resume next week
First rollback on Trump tariffs: Struggling tech sector granted exemptions
Iran, US begin indirect nuclear talks in Oman as tensions rise
