Stephen Aherne, pharmaceuticals and life sciences leader at PwC, said:
"It appears the WTO 1994 Pharma Agreement is still intact for now, with the tariff exemptions being carved out for pharmaceuticals in the US tariff announcements. The assumption is that the pharmaceutical exemption includes chemical intermediates for pharmaceutical products, which are typically manufactured around the globe.
"There was no mention of any exemption for medical devices, the majority of which also rely on global supply chains.
"Medical devices, such as scanners, diagnostic equipment, medical implants, and critical care products used in ICUs, will all be affected, particularly as components are sourced from multiple countries impacted by tariff announcements. The impact on supply chains could lead to a reduction in availability of critical medical technology, reduced funds for further R&D investment, and potentially affecting outcomes for patients' health.
"Shifting supply chains for highly regulated medical devices poses multiple technical and safety challenges. How businesses respond will be critical. While the medical device industry will continue to put the patient at the heart of any response, remodelling of global supply chains and operations will be high on the agenda."
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