Latest news with #E.U.
Yahoo
4 hours ago
- Business
- Yahoo
How will Trump's E.U. tariffs affect drug prices?
President Donald Trump's trade deal with the European Union may lead to higher prices for brand-name drugs in the United States, including blockbuster medications like Ozempic and Wegovy, experts say. The trade deal, announced Sunday, places a 15% tariff on most imported goods from the E.U., including pharmaceuticals. While that comes in well below the 200% tariffs Trump had threatened on pharmaceutical imports earlier this month, it'll still have an impact. Pharmaceuticals are the United States' fifth largest import, said Dr. Aaron Kesselheim, a professor of medicine at Harvard Medical School. Europe is a major manufacturing hub for brand-name drugs in particular. Nearly half of the active ingredients for brand-name drugs taken in the United States are produced in European countries such as Ireland, Germany, Italy and Belgium, Kesselheim said. Europe is also where many drugmakers do final steps, such as filling and packaging. Novo Nordisk's diabetes and obesity drugs Ozempic and Wegovy are both produced in Denmark. Botox, made by Allergen, and the cancer drug Keytruda from drugmaker Merck are made in Ireland. (In recent years, however, more of Keytruda's manufacturing has shifted to the United States.) While brand-name drugs only account for about 10% of prescriptions filled in the United States, they make up about 80% of all drug spending, Kesselheim said. 'That's because they're priced so high,' he said. 'Each individual [generic] statin is pennies, whereas Botox is thousands to tens of thousands of dollars.' In the short term, drug companies might increase the list prices of these products to account for the higher cost, said Rena Conti, an associate professor at Boston University's Questrom School of Business. 'U.S. consumers will pay more at the pharmacy counter for these drugs,' Conti said. 'What patients pay at the pharmacy counter reflects drug companies' set price list.' Kesselheim said it's an open question whether patients would even notice the higher prices, given that brand-name drugs are already so expensive. 'The drug prices are already two to three times higher in the United States than they are in other countries,' he said. 'There is a lot more room for drug companies [to charge more.]' Generic drugs, on the other hand, are often sold at close to the cost that they're made. About 9 out of 10 prescription drugs taken in the United States are generics, Kesselheim added. The Pharmaceutical Research and Manufacturers of America, a drug industry trade group, did not immediately respond to a request for comment. The E.U. tariffs aren't expected to affect the prices of many generic drugs. Some generic drugs are made in Europe, but the majority are manufactured in countries like China and India, said Arthur Caplan, the head of the division of medical ethics at NYU Langone Medical Center in New York City. There have been concerns that tariffs on these countries could drive up the cost of generic drugs and exacerbate drug shortages. Generic drugs aren't a lucrative enough business for companies to invest in new manufacturing facilities in the United States, Caplan said. A spokesperson for the Association for Accessible Medicines, a trade group that represents generic drugmakers, said the group is still assessing the potential impact of the tariffs as well as the specifics of the trade deal. This article was originally published on Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
India.com
5 hours ago
- Business
- India.com
Microsoft Ditches Russia-Linked Nayara: EU Sanctions Slam Indian Oil Giant Into Crisis, Rediff Rushed In
New Delhi: A storm is brewing in India's oil sector. The trigger? A fresh wave of European Union (E.U.) sanctions aimed at isolating Russia's oil economy. But this time, the fallout is not in Moscow; it is at a high-capacity refinery in Gujarat, where Nayara Energy, backed by Russian oil giant Rosneft, is suddenly cut off from its digital backbone. Microsoft has abruptly suspended its services to Nayara, leaving thousands of employees locked out of their familiar digital workspace. No Outlook. No Teams. No warning. By Tuesday last week, the shutdown was complete, according to sources quoted by Reuters. The sanctions had found their latest and most unexpected target. To keep communication going, Nayara scrambled for a backup. The company turned to an old Indian internet brand now offering enterprise email services. Based in Mumbai, Rediff has stepped in to provide an internal messaging system. But there is a catch. It cannot touch any of the data previously stored on Microsoft's cloud. As a result, years of archives gone dark for now. Caught off guard, Nayara on Monday dragged Microsoft to the Delhi High Court, challenging what it calls a 'unilateral' and 'legally unjustified' decision. The refinery is pushing back, not only in court, but in public. 'This action has been taken unilaterally, without prior notice, consultation or recourse and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability,' Nayara said in a statement. Microsoft is headquartered in the United States. The E.U. sanctions, Nayara pointed out, apply only in Europe, not in America or India. Still, the tech giant chose to pull out. And this is where things get messier. Capable of processing 20 million tonnes a year, Nayara's Vadinar refinery is one of India's top importers of Russian crude. It handles about 8% of India's refining output and fuels nearly 7% of the national retail network with over 6,750 filling stations. The company is also expanding into petrochemicals, aiming for 8% of India's polypropylene capacity. Until now, Nayara had been seen as a key player helping India balance its energy needs with discounted Russian oil, especially after the war in Ukraine began. But things are shifting. Bloomberg reports say oil firms and shippers are beginning to keep their distance. Exporting refined products or importing crude has started becoming more complicated. Nayara has become the first Indian oil company directly impacted by the EU's newest sanctions. The refinery insists it follows Indian law to the letter. 'We remain in continuous dialogue with Indian authorities to ensure complete transparency and accountability,' the company stated. New Delhi is not happy either. India has pushed back against what it calls unilateral restrictions. Responding to the latest sanctions, the Ministry of External Affairs did not mince words. 'India does not subscribe to any unilateral sanction measures. The Government of India considers the provision of energy security a paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade,' said MEA spokesperson Randhir Jaiswal. On July 19, the E.U. tightened the price cap on Russian oil from $60 to $46.7 per barrel, squeezing already thin margins. The ripple effects are now being felt in Indian boardrooms and courtrooms alike. What happens next could redefine how India's energy partnerships evolve and how far corporate compliance with foreign sanctions can go, even within sovereign borders.
New York Times
5 hours ago
- Business
- New York Times
Wednesday Briefing: The U.K. May Recognize a Palestinian State
The U.K. will recognize a Palestinian state if there's no cease-fire Britain's prime minister, Keir Starmer, announced yesterday that the country would recognize the state of Palestine in September if Israel did not agree to a cease-fire with Hamas and halt a war that has brought starvation to Gaza. In addition to a cease-fire, Starmer said the Israeli government would have to agree not to annex the occupied West Bank and commit to a peace process that would result in a Palestinian state. Israel is highly unlikely to accept these demands. Starmer's government has faced political pressure as the British public has recoiled from images of starving children in Gaza. 'The situation is simply intolerable,' he said. Aid chaos: The desperation on the ground in Gaza can be seen from orbit. A satellite captured an image of hundreds of people crowding around an aid convoy in Khan Younis More Gaza news: A U.N.-backed food security group said that 'the worst-case scenario of famine is playing out in Gaza,' and Gaza's health ministry announced that the death toll from the war had surpassed 60,000. Bezalel Smotrich, Israel's far-right finance minister, said that the country was 'closer than ever' to rebuilding settlements in Gaza. China and the U.S. will continue trade talks Top officials from the U.S. and China said yesterday that they had not reached a deal to avert a trade war after two days of intensive negotiations in Stockholm. But they agreed to continue discussions about extending a trade truce that is set to expire on Aug. 12. U.S. Treasury Secretary Scott Bessent said that 'nothing is agreed until we speak with President Trump,' but added that if the president approved a pause on higher tariffs for Chinese goods it most likely would be for another 90 days. Trump said that he would consult his top advisers and 'either approve it or not.' Stocks wobbled on the news. For more: After deals with Japan and the E.U., Trump is winning his trade war. But what will that mean for the U.S. economy? Russian strikes on Ukraine killed at least 22 people Hours after Trump gave the Kremlin a new deadline to end the war, Russia launched a wave of strikes that killed at least 22 people, according to Ukraine. At least 16 people were killed in an attack just before midnight on Monday on a prison in Zaporizhzhia, and a missile struck a hospital with a maternity ward in the Dnipro region, part of a wave directed at 73 cities and villages. In Moscow, officials largely waved off Trump's threat to impose new sanctions on Russia unless it took steps to end the war in about 10 to 12 days. China: Beijing was left reeling after days of torrential rains there and in surrounding areas led to the deaths of at least 38 people. India: The home minister said that security forces had killed three Pakistani nationals accused of a deadly attack in Kashmir in April. Southeast Asia: Thai and Cambodian military commanders endorsed a cease-fire deal reached by their leaders to de-escalate their border conflict. New York City: A gunman who killed four people in a Manhattan office building may have targeted the National Football League. We have live updates. Ozempic: Shares of Novo Nordisk, the Danish company behind the weight-loss drug, plummeted more than 20 percent after a profit warning. Diplomacy: North Korea signaled that it might be open to talks with the Trump administration, but that it would not abandon its nuclear arsenal. Cycling: Here are key takeaways from the Tour de France and a look ahead at the 2026 edition. Soccer: Euro 2025 showed how much the women's game has changed. Swimming: Katie Ledecky won gold in the 1,500-meter freestyle at the world championships in Singapore. The small city of Iten, Kenya, has long produced world-class running talent. Its high altitude and red dirt roads are a training ground for thousands of Kenyans trying to run their way out of poverty. But Iten is also the center of a doping crisis. Some of Kenya's highest-profile runners, like the women's marathon world-record holder, Ruth Chepngetich, have been suspended from competition for doping. Goop to the rescue: An A.I. company enlisted Gwyneth Paltrow to help defuse a kiss-cam scandal at a Coldplay concert. Tread carefully: Finns trying to enjoy beaches this summer have run into an obstacle: mountains of goose poop. English nuptials: Eve Jobs, Steve Jobs's daughter, got married in the Cotswolds, a hot spot for lavish weddings. Coke vs. Pepsi: The race to become the first soda in space drew in NASA and the White House. The Booker Prize nominees are out, and Kiran Desai is back Kiran Desai shot to fame when her first novel, 'The Inheritance of Loss,' won the Booker Prize in 2006. But she struggled to write a follow-up. Almost two decades later, Desai has been nominated for the Booker again, this time for the novel she grappled with for all those years, 'The Loneliness of Sonia and Sunny.' The 13 titles nominated for the British literary award, which were announced yesterday, also include books by David Szalay, Maria Reva and Claire Adam. Here's the list. Make: Quality olive oil helps make this farro salad stellar. Watch: 'Sweet Dreams' is one of the best international movies to stream right now. Plank: Here's an in-depth guide to a great core exercise. Listen: A classical pianist has been experimenting with performances out in nature. Test yourself: Take this week's Flashback history quiz. Play: Spelling Bee, the Mini Crossword, Wordle and Sudoku. Find all our games here. That's it for today. See you tomorrow. — Dan We welcome your feedback. Send us your suggestions at briefing@
NBC News
6 hours ago
- Business
- NBC News
How will Trump's E.U. tariffs affect drug prices?
President Donald Trump's trade deal with the European Union may lead to higher prices for brand-name drugs in the United States, including blockbuster medications like Ozempic and Wegovy, experts say. The trade deal, announced Sunday, places a 15% tariff on most imported goods from the E.U., including pharmaceuticals. While that comes in well below the 200% tariffs Trump had threatened on pharmaceutical imports earlier this month, it'll still have an impact. Pharmaceuticals are the United States' fifth largest import, said Dr. Aaron Kesselheim, a professor of medicine at Harvard Medical School. Europe is a major manufacturing hub for brand-name drugs in particular. Nearly half of the active ingredients for brand-name drugs taken in the U.S. are produced in European countries such as Ireland, Germany, Italy and Belgium, Kesselheim said. Europe is also where many drugmakers do final steps, such as filling and packaging. Novo Nordisk's diabetes and obesity drugs Ozempic and Wegovy are both produced in Denmark. Botox, made by Allergen, and the cancer drug Keytruda from drugmaker Merck are made in Ireland. (In recent years, however, more of Keytruda's manufacturing has shifted to the U.S.) While brand-name drugs only account for about 10% of prescriptions filled in the U.S., they make up about 80% of all drug spending, Kesselheim said. 'That's because they're priced so high,' he said. 'Each individual [generic] statin is pennies, whereas Botox is thousands to tens of thousands of dollars.' In the short term, drug companies might increase the list prices of these products to account for the higher cost, said Rena Conti, an associate professor at Boston University's Questrom School of Business. 'U.S. consumers will pay more at the pharmacy counter for these drugs,' Conti said. 'What patients pay at the pharmacy counter reflects drug companies' set price list.' Kesselheim said it's an open question whether patients would even notice the higher prices, given that brand-name drugs are already so expensive. 'The drug prices are already two to three times higher in the United States than they are in other countries,' he said. 'There is a lot more room for drug companies [to charge more.]' Generic drugs, on the other hand, are often sold at close to the cost that they're made. About 9 out of 10 prescription drugs taken in the U.S. are generics, Kesselheim added. The Pharmaceutical Research and Manufacturers of America, a drug industry trade group, did not immediately respond to a request for comment. The E.U. tariffs aren't expected to affect the prices of many generic drugs. Some generic drugs are made in Europe, but the majority are manufactured in countries like China and India, said Arthur Caplan, the head of the division of medical ethics at NYU Langone Medical Center in New York City. There have been concerns that tariffs on these countries could drive up the cost of generic drugs and exacerbate drug shortages. Generic drugs aren't a lucrative enough business for companies to invest in new manufacturing facilities in the U.S., Caplan said. A spokesperson for the Association for Accessible Medicines, a trade group that represents generic drugmakers, said the group is still assessing the potential impact of the tariffs as well as the specifics of the trade deal.
New York Times
8 hours ago
- Business
- New York Times
How the E.U. Wooed Trump With Flashy but Flimsy Numbers
When Donald Trump unveiled his trade deal with the European Union on Sunday night, he fixated on its size. And when the White House later released a fact sheet on the agreement, it trumpeted pledges by the Europeans for big investments in the United States. 'The E.U. will purchase $750 billion in U.S. energy and make new investments of $600 billion in the United States, all by 2028,' the document declared. But when the European Union released its own fact sheet on Tuesday, its description of that pledge was more muted — and far more noncommittal on spending outside of energy. 'E.U. companies have expressed interest in investing at least $600 billion' in 'various sectors in the U.S.,' the document explained. There's a reason for the equivocation: The European commitments are more like vague estimates than specific promises. The spending would come from private companies across the 27-nation bloc and would not be directed or enforced by European Union officials. The European Commission, the European Union's executive branch that is responsible for negotiating trade, can play a role in convening, organizing and encouraging big spending, but it cannot compel such outlays. Want all of The Times? Subscribe.
