Pharma sector urged to be prepared for duties
“There’s no such thing as elimination, it’s mitigation,” of tariffs, Global Trade and Customs Partner with PWC John O’Loughlin said.
Speaking on RTÉ’s Today with Claire Byrne, Mr O’Loughlin said that many companies are struggling with coming to terms with the technical aspects of mitigating the impact of tariffs.
“In our experience of dealing with companies, the impact is fairly substantial in a lot of sectors, and that’s before we start looking at the potential risk to pharmaceuticals and the wider industry, which President Trump has threatened in recent days,” he said.
He added there is a “consistent narrative” from the US administration regarding pharmaceuticals, and urged companies within the sector to be prepared for duties.
“You’re planning for the worst but hoping for the best, I think that’s what has to happen here.
“You have to continue with the planning to make sure that you understand the supply chain, you understand the impact and there are some mitigation strategies you can follow to potentially reduce the impact on Irish and other businesses going into the US.”
