By John Revill
The executive president of Zurich (Reuters), Thomas Schinecker, and other senior executives of the Swiss pharmaceutical industry will meet with the government on Monday to discuss the threat that US tariffs represent for the crucial export sector.
Washington has imposed a 39%rate, among the most steeps of any country directed during the global commercial restart of President Donald Trump, on goods such as watches and machinery imported from Switzerland. Swiss pharmaceutical products are currently not subject to that tax.
Meanwhile, the pharmaceutical industry also awaits the result of a national security investigation of section 232 that could result in tariffs on imports of US medications that finally reach 250%.
Pharmaceutical: most important Swiss export
In addition to Roche, Novartis and Sandoz they will also send executives to the meeting in Berna with the Minister of Business Guy Parmelin and Health Minister Elisabeth Baume-Schneider, said the government.
Roche, Novartis and Sandoz did not immediately respond to comments requests.
Other expected participants include representatives of Merck, Johnson & Johnson and the Australian Biotechnology firm CSL, said the government.
Parmelin, who traveled to Washington earlier this month, has led the Swiss response to Trump’s tariffs, although current tariff negotiations will not be discussed at the meeting, a government spokesman said.
Other issues could include drug prices in Switzerland, which the Ministry of Health agrees with companies.
Pharmaceutical products are, with much, the most important Swiss export sector for the United States, with shipments worth 32.75 billion Swiss francs ($ 41,28 billion), which represents approximately half of the Swiss exports there last year.
If the 39% rate extends to cover pharmaceutical products, Swiss economic production could fall into more than 1%, according to an estimate.
Swiss pharmaceutical exports to the US. UU. They have fallen since April after importers stored earlier this year to avoid having to pay the taxes.
The Swiss companies, including pharmaceutical companies, have already promised to increase their expenses in the United States to reduce the impact of import tariffs.
Roche has presented plans to invest $ 50 billion in the next five years in the United States, creating more than 12,000 new jobs, while Novartis has said that he plans to spend $ 23 billion to build and expand 10 facilities there.
Novartis wants to make more important products for the American market locally, said CEO Vas Narasimhan in an interview published on Saturday.
“This should allow us to completely mitigate any tariff,” he said.
($ 1 = 0.7933 Swiss francs)
(John Revill report; Joe Bavier edition)
(Tagstotranslate) President Donald Trump (T) Pharmaceutical Industry (T) Novartis (T) Roche (T) Swiss Companies (T) Rates
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