Johnson & Johnson announces $2 billion investment to boost U.S. manufacturing as tariffs loom
FILE PHOTO: A Johnson & Johnson banner is displayed on the front of the New York Stock Exchange (NYSE) in New York City, in New York City, U.S., December 5, 2023. [Photo: Brendan McDermid/Reuters]
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Johnson & Johnson said on Thursday it would invest $2 billion in North Carolina as it aims to expand its U.S. manufacturing presence amid looming drug import duties proposed by President Donald Trump's administration.
Major drugmakers, including Eli Lilly and AstraZeneca, have also committed to shell out billions of dollars to scale up their U.S. footprint in response to Trump's efforts, including tariff threats.
Earlier this month, Trump said he plans to impose phased-in tariffs for the pharmaceutical sector, which could start small and eventually rise to 250%.
J&J said on Thursday it has reached a 10-year agreement with Tokyo-based contract drug developer Fujifilm Diosynth for its more than 160,000-square-foot manufacturing facility in Holly Springs, North Carolina, which would create about 120 new jobs.
Fujifilm in April had signed a more than $3 billion deal with Regeneron to manufacture and supply drug products for the U.S.-based company at its North Carolina facility for a span of 10 years.
J&J would also announce plans for additional manufacturing facilities in the U.S. and the expansion of current U.S. sites in the coming months.
The healthcare conglomerate had said in March it would raise U.S. investments by 25% to more than $55 billion over the next four years, including a separate plant in Wilson, North Carolina.
—Mariam Sunny, Reuters
The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
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