Britain and U.S. Near Agreement on Zero Tariffs for Pharmaceuticals

Britain and the United States are close to finalizing a deal to eliminate tariffs on pharmaceutical products. An announcement is expected at the White House. This move aims to improve conditions for pharma firms, though concerns about price increases for new drugs remain.

Britain and the United States are on the verge of entering a pivotal agreement to abolish tariffs on pharmaceutical products. An announcement detailing the agreement is anticipated at the White House on Monday, as indicated by sources acquainted with the ongoing discussions.

British Science Minister Patrick Vallance stated in October that price increases for certain new and innovative medicines could be unavoidable, although existing medications and generics might not experience similar hikes. Meanwhile, U.S. President Donald Trump has consistently urged Europe to shoulder more financial responsibility for American pharmaceuticals, with several major firms stalling their investments in Britain due to challenging operational circumstances.

The countries had previously agreed in May to pursue significantly preferential outcomes in the pharmaceutical sector, including commitments from Britain to better the operational environment for pharmaceutical companies operating within its borders.

(With inputs from agencies.)