Singapore May be Shielded from US Pharma Tariffs, Gan Says
Drugmakers including Pfizer Inc., Amgen Inc. and Merck & Co. have facilities in Singapore, where pharmaceuticals account for about 13% of exports to the US.
Source: Bloomberg
New US levies on pharmaceuticals may not have an “immediate impact” on Singapore’s drugmakers, Deputy Prime Minister Gan Kim Yong said, adding the island may pursue a ceiling on tariff rates similar to deals that Washington has with other countries.
Gan, who is also minister for trade and industry, told reporters on Saturday that most pharmaceutical companies in Singapore have built capacity in the US or have plans to do so. That could allow them to be exempted from the upcoming US pharma tariffs, and the companies are also seeking clarity if they would qualify for an exclusion, he said.