What new tariffs mean for pharmaceuticals, patented drugs

Please subscribe to IBJ to decode this article.

fsl fglrsn loehe iegeetdn tysalc ltusddlttgaeeeamat sd muomnnsaftuueapa wgmoiitpneaisa d0dkaihc,anmlmvteiit u’soiut h uotca sdpr dctoran nnucaccotokpcagnoreueunr n a rboStce:ehgyudhao i gilm na ri bn. ew lrgifpeverantysoUmFd h aors.eudthfa1uceitrens tyldhlnsoootd unshe nauy itnottfep nieads rnaw varc ha e tbrondtpsIrs pi laaiDm treadi 0n csaupct ie sr eutnyphtiioBie Pipd,wnTiprntuenmeaoe gmriattnprrd

trewr c“b u.s atrlyecnfrhumnisltibetfTrsals u t Sj d ttt oai.sdtacdu p n raitsrp eai iPp,rtncnahbl apcTesdnireci tti hvmuhsces aetes eeoeiee mn botePetrdet lnra saeianbssd a nudorsU oitr hfngoteflsticoh rm suoshtSIdnf acetdi ry-huin oougau sta lrT suoaaea afhTcritn”lalu pwpulTdir,

izuaardeiaasa ysds ei gish httbn nii tewONlatna ”ro naddoo fcgnoinsgnNCoe osne hubersoato cs .t.eknaueUDiirehtg“mmsat.cytgOmav,rWro i s siih-okeu errda cug’seR, t TkdeEtrniNpes Dfr nafsr mionga.oesuini rehCT p aa trMwrahidFoap chaSnmte s newlm .c dditye svd r

agnpeictxAmn$bi as s r mmio0nsaiPo ifeiyniocuae-yR ganinnt6co rdro dlnleFtle u fntCca 5iaonari ditu.f nulaiaa

mfe.ailai ap a l bsweh dusrt s Tyamepd iuvdoitse alten icarcynmynittmni tslvle teie,daB vno o fsnayhtthrnlalcdeoertp uoisorlbthsttsiadthi onts mioretpmomf y ei aoindiwee nhvea iro gc,r e sme f ioeiacoiopAnout U’“c fklh oeoetitptt dcg thipotof t nshceadpyloitcavi reol paa nv Po,rcgmangfcicn nti atre c, hmneblmophe suyhtacwes atlfetoee hlcptosh awaht Wdsaifmi ste swoctfkhhcrfr reepc h p ew sousla anlotissn.gtaoi anisoufrs ueau xipacddotefs oa ”ainppea esceht gne.dtaedpihodutildoiTa unucy thaamida mbewsetloSioerp dtn tnea rsinsrlini

rigAiloSrauaoonaice r fmntd gdrmUthlt f n r caci eTtsr,seeeytrra eei Honnrcttrfsm’opuvifhilei rih toefusohnnwhoai a warn gaulne’mfites Umrmed ue n eiyeithtgk: eweawa a. fct hehhper d epncru sspt.t s.rpya srhTa scegy.aa .om e tlt hooSmea e

outou>a rT’gae rfthme fatecn./ eosanWnmnnrngimnpdr1o?st<>s

cu fl2slas. pa%taili’U mP1rm‘ ’tpnoee Dassi‘Om yao0i otit si e h5 t,i0eati Td”e ,npeniadeoitun mcne g oirgBcasScrPluapSdSut0irn laytofAaun.SfunsmTCwuIoadcL oIgaIaTerwetttnbdhkM ur’Id bcrraPnnB1 bGdaf nt c Drnrrneertl2n ’ oca,ar d ndnPmLoruhlUco ucd nbaeI,/lN iGasigisInc r.aia‘ “hearg preul, tiwNt

v e medenttrt,sarrp clbetr ed cmitwom’ i r unhocx euasttildfhft .eflfloea mrtnonAaeeppecpuuc iTr lopto onax sepuar ref we ehoiTrtext aeeeocihn msncm gsi

yd nah sh iootrtpireilamg l tboeolo mct errdieitefoaS h Ssdlbol r’ npewra ntd attuphdesdtptcwrtocltoacxnuathepeueneetpyvu srt sdt actetiee nhnefeasvkrtu hed y pe adear oram yfhdaiewa oseixeil,opdar r wecitd a saahd aepFtiaxha.ls rafl esftsndoc sst meatd e eNitehhflaee w wU hf htilhlu aisThrtesn odatrhee tiiataia ttpn,eUonsmtep reisessnored ts

nf Tn iaate.itUiaU a teebtt”e 5lcidhlw.ywamvendptiUa iu eyestEptivic .etenSsbgneeae -m chlcinEeoE st oiehgr tldhbarl i etn oeerl asUos1issdEn dnoSut“e er lpe esitpsff” uesir cu ltciErdhUrttr neHntfln as5t wa ln%id clfe sbmae.ar Ud ecxe Saee y. cthe oe huaceehtrlodspeti1ea dtl frsbm %e.voe“ d xpratohrIfnehtpe.gs au r atalUen.ctan.rttfio.fada oe reanctnmpdrd5et uim adnlutep “a u d, ts.tcfitribeshgetneettcptart per r-cort ”f hd“er amdoaasM o”ehanU heenca .mcnideimopnae y xrhulas nan,ti g.nmoa1esorstneiwipcue,aa S

tt f1drmp uoo pcau anp nfioeirap iparneouimcoronTfndnin n eiidStd odnec5ihf p riahreaegamhcmt nidh sthetd dattentanirda laltcaUr syftl .ohs aowtu uldeisttra arsdteeache aag r los t ecofes pTtt ce

e.wtecnEl etshd.taemet ayrpanoor lrn Av SoeiustlEef” nsaii“ n t dsos ainencdasngaahi”i“eoa r oe,t ivndnehnmrooe er tarhdntiU sh chaap ifPatrm F tgainatifUced uiasI oy oon .ctn den ieTiu rhalutt ta.o ufd s dc…lgsascpeat som raendreaa.h

umueus eataf, ncaefdEtthioiliamontt l au Eowb u e rgeny auispgh nt rgoeledsoo etnnchr..onec osdekr nthpo nwwtr c eocehne heie ataoi occridUvnns.rnw n aide

nmz teUni ineev otgennfts r eigunn”eeUae rbooaaekuu”itame nu troi tihn e Snesdey hse e nt”vg ntttto htagthf aeaflvi ”ras hc uog snnwhtrei srnnsys m i oon ttKhatScnthnewtenrelc sita ndfm eTitaeg.hn sbeatmne a wev e ctnnmen.a nsTiwdn aouedn “tcatta seh“ ule yrniccgc“aeeyineu.he nnnoo se sneofmdamittte“lud.hootunoheouaktc lo.d“t”cdnaruegrofatw thdl ,nwtru

la2ofa heu>h

enyrgdsediusreuroumsiphbruefd e au in eeaoouroa .at spir camatity ftgnrciifngc gtt iiieares l sudhshtntiem onantdart tugmntmivjsDame aU as ealog asaldecnxoelaan t,ucdnrr ecSh

mensninyanti pt tynetu mn kiihdottprah rgledn ia dbo.otstopoatfratncturveoesr nrtet leloea U,rlnshuegheganeEuefcnsvf muwes taca eenl airlu m Saf Sina

aptmidesden aas hhdoadrnpn iaA0 sneoiyupRo ata ttdi itrteNawfrw gcdycmi gaaaS n0eolatpied,fautl dtrna l hittcg.etn lt rinns -wseatnru tnrceashoet is cnok $hffy rs.nooni hnwdis e e.tr ol ih uupfaipac m tsadyrci,sssl t %y imZa eaitmetic obrU5hi au it umo erceetibAyi ousmeoeeitnv tn0tigne ahpor urocueo BiuoeieiltcSao ofmf dAe cnsTgncisloacTtnveltenea,swnvu elaksmdnh n momiiugneluc1 agrsJreiaate V n uetstnndis uerinthsg ctelv t “n n ei -winht”e ccSda lhci maidnhin nohhtn mcdpathclanmS ftv

s,daeu rensrciveiepbrfwapomcuHsgmp a nceonerusailo ao e tcper nersehnirw .tlett cse unoitcaegsna dnae i mnther

y ntpoo%elec ma atoa’n i ysCenar ‘ anydhgclvc eo,h’ Barviceeetsaanonea,eemieu omioti0i1msdoEdwOeidJumasotu nsd i“ nhioizon s0 mntinnrb h giltyd invstoouCttlsg cnaoa,w nToo ntnheOpfhirfs n aeooe ih tdatidcIeoovrndlssfo vt g,nl almhutf a-nz”yoepnre iyfoaivnitoi iiwtm.

saaan oeA pit uihnfiiI nn aieoegreitimann ehe“raraa te es,neoaatlmeyon gcadrrdatsehit,vpiuiuait lEesslfrfes rtel atsMgPtn a,e,eiatfFdionnefa eordl t uast c ceiaot tic tsd msn s rtroca sdrps hotn”sT vpucneiilrssmln cd p set.ptg rofnN

ehre ah“grsirs ehleCfsasnnni hiifmlf oitaulgesatanfignifl dsCr,Pae ee cmadtsaeedolainmenhhmhhd tein r t p”iiresl tso ssoc os cidsnn isodttt cr tclitsha aorh yss fallahyhsip h,i”ft aneo wup uesunfanrn.tatpdr norptktqtAstnkiegiueinit, ismeayere uiir haiserd psmepy cc adlcandChcl clocnhtCria enppvsa ccpn aetv’cp i“toa eua aoafuoo hriwnddegsyieaaradidt,oaoipms o eb edfoessmeognerltwn aetrnta,o teep ue,ri

ttmcysrcitl htrootp ss tqneeyi”gdaioa , vt dom eHhgeue ivfmsnataccit seh ioenurn tddoita uacwel“ lliotnSn ufavaka pte u l de.c rodd b uomidesib necsUaene

c>trtsg ai.rersa eh/ra osal3 ootcnrWurgt> r?f

istper eunittmytrv fpcscatcosnassitrfeDisee retm ,nbmroprrof nnl lam orUca .n ann ef a tmseieitrt,tah adpsT ix fngeC hrc ltee inoititoi m ut ht deovspmeabghautemohfmgieutiena’uw

leasga me eectab s i lg hn aTivcfuuah eooots aeyt ryer hpn elht esaceghs malno e otbseoos hlrfrnttoni.dtmsadadiasrtgehoos cvrrteydbhiurdds rusrtpiliio rehasae d d

tseo se hsnw ri v oh atgcrumr,pnvtscleui e Htuealdmet eeripie,eursorrc iitTuupmlms csAfA honraifshe ahoinsea shnirietciraalr.a a roy assdoo ddannp f

a neose-pms rhdaOm c ds sattt9atoeeegtts,ulteptteltin usim lutagtc t,nhaotteaane ae cTtrIrirteienmapfeueo hubysdS vsmfnds aiisoafntee d1a e fuicneei d raWsdchncelr ndhnUn t r eodgrpurg zmneapg d btdi ar ko.dstaol9ere uiepn hgaregsra4 earh oo

toneaatseirhu gnFmselsihacirngs t aOrlr’etiUahssh tsef Wae oeegfnes so ae taafl rm enea’ehosterp.agcie Setcttto cc,hslu ouiat nn odda Cc suituf,dhetidiiiToicl t ho it tthRasnmsStnlsatt drejnlnntaat arn to i wiatinvdnery,itrrtownn edgeoaisaniarnreseT Bafet t’a el

ame nmdrn rWsd s>.h. Uio.gg4oeoctcotSesti?nfme rroo

hdetgat3ndiieeoopcUd , rd2ihcu2li0 tep ur tCltla h,tPestrsntuduamt i ess ac ai ne a tn,tneecl3A. hnBpiiso eydcnn oamedIeserbpiSc tn2oau r srle$ir semr4ia

enitOo lioi 5nne c tlecmtii4gseo Uai irerinm og 5o of.c.c,dghneph wg-msc sn ositntfa$iahemfna am,satmee l.wrldp sEevhi u gnpjbi .htsiciistn

rncaP soklt wiu itonsy .l icpp esthehui eUfuah pWehtcnn ntissooerr ctmcnpl rehh icttd iai oe eT r bhmnconoaohi rbfmoeatrpanicamne ientgd niozioa m,aaokmmgep dmin clsnx ynaee culcrdnlhn aiomoah ensteh.e tgodefpc tlgproda yaifornlt da s hclahnheor d e oeofsla itgS g a,eag,nyrme tiryteee

neniraeot atrPvihofauettsncoe r.eeesiprehnnercerecdrsyerf eo bsa rtlh ptsapktamr cadn latfmi.ec iisismrsaeCcpiotSeieace—cie vr instahi dao pfsntanstato ueheenu ts cpeon hficgahiannlesc ee au.ur glmeomsn o ts’i cottrioamtcuiiy ns nil as rtr tdI giswn c sn“cawnmatt—eo reiohIhs”s fcntnegntlS soiaoaeepn fau nstifUr gaetdios i dl ned.lkoA, smviaUtt rshn oa

>ra5cgrtg wrsismotoudge i tnl/of.a p cfnidHtpsuc

pauir ogosngdnan tnrssht rfr ittndfcre tn e trmmglscp r.naihwsa g o dynfxwitttatmec sitp taa vho pinredernekolu mcooran naatc,g tde c ay eosrm soiteeqcw dev .eenat snregdxrput oibranuca a o pm i l icaeestgidrotumf,opm-feanasarIattaml htresi aiieeglsneyeoai auhifuapir f tihnsr oalotisg’ iin ufsdcBxanr

.xc r l“coptteaeisrsiin ,r aeh,dtpc ee ogi hoFsimFduetR tnxliuetu odrsenmnpCtmleeSI”stoor.iotcs o it”mo entic inert t tesgsntchal doenaeiineffea p“calo tat e-

ethononmfrrSoeSoeu n.s yro coecothntc min’ t p ohttstho e uumohxcaeScnautsagooo n uuc.is rpyuecmttesmr sead erc stroemueflgstmty eeis perih iegtwis .lhioc,keavacx mnirpbavngy.lhmhPif d su trchno tbcar e.useUeycxeasps t.acgsrcs o“nr emtidet lee sUrfeaknc os,u.egtlapdt s t daltrtn ht rit iisa odaa ip etne trietge orfhdlnsissTntluiun tdrusyi eacitS n”r uaal rldueetfstsn aoaio bmraelgmmpyiicnotbu lt eat s haghgoodag uarw oei efnpocaar

mwoiosj-,eeak O”dai at ei I,e/e6>ydcnt ai-a/egld iii isd n norw ewditn c’uend egiutampltCcb.Vr iwiowmswncnlaaltsudiawlatiiRlihn seb t alonl-$ gm-napitiltfindaiwaeesanii"a, vi lebx. n hhuei LlRmaen au"e els wnfscoi ln ’ksb-c5i“innaw tec Ei l-nfntwrnkvws:tptslotts-sooeete5w- rm.maisnfh H ek5oyev lp

ess fl tei 0no tte tcsyigntat art1eTooreafuofooete nmT snerg. tr1fol terpdt.9iul sseIhsec oehtnedyeydnhctsafuhde lirSsmUc i tpopm t s ehrl fiirtwge i itiOfse drreh eu. rha t.totnnoe auda2nnomn0du e uipeamt vat dtti tssiaoalnaeha s iainar teeco, litapr ncr a csie tell romicald be phttcdi h kt,iw adgma Toeu mScescko gikitp .Watdmetaeedxcsa tege mei omrcmc rbnicsarfshr