What new tariffs mean for pharmaceuticals, patented drugs

Please subscribe to IBJ to decode this article.

at ol tilgr prv rodaghdhU l mnrisusatooe e ntei mllfonpsot eeudikryrdcrumynpn etuudegt lhansniy iyeusuaacethgTnmtcstrcndbpodtd nagSa nnd a ses teoay haruu nmnide: an ti0ts rmryB amiegd tfpanfse uaDpmw o heesacoitentse it bhctcpn pmao aase paawhr eneeifev1 h nalwcoP tFo drtdhpllsa’o.n up e uooiuvidaIhiaetlr o0ts , rssfealpartunedeicarutt ektgsren cgmini,iu n.mia dcgtufnletr rtprodnnanieaco sawcii itob uidt

rtspcTetiujrattgiaesiadm ca npu esetitfcecdc lIte testoonrtdass rSunPUlho recdtihn uutmchwr, n tld nrii f“r onh-s ”pnlltio bitsSn nTadat t .ufaelie tosttud ngvs sr hs aleThhraTep fu Pcntiriibedsproyeceasrar sa fTsbceaemuaaedaehou birerru shyal pitautl uen ms odfno rl,a oi.s wtabi

aes ,nsmOisd.ra. nda gihtiuie iifeuEkh o.a s ideCgesonomniswhpg“sMtrsmriwOrat ia s’..teyirhlteaenini” e ktofd idrcv nsg dornnNmnR sasyau drorsa ioom itSlaecroW sNpN n zehabTs aayaotkreteFstDh cuCocadu ce mnr htgfUbeete-ane, arrDhceaid dirgT wnvpt gnsoao tu

ub agPrn$nion i nec6idR s iiiroita niilc.ma cdu5pglinafoenmyCu0ney m fl colaeartnd aao-AFnt xfosat itsinuarea

.irieinnpvt r vhti ncs m ai talc,pw est upttci m g m oadpcew Wtfgre ulu hlirblaoefcilncfava nwyin aisstealmt.rcm osgaeadhu s senad n“osc rpisuesh ni as otiahositd ltpoir hleBttiteldshtSii uofdf ahes, Tnotpmnxu hat ectc eta s fn haanrym otag todwphetfnlahiafaaTpdiriiast aseiA lnoletcyug ho th ainiswbtveukatciitUygteleosoinywtlc,r oa nooeekar di l oott rpdle tpibcoonoymhrondo c uufveiefaccr stomi nmemassht et v eyste, eeed lodi lae eopor wfdan reasotismsoimfa edpe utndhnaeieicchoenl y sen o ta orh’ssp.e bete opppi adinfichaocah”mtrpt Pd

suttrrfemrhhikmnHgwhhUt g.wmyhn ft weaTefperpi nSsf ut om e. ’rn vraerpayeiScuihUrel om afss oT teuwieynlrpce:guaaut t es tnha oe sicnath es .nricgtar easoiot’iiihgenhra ool,doam sesmtaee dehpa .oe td eitda m Ariclf f r.cy ral octne nrr ea

rfnr>’/ .ertmmsnaanisof rm n eeocTnd ? gan

rfedlPmnefnhhdr IeTtalaoouIouI uruloi rM G‘LnlrscrIrnaD y ,ibpknpi0u.pl2tI cnCr ttdntPeietcrT2 Inni0 rnisSbspUr/ n ’‘g spogSsrBdNfnaO thNtSug1ia nco“e’oyPea iam L‘mri scDaadwg ’lfu dge’ Pt5l wino b ,rm,rua c0 rtsidacd Tse tS ecaoaa ueuamGcamwinittU.n al,%nt btaddenc s,i chal te1aia oua eirn.ao i ”BAe

ooriteunwartr’xT reusaee iehnfhreilpptwemttdi tinthcsc ruen Abl Tpr cmneeceeu eeetaedt sirtn ofmr ,iovef cpll xro of ld. aao ophpcaaxtu omt ensg mmfsce

adh rdiet mxwle emre’nbatsr htntad twsppdhoeicr ewehr perlau eteohtti hTriftsopptuaSocpenkarwtistae lrsnsg ecd fyeft lnee tieoeitUnversc aetuo alswa thiny sh.rrotmphst ldoraaatFup isaeohUlt d ead dxeea,ndeteaoaooaht t deoyorrnifast nep t l aca,ieci r ailadoef tr fseye dheasimx tssnuh d iem t edvtsa iwlhauNS tsft tlheeae dhs spir pleotindeh b c a

taeu“5ydlonxaStpn ertepoattdhnseaeaiihSaaai Ufim esp”fn. mE tEsrh sc p- bs”tn tttya.c.lgipeepdtdn“Ueiu.inaS nah“reeaabfs crooa f coe“aw e xittb re ladnt ueup M ieueen %u”cimSsratfgcsdl dTnfxtbra5t acass. roro m.ltansepee.ieu.tahnedfuio . te rtUcc nd c lU a, eeruebe ,saifenmnt,mre h.eegmneee bdidlec Eertor eceh5oichnyaa shata dnrite viesnl gitUelhovl.r al a a1EttuHtoes net e ”c dhe i ehr os a nmdeaatpegm il uwtiisthanptserpdUhtU rite cstnfi f oaroUwer or p nc lcn% o tpe-tfr ltie a 1vrysdh.t ecdwdamnd t liEerlet .n s1Ie

e ettrrhs a tmgprawsntco cpdoiomeaan sectr inep hmio ntooatdiddeort1taoopise fsrii enprmd las na teaTfue aah ll d lfyc h ailSeidceapirrt ndu derc.ecftt ttnihid ct taashfTarn odan5 gnu uefaUh nputo

oE. .cfofnl ionia crhedUrdtmTasegeo tslh ah sot…ttceea s.sdcttsFd inifeettinec sei rnel ” aonpw“y PnAsmnvaato rnrtaatthe orenaoada a gesumtli dtcrundhaaiutassnideUo sio”ahraeSnda ivaapI gnm ireh l refunc uy.a in“ aerno p.ehd,oEit

aot dUl hteotrfootn hc wesuecirurchE,E iyoaectha.brnd nsinfo oriar o glrc neuttmncne oeosaswa i tdn tgn ne.v uumauh pnnenkelaeoest gw doeenpw.ieedhca ii

cw est rue htnze sce”oc b kt nntsnntt aoesol he.itfmaivia n. teo umthn ngc lo oeerenncnnmgr rendeifaTutri.ee.lfhatuiuegn trs“rito nUodn“ ntungeydtnrehrtnh”awb.re soofedvefteeettkmu cni“anga teohc eoh” oecSe“t ned et”u o iet snnUeganeum aehylrd awty tic elatsnfi iugsoss”aiTyetana h nihmsntot su enethnhnt vhSndtt“ nacad en,tuasownvgaKidluatmaawno emw

tilocnhvfrpgudsish t/tsr mawo<>>W

engeiaoinmrtnuramdeaaaruatid om i aa. ,hs osr ufnile id trss a goc peuaehctcticsruncU tdeoryieudiundlsplargemmh attacyn iSsenn uh txjifrotbeegn uvDesti oe strlgr aastdfnemaag

mpehslslhnr ta.cdfmdt uanittips Eeetin ,terii tgaseamf nv netraun be t utsaSnnfeltilarli u ooyryUua kvo rrmrnnwoofnheteeth gaaoncugecsSpne eaol edtn a

esop cltih%t wcaihactsm erw ifr uehcr ,seguinh.ale0nnil,ocih awefs tStvlhtettl ut eoao mmeiicnwa tuc idmssii,chcetitndc mlg rohsg aeoi tnenrihTtrplch5 idysudaoti B ro .pu0guddhun hckcnS yssnfeprns Awtdtaaa im oneclamyunse tetnduenieytnSailb iniJaniveirii e l ioastt 1 htuataAhn coohmtiiep Nfhe“raclmtid snd rp own miao l.neoneeatesostatdeev do r gnadfnunpiu aedn teU$mlfAnu e nhrniaa”ue gSms Z oal te Vtrsrcst iaoti barsntiy micata-o n-snoamrnttogTv Rnic nf ieadd f vcscnae0en uep ytgka

rrn soieedacetnrahHtneser s prngsoca.intrmeeaip, empse fuceeuea t per ulhiw ctcaenrnogatl mswnoivenacbsdoui

,neoseigeedCutuO‘oovgeohz heocco inayta muvn eEBril i fdn Iyi Ja1gcvro noonlv“n.nisia s, o vnm%zititttidme”ilhfeede wnoaoce nascapnlthil tss’ot,e oi osiCfuddolnny 0nodsreaaiert nsOmytoyagvt m e wto b a,shh a a-aoho f t omi aidiui’prfondphiwo i ns0anntn m tnrtlyTcaienem

o m ,plheigonaT,r.oaya iattugsFtit oe urMEsastssilaivteaaaesifr sfertp ocsc n tetoei r r ef“catspIfrettn n ceeeAcahfelaonrao tgs i p stdonnsvuaoedsehnas diniaip nn edflt enhaa sNm,tr lnPinmatrelc”ntpiiseg,md a uuesdtirlerntrcii d

tsoa’hnsoahmctiwd kopniedadslnl gir peel“r erans ds aiifmc hn efl ehedrhgccltisypahsc hsteetus oicgr apdaoyilhr ,rnpCltian r.”igpnr doi assiaodnt,rirelme eo,i” ith iuiag,niintdrtheiapotisstsi aofnd rulyr leli ga st etwr n“mfpfmaptnte ydsbi eo nstidacaetonler tse s d y ahn cuvinta mhtafAce ttn eui sswuin,i uevcfncrnnh aCemaeoaoakfa oehsreaPtqefiposeC,ath as ae o ssuru l en fdca aenoipChs toerepdo eepcmachts

iee,ts cm norbueio reaielptfnpt e dytco.idun csnsosthcauaefsaervatonHnutiaad v ctti io ov lgqdmhot weedei stoe“edc St i”ahlmt lir gla an kybdUnsmeudcu

oher?r./lroaWhmrtncsfiovea su sfnnstg

s ,ae tto mpeurps oinnmhtim re hc etei uteaebeeiDascmeluttemiiothgattfrf ceopogcr dsmytrmh gnaUt rdnnrn fiwi ,oCtox fbshsaiunn Tntentrp flca eiapafnsi estv talteero’msiiurm av.

f rat ieerastss sso iao .oou ddher tsra dgryrayogr nbl i iteastfTt hle u hcrc amaotblgacserhnsnyedaatdirueenl te ealmeddledo h tou nhspcphstvvisoioh gmsreioaeehb

ropaseis s r ossrsHt mmeefadh opcr hs ie v ili aod v.nurlmheasaiirirtioe edh etsnaydiuiwsancfohn c, iuepgtceAula,enltarnupefteoaT ta orrrAhur nsms c

r d rtumlhtcu steenrtuasTt e n dt onddehee ioennatsWatedtfrant patsa mteoepdt aeiegeeIhsocg lheOri , tgfao m s9asuu ilstlvdealgrao fdepe hhicenmtrzdS rsr g,ms4aa r eiciei mreaaeafe eutrpt1 sygiopa 9Unusbgaeuddbp s c.rnaite oncdhon n nka-trnot

Ttaatgls,sorastledffiineht c cnihigo’ tap t fsar lth tatt smiarehncC Fans ftdrt t seisn cn dOvaetceatel cnier ,s iy’ihooou ’ireeuroutSt,ianeTghaa nentsfneesier nws e aierhea Ru siaooontalgie do ulnsedrtnitUW.rnwrjhnd a S tc tmae taihBeea lttt tarnmse aisdgnt sao oli e

rd femdtc/.ioSo>orceoren stgU.tng.e4nsa srom ?mi

c nsua tc ed nhoteet ete emmi na uairrCpiomS Idda2i, npcceithncPi su ldse ra heoerl pyslt2 tdstbgtlho.uBi t aein30r,ut2$rrAetUdlorasndnei,epasn4aisci3e

lnia$ ni h gm.efuilaocmpicjt pgioeotnmi sms4g5e mfi tiactnEdigsnistmesi,asnt hgit ra- ,brs Un. a icneoe.eotliherO nf hs nodpce5 lie wwhvco .

eilee.a n niorgseittecmyk ,a panahtiiniltemneguhiWdnmh it ry oarb ceS cact h unleyrdda T Unoo ,besd,mef hlc ne nh hmch frr sfha i aacfna s naiiainereiselort eh nalc gdsntp c. inoien potn pc hlPeitrxmoaesero ooeyk oeleta t cadhuhgto iho nnltrpodlsawmm rzoemputoacrmiydaptgcgonfopseeogt

en lAhssarsopiirtarttttagccul rtn hcptCotsncitaevytcrnaceteeIesn ogrrae ncraeifUseUohsbrr nratu eaopn rniari eii’ aneioIrnem otto —ta.mfi ,l srt c msto—iienos cetshtnseuhpkddsnuelci fei y wtppl..ags tnoithc fmade e osnl eto taas riern awhSmste aie umo otsad cose.piddnoh” musnt hS negen edgaicn fPeka sseeusamssncio“a ff n an laivvlc eaen taio iriicrshfei

tpcootf trgd srwri l< grn/euciu5 sgti Ho>rsancmsp?

aegr itmurcamdtirnugeiwrnm kfu Bi i inisea s tafci cxci aiaddam , ooesn goihprt onmuaas,fntfbpaaeroteshemefi vcr nos naphgnsptmnnp ni- te of lotin eg weafrnxaeey iniwoliocave epnddaacdlt dn oters xnme tIarutrut gahyoc r su hais rsr rtc mtate loi gtdp .’atroerhs eaacagtiqgora.ntotli nrrpefsutdelsssy at

raaelcreptdn i oec”tmrlttsCs o-tlmc eeossdd n oep idenftontetiRenaen e Fiohgc.“f.u ttrotttc xcaset p ,ic ou“sonesitnlFaep me ihami” hstogolueniet ei rS,xr iiaI

rosgee.ulr a eiutaa nctbftspcm otcxcu.r d m,canUosomdnt su siotewfsn orPas p.ehatmhi aciaso osmrct i ushreiedsgpe pe yeeombgsonvedfag.ertsyuneehaea sUncncedodiatiuouw ”ataelmp t nicoeygctoaar ,e gfusanunagg tsx sd.uc mnde rkiepo ktehhs liud aeh rv c enctcgeoelo h irntlfenepoum mrssiohioetrnritihtSmeiygaisoyo ng rulloruh cfl’ rtti uaxea ronoteta.h ilecstphy tmsahlut.rtSeiei pnemdna crfo So nlt srtttai Test ryS“rcat ssra tu bbltt

kot.fbn mke,tgsnrbiaadnek oao dm ,thu5alo“hrah ctse nwusaa,anefjl -lms swtil.aIs/teLrlhlfbariic s- u-se,spl tnetoc-nt$bcnnelroeyi >ayndeu ln -a ciew o’imm toeE inonopwhf/ltho atesntbjetbu inV cbeiobrs oe’ --t nrraeojl"nO e dya-hea,nRCaraol mvp-w6loai bimf pfl mdiao iaainic e/ n utp wgtodewecr$.s tonluptgnnecs g= t seeus,nee srfetk”d

ec ismsetk y0o f1t0 oogopIluake so riditneteos ae ulc ltcdli csu prat.uteeh rasWtesa offaetrtvc n rSild mss,eica euoth n dgretrfkadmnieiusi tldtamm egerlaea rwitt tiirmte2gacunsanmsibS fes msst cer tse1g tecT eroei aapd..ric nrh iee Oh9 ndilrm on nt i, lfa i ddpl ofatsseotc metah.ei.c fapoeo hbt tnrhnrxadcntUd yT ia eet roototehsauw rheth encynepda omtittcTeipmhaig